The FORT with Chris Powers

By Chris Powers

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Description

The FORT host, Chris Powers, talks with leaders of businesses across real estate and a variety of industries. As the Founder of Fort Capital, Chris brings a unique perspective and style that allows for a meaningful conversation that dives deep into ideas and topics not regularly discussed. Chris covers each guests story and explores in detail the critical moments that led to success, failure, growth, and confidence. Chris also strives to ask questions that provide practical wisdom that all listeners can learn from – not just in business, but in our personal lives. Thank you for listening!!

Episode Date
#235: Steve Robinson - Former CMO of Chick-Fil-A - 35 years of Timeless Lessons Learned While Building an Iconic Brand & Culture.
01:17:33

Steve Robinson is the former CMO of Chick Fil A. and is currently a consultant, author, and speaker on organizational culture design & leadership, brand strategy development, marketing planning, and distinctive advertising principles.

He is the former Executive Vice President and Chief Marketing Officer of Chick-fil-A, Inc., 1981-2015. Before joining the company, Steve was the director of marketing for Six Flags Over Georgia theme park in Atlanta, Georgia. This role was preceded by marketing positions at two other Six Flags properties and communications manager at Texas Instruments.

After beginning his career at Chick-fil-A as director of marketing, Steve went on to serve as vice president of the department before becoming chief marketing officer. In his most recent role, he was responsible for overseeing marketing, advertising, brand development, menu development, and hospitality strategies.

In addition to serving on Chick-fil-A’s board of directors from 2016-2018, Steve serves on several boards for organizations and ministries, including FamilyLife, Fellowship of Christian Athletes of Atlanta, Links Players International, and Atlanta Hall Management & College Football Hall of Fame, and the National Football Foundation.

He holds an associate degree in business administration from Faulkner State Junior College, a Bachelor of Science in marketing from Auburn University, and a master’s in advertising from Medill School of Journalism at Northwestern University.

Steve and his wife, Dianne, have two children and four grandchildren.

In this episode, Chris and Steve discuss

  • Why every company should have a purpose for existing. Hint: it's used to make decisions ;)
  • The incredible story behind Chick Fil A's growth and the thriving culture that got them there.
  • Hire people through a lens that "you'll work with them forever."
  • Chick Fil A cows, "My Pleasure", and more.
  • And more!

Purchase Steve’s Book here

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

(2:04) - How Steve got to Chick-fil-A

(8:55) - What’s your response to the fast-paced hiring processes of today’s businesses?

(11:37) - The purpose statement of Chick-Fil-A

(23:21) - Why doesn’t every company have a purpose statement?

(27:59) - What do you tell to already established companies who want to totally rebuild their culture?

(32:09) - Do you have an example of a major decision that was made or not made based on the company’s purpose statement?

(37:40) - Is there something different about today’s culture that would make a culture like Chick-Fil-A’s much harder to implement?

(40:14) - Can selflessness be taught?

(43:54) - Turnover is the #1 enemy of cultural sustainability

(46:00) - How did the cows become the mascots?

(53:41) - The CFA operator model

(1:06:06) - The origin of “My Pleasure”

The Fort is produced by Johnny Podcasts

Aug 09, 2022
#234: Ryan Broderick - Co-Founder of Darwin Homes - Building the Amazon of Single-Family Property Management
01:52:31

Ryan Broderick is the Co-Founder & CEO of Darwin Homes. Darwin Homes is a real estate investment management platform focused on the single-family rental opportunity, enabling investors to invest anywhere simply with confidence. Darwin has raised just under $50m in venture capital from Khosla Ventures, Camber Creek, Fifth Wall, Canvas Ventures, Tony Xu, Ryan Graves, Ryan Roslansky, and other technology leaders.

Prior to founding Darwin Homes, Ryan was part of the founding team at DoorDash. During his tenure at DoorDash, he built and led the first Launch team, which was tasked with scaling the DoorDash operation from Silicon Valley to over 250 cities in the US. He then went on to build the Merchant Team responsible for Business Development, Sales, Merchant Products, and Merchant Operations. Before DoorDash, Ryan worked at JUMP Investors, an early-stage VC firm led by Randall Kaplan, the Co-Founder of Akamai Technologies. Ryan holds a B.S from the University of Southern California and an MBA from Pepperdine University.

In this episode, Chris and Ryan discuss:

  • Lessons learned from being early at DoorDash and how he applied those principles to property management
  • How they enter a market and all that happens
  • How they've approached single-family property management from first principles to building revolutionary tools for owners
  • Future opportunities that can be done when Darwin hits scale, including new resident monetization strategies

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

  

(2:58) - Ryan’s early career with Doordash

(16:40) - What was the initial thesis for Darwin Homes?

(26:55) - What does scale give Darwin that the local PM will never have?

(30:55) - What do you mean by the Surface Area in Property Management?

(32:40) - What does a great engineering culture look like?

(36:13) - How does the best idea win when you’re first building a product that needs to 10x?

(38:58) - What happens from Day 0 of entering a new market? 

(42:22) - How do you source vendors in a market?

(48:00) - What makes a good city for Darwin to enter?

(49:22) - Darwin’s Build-to-rent operation

(50:12) - Why do you have an acquisitions team within a property management company?

(56:38) - Ryan’s vision for Darwin

(1:01:30) - How big is the SFR & BFR market getting?

 (1:04:53) - What do institutional owners care about and what do retail owners care about?

(1:08:11) - Are we moving to a world where people rent homes sight unseen? 

(1:11:38) - Resident Monetization

(1:15:10) - Is there room for managing homes for homeowners?

 (1:19:31) - Do you have any desire to buy property managers in other markets?

 (1:21:06) - Are the people you’re hiring already in the PM industry?

(1:23:11) - Thoughts on construction

(1:27:03) - What are you seeing going on in VC given everything happening in the economy?

(1:36:29) - Thoughts on Blue Collar work

(1:47:19) - Shooting the shit and bouncing business ideas off each other

Aug 02, 2022
#233: Josh Young - Founder & CIO @ Bison Interests - The Macro Implications & Big Picture for Energy Markets - A Bull Case for Oil & Gas
01:27:16

Josh Young is the Founder & CIO of Bison Interests.  Josh has built his career concentrating on deep value opportunities for investors. He has over 15 years of experience in investment management, 10 of which were focused on publicly-traded oil and gas securities. Josh became Chairman of the Board of RMP Energy in 2017. After refreshing the board and management team and rebranding the company (Iron Bridge Resources), it was bought out at a 78% premium in 2018. Josh is the author of numerous articles on oil & gas investments and the guest speaker at various energy industry conferences.  

He graduated with honors from the University of Chicago in economics. Josh was a management consultant to Fortune 500 companies and private equity firms, and then an investment analyst at a private equity fund.

Josh worked as an energy investment analyst for a multi-billion dollar, single-family office, which was nominated as Institutional Investor's Single Family Office of the Year in 2008

On this episode Chris and Josh discuss:

  • A historical overview of energy markets from 2014 - present
  • Macro themes that are emerging in the global energy markets
  • A bull case for oil & gas
  • What it will take to rebuild the oil & gas industry in America

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow Josh on Twitter: https://twitter.com/Josh_Young_1

Bison Interests: https://bisoninterests.com/

(2:11) - Josh’s career and background 

(7:38) - How big is the investable universe of companies within Oil and Gas?

(9:22) - Where is your focus within the industry?

(10:54) - What was happening in the world after the crash in 2014?

(20:54) - Are the Saudis the largest producers in the world?

(21:18) - What do countries like Iran and Venezuela do with their oil when they are shut out of OPEC?

(24:53) - What started happening in the market in 2015?

(31:48) - As you think about that period of time, how much of it was driven by a lack of fracking knowledge?

(36:25) - Market overview from 2018 through the pandemic

(44:43) - How underinvested is the industry today?

(52:25) - Thoughts on the ESG movement

(1:00:39) - Is there anything on the horizon that the narrative around O&G will change either for the better or worse?

(1:03:18) - How much impact is the Russia-Ukraine conflict having on the oil markets?

(1:05:51) - What are your predictions for the next 4-5 years?

(1:19:37) - Thoughts on the current O&G market

The Fort is produced by Johnny Podcasts

Jul 28, 2022
#232: Apurva Mehta - Managing Partner of Summit Peak Investments - Deep Dive Into Current Venture Capital Landscape
01:08:21

Apurva Mehta is the Managing Partner of Summit Peak Investments.  Apurva graduated with a B.B.A in Finance from The George Washington University. From 2001 to 2004, he was a Senior Investment Analyst for Citi Institutional Consulting in Washington D.C, where he focused on asset allocation and manager due diligence for endowments, foundation, and pension funds.

From there, Mehta went on to become a VP at Lehman Brothers in the Investment Banking and Investment Management Divisions, focusing on Global Business Planning and Strategy until 2008. For the next three years, Mehta was the Director of Portfolio Investments at the Juilliard School in New York City. For the next eight years, he was the Deputy Chief Investment Officer at Cook's Children's Health Care System in Fort Worth, Texas, where he oversaw the management of the portfolio across all asset classes, including strategic and tactical asset allocation, investment manager selection, manager performance evaluation, and operational oversight. Additionally, he led the buildout of the Private Investment portfolio and spearheaded the Venture Capital program.

Moreover, in 2012 and 2013 Mehta was named one of the "Top Forty Under Forty" by CIO Magazine and recognized as “Fresh Talent at the World’s Largest Asset Owners”. He was also named a “Rising Star” of Foundations and Endowments and a “Rising Star” of Hedge Funds by Institutional Investor in 2013. Currently, alongside being a  managing partner at Summit Peak, Mehta is also on the board for Interstride.

In this episode, Chris and Apurva discuss venture capital's current market environment and analyze Summit Peak's strategy for investing in Pre-See, Seed, and Series A Managers. They also discuss what will matter for starup's going forward and how valuations will be set, Paypal Mafia stories, and more. Enjoy!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Apurva on Twitter: https://twitter.com/mehtaaapurva

Summit Peak Investments: https://www.summitpeak.com/

(2:32) - What was your experience working at Lehman Brothers in 2008?

(6:06) - Apurva’s career and founding Summit Peak Investments

(7:40) - How have you chosen to approach Venture?

(16:04) -  What qualities do you look for in early-stage investors?

(24:07) - What’s happening in the market & VC in your opinion?

(39:55) - How often do companies need to renegotiate capital agreements when markets become volatile?

(44:54) - Do you predict investors will only look for the most logically profitable businesses going forward?

(49:39) - What’s happening in the world of Series-A, Seed, and Pre-Seed investing?

(55:25) - What factors would determine a phenomenal seed company in this market? 

(58:33) - Thoughts on the PayPal Mafia

(1:03:12) - What is your mindset heading into the next 5 years?

The Fort is produced by Johnny Podcasts

Jul 26, 2022
#231: Brad Hargreaves - Founder & CEO of Common - Making housing more affordable through co-living and best-in-class property management
01:03:57
Brad Hargreaves is the Founder and CEO of Common, the nation’s leading residential brand that designs and manages multifamily apartments with more than 6,000 residents in over 10 markets across the country.
 
On this episode, Chris and Brad discuss how co-living works and why it's more affordable, how Common works with owners and developers to drive returns and what makes for a great location/market when deciding to develop co-living. Enjoy!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Common: https://www.common.com/

Brad on Twitter: https://twitter.com/bhargreaves

(2:04) - Brad’s journey into co-living

(3:17) - When did co-living get its label and become a true asset class?

(4:33) - What does Common do & what is the definition of Co-living?

(5:48) - How do your management & lease agreements work?

(9:01) - Why are developers approaching you over traditional Property Managers?

(10:57) -  - How do you think about designing to separate yourself from other MF developers?

(15:29) - What’s the trigger in these jurisdictions that gets you classified into co-living?

(17:53) - SRO: Single Room Occupancy dwelling

(19:46) - Why are jurisdictions somewhat against co-living?

(21:09) - What makes a great market for co-living & how do you decide which markets to pursue?

(25:56) - Factors that impact the viability of co-working

(30:03) - Understanding the customer

(31:38) - What’s your revenue model for a ground-up development?

(35:47) - Who is the target customer for co-living?

(41:05) - Are you furnishing the co-living units?

(43:02) - How does the dynamic of 4 strangers living together work?

(47:38) - At what point does management have to get involved in tenant disputes?

(49:43) - How much customization can a tenant take upon themselves?

(52:09) - How do leases & evictions work?

(53:59) - How Common approaches Staffing

(55:45) - How do you think about advertising?

(56:50) - What are your most common unit configuration and square footage?

(57:32) - Thoughts on retrofitting existing structures

(1:00:06) - Is there an opportunity for converting office buildings?

(1:01:13) - Are there any big needle movers that will have an impact on affordable housing & co-living happening right now?

The Fort is produced by Johnny Podcasts

Jul 19, 2022
In Memory of Will Friend - Former CEO of Bisnow. An episode we did together in 2019 that exemplifies what leading a team looks like and many other great lessons.
01:35:29

If there was ever a leader to celebrate it is Will Friend. Chris and Will became good friends over the years and talked frequently about the opportunities and challenges in their business and across the real estate industry. Will was an infectious leader who cared deeply about the success of the people around him. He will be dearly missed. In 2019, we were able to record an episode together that is timeless and provides an amazing lesson for us all to learn from.

Will was the CEO of Bisnow, an online real estate publication and event firm, where he implemented an incredible culture through Bisnow’s Mission, Vision, and Values. Will and Chris discuss the journey of becoming the CEO of a company and why there's no "step-by-step" process, company structure as a family versus a team, why it is important to love what you do, and Chris reflects on this conversation and his role at Fort Capital.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

(01:50) — Will’s Journey Before Bisnow, Growing Up in the UK, The Desire for the American Dream, and Moving to America
(09:23) — The Journey to Becoming a CEO at 27 Years Old
(16:50) — How do you see your experience as CEO so far?
(19:33) — What did you expect to be part of the role as CEO that actually are not?
(22:22) — Level Up Talent
(23:20) — How can you know if you’ll keep the role? How do you evaluate yourself and the organization?
(24:10) — Team vs. Family
(26:40) — Were these values already set or was it an “ah-ha!” moment?
(31:05) — Deciding on a Vision and Values for Bisnow
(40:50) — How do you make your Vision and Values a habit?
(46:15) — Are these open to be debated and changed?
(47:54) — How is a private equity buy-out a learning experience for everyone? Is this the right thing for everyone?
(52:40) — What do private equity firms do for family-owned businesses?
(53:04) — 3 Failures That Changed the Way Will Thinks
(1:00:50) — How does culture affect a company’s bottom line?
(1:04:00) — Hitting a Sales Mark
(1:08:50) — What does it take for an issue to make it to your desk?
(1:12:42) — What is it like to run a sales team? What makes a successful salesperson?
(1:16:46) — What do you say to people who are not doing what they love?
(1:19:49) — What advice would you give to your 21-year-old self? What is your favorite interview question?
(1:27:20) — How Chris Critiques Himself and What Makes a Company's Mission, Vision, and Values Work

The FORT is produced by Johnny Podcasts

Jul 14, 2022
#229: Wes Mabry - Cost Segregation Studies in RE and why they're a beautiful thing
45:27

Wesley Mabry is an experienced Cost Segregation Consultant with over 15 years of experience in the industry across a wide range of asset classes. Mr. Mabry founded 1245 Consulting in 2017 and services all of the United States. Wes has performed thousands of Cost Segregation Studies analyzing over 8 billion dollars of real estate improvements throughout the United States. His experience includes working closely with Accountants, CPAs, EAs, REITs, Corporations, Partnerships, and individual investors.

On this episode, Chris and Wes deep dive into cost seg and how they work, why different asset classes offer different depreciation possibilities and the implications of selling a property with accumulated depreciation through the life of ownership. They also discuss pending legislation and impacts on real estate/cost segs and much more.

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

Follow Wes on Twitter: https://twitter.com/1245consulting

1245 Consulting: https://www.1245consulting.com/

(03:59) - What is a Cost Segregation Study?

(05:20) - How is it different from straight-line depreciation?

(06:45) - Is there any reason why someone shouldn’t do a Cost Seg?

(08:42) - Can you do this on your own or do you need to hire a professional?

(09:34) - Can this be done only on investment properties?

(09:57) - Do the rules for Cost Segregation vary from state to state?

(10:48) - What happens from the day I call you to get a Cost Seg to the day you send me the report? What then do I do with what you give me?

(17:01) - An Industrial Deal example for Cost Segregation

(20:13) - Are there any materials or components of a building that fall into gray areas?

(22:26) - What are some asset types that receive the most benefit from Cost Seg? 

(26:24) - Do you want to do a Study before you do improvements to the property or after?

(28:23) - What is a recapture tax?

(32:47) - What do owners who are long-term holders do once their depreciable amortization schedule expires?

(34:23) - Is there any ongoing legislation that people should be aware of?

(36:05) - The importance of Land Value

(39:39) - Is everything predicated on the year the Study is done?

(40:51) - Can you do another Cost Seg to an office building that you convert to residential?

(44:03) - Wrap up and final thoughts

The Fort is produced by Johnny Podcasts

Jul 12, 2022
#228: Beth Azor - CEO of Azor Advisory - The Shopping Center Canvassing, Prospecting, and Leasing Queen!
01:30:29

Beth Azor is the founder and CEO of Azor Advisory Services (AAS), a leading commercial real estate advisory and investment firm based in Weston, Florida. As its principal, Beth currently owns and manages six shopping centers in Florida valued at over $100 million. She travels the U.S. consulting with, brokering deals for, and training associates in the commercial real estate industry.

On this episode, Beth discusses how to drive the most value to a leasing center through leasing best practices, Impulse vs destination tenants, and the best practices for structuring a retail lease from decades of practice. Chris and Beth also chat about what makes the best deal for landlords and a lot more!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

Beth on Twitter: https://twitter.com/Bethazor1

Beth on Instagram: https://www.instagram.com/bethazor/

Beth on LinkedIn: https://www.linkedin.com/in/bethazor/

(03:07) - Beth’s Career in Real Estate

(14:54) - Why was it so tough to bring in talent horizontally?

(18:15) - Where did you develop this leadership style?

(19:34) - How do you define canvasing & prospecting?

(21:48) - Do most tenants already want to expand when you prospect or do you need to sell them on the idea?

(22:52) - What are the critical components of an amazing leasing agent?

(25:21) - What’s your solution to someone who is afraid to go talk to a stranger?

(28:19) - What are the main reasons a tenant is happy where they are or unhappy where they are?

(33:15) - Impulse Tenants vs. Destination Tenants

(40:53) - What is Dwell Time?

(43:14) - “Your leasing competitor across the street is your best friend”

(45:53) - What would be a reason you don’t provide TI knowing the leasing agent across the street does?

(47:29) - What is Occupancy Cost Ratio?

(49:59) - Sales Reporting in Leases

(50:58) - Percentage Rent Deals

(53:54) - Relocation Clauses

(55:51) - Grace Periods to Pay Rent

(58:24) - What else have you learned are must-haves in a lease?

(1:00:48) - Are there any lease clauses that linger post-covid?

(1:03:22) - Why would a great property be okay with a pop-up shop?

(1:08:12) - Is there ever a time when a tenant brings too much traffic?

(1:10:38) - How does the delivery economy (Uber Eats, DoorDash) impact shopping centers?

(1:14:42) - What is the Circular Economy?

(16:02) - What gets you to a quick no when you’re buying a property?

(18:17) - Do you have tenants on the hook before you develop a property?

(1:19:08) - Are you doing Triple Net leases or Gross?

(1:19:26) - What are you responsible for as the landlord that is unique to the asset class?

(1:20:48) - Is it true that grocery stores pay less rent?

(1:20:58) - Why don’t you like CoStar? Are there any online tools that you do like?

(1:22:43) - How do you conduct a market survey?

(1:24:26) - Why is traffic count so important?

(1:25:12) - How do you respond to the media accusations that retail is dead?

(1:29:15) - How can people engage with you online?

The Fort is produced by Johnny Podcasts

Jul 05, 2022
#227: Mike Boyd - Going Deep on the Business of Family and How Families Can Achieve Multi-Generational Success
01:24:11

Mike Boyd is an Australian Entrepreneur, CEO & Investor. Mike started his entrepreneurial career at age 11 selling lost golf balls and didn’t look back, going on to cofound no less than 7 businesses before the age of 25. Mike is a relentless innovator and is always trying to find new ways to innovate and solve problems using technology. Mike now dedicates a portion of his time to managing investments in alternative assets via the family's investment vehicle, Mudbrick Capital, and running The Business of Family Podcast.

On this episode, Chris and Mike uncover best practices for building a successful multi-generational family and discuss the work that goes into planning for a successful family – it takes work! They also chat about how wealth is transferred from generation to generation without creating entitlement and deep dive into how the Founding Generation interacts with Generation 2. Enjoy!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

(02:41) - Mike’s Background and Career

(06:15) - Living and Working Abroad

VroomVroomVroom

(07:59) -  How did you get into the digital side of entrepreneurship?

Yellow sunglasses party guy

(12:22) - What are trends are you seeing in travel right now?

(15:25) - Did Australia provide some kind of governmental assistance during the pandemic?

(16:59) - Mike’s ‘The Business of Family’ Podcast

(21:21) - Why is this something your are passionate about?

(5:17) - Does 3rd generational wealth ever happen by accident?

(29:23) - If wealth usually dies in the 3rd generation of a family, how long does it typically take for the next founder generation to come along?

(30:41) - Is the loss of generational wealth solely based on an increased number of members in a family?

(34:38) - When a family gets to a size of a public company, do decisions still get made within the family, or are there outside decision-makers at play?

(36:57) - What are the mechanisms you’ve seen work or not work when a clash within the family happens?

(40:41) - Does the legacy operating business normally come from the founder wanting to pass the business down or from the 2nd generation wanting to take over?

(43:04) - What are best practices for first-generation families to do if their hope and desire are for the kids to take over the business?

Family Wealth by Jay Hughes Jr.

(51:03) - When’s the best time to start telling your children that you’re wealthy?

The Family Board Meeting by Jim Sheils

(58:16) - Do you include your parents in the family enterprise or are you resetting the culture?

(1:02:59) - How do you guarantee that the second generation will fail?

(1:06:00) - How have you seen families handle an outlier child that is suffering due to drugs or other problems?

(1:10:02) - Generational resiliency through divorce

(1:12:25) - What’s the best way to set guidelines for the next generation’s behavior that is tied to an inheritance?

(1:12:25) - How important is it that the founding patriarch and matriarch are aligned?

(1:14:11) - What are the best practices for introducing your children into your business?

(1:17:32) - In a situation with multiple kids who are qualified to be the leader of the enterprise, what do you do?

(1:20:07) - What would you recommend for people who want to do this for their own families?

(1:22:47) - How can people get in touch with you?

The Business of Family podcast

thebusinessoffamily.net

Mike on Twitter

The Fort is produced by Johnny Podcasts

Jun 28, 2022
#226: Barrett Linburg - Founder of Savoy Equity Partners - Real Estate Opportunity Zones 101
01:16:40

Barrett is a founding partner of Savoy Equity Partners and oversees the capitalization and structuring of the company’s investments along with deal sourcing. Born and raised in Dallas, he has spent 17 years in the real estate industry crossing multiple product types and service lines. Barrett started investing in real estate in 2012 and enjoys learning about esoteric strategies which can be implemented to create excellent risk-adjusted returns. He has owned over 1,000 units and specializes in transactions with complex structures such as historic tax credits, opportunity zones, low-income restrictions, as well as the deconversion of fractured condos.

On this episode, Barret and Chris deep dive into how opportunity zones work for LPs & GPs, the Tax implications of opportunity zones,  and chat about different types of opportunity zone structures. They also take a look inside a specific project they are working on in Dallas, TX, and much more!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

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CRE Models: https://www.cremodels.com/  

(01:52) - Barrett’s Career in RE

(07:02) - What was the world like in ’09-’10 when we were just getting back on track?

(09:55) - Who were the folks who were still able to borrow during the ’08 crisis?

(11:10) - Barrett’s Transition into Buying Deals

(15:49) - The Lake Cliff Deal: How Complex Deals Come Together

(24:57) - What headaches were you able to avoid with Dallas’ Master Overlay Zoning?

(27:14) - How to Develop RE Without Having to be the Developer

(30:10) - Now that you own the land and partnered with a developer, what’s your role?

(34:08) - What is an opportunity zone?

(37:36) - What’s an Opportunity Zone Fund?

(43:35) - How long do you have to invest a capital gain into an OZ fund and how long do you have until the capital in the fund needs to be deployed?

(50:40) - New Proposed OZ Legislation

(53:00) - Do you know if Governors will be able to legislate new OZs in the future?

(56:47) - Is everything you’ve bought all listed under one entity?

(57:55) - What do you have to do once you’ve acquired a vacant building to get the benefits of an OZ?

(1:00:07) - What do you need to do to a piece of land to get the benefits of an OZ?

(1:02:19) - What do you have to do once you’ve acquired a decrepit building to get the benefits of an OZ?

(1:03:56) - What if you already owned property in an OZ before getting a CO, do you qualify?

(1:05:25) - What can people do if they’ve already paid their tax and decide they’d rather start an OZ fund? 

(1:06:08) - What is the breakeven point from OZ Fund fees and paying the capital gains tax and investing elsewhere?

(1:09:52) - How does a GP take advantage of OZ’s?

(1:12:02) - The Disguised Sale Rule

(1:12:51) - What’s driving the value for your Lake Cliff deal?

(1:14:30) - Thoughts on the Dallas Market

The Fort is produced by Johnny Podcasts

Jun 21, 2022
#225: Rob Chadwick - Founder of Holdfast Security Group - Best practices for protecting yourself & loved ones
01:21:01

Rob Chadwick, Founder of Holdfast Security Group, a consultation and training company, specializing in helping organizations and private individuals understand how to stay safe in today's uncertain world. Rob recently retired as the head of the Tactical Training Program for the FBI. He started as a police officer in 1994 before joining the FBI in 2001. His first assignment for the Bureau was working against Colombian Drug Cartels in Miami. Following assignments to several other cities, Rob served as an Agent In Charge of Attorney General William P. Barr's protection detail. His final assignment was as Chief of the Tactical Training Unit at the FBI Academy where he was responsible for ensuring the operational readiness of all FBI employees. He has traveled the world providing training for local, state, federal, and international law enforcement officers. 

On this episode, Chris and Rob discuss the background story of his career in the FBI and other law enforcement roles. They chat about best practices for securing your home or business, data on criminal activity around the US, and the current state of Law & Order in America.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

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Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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Holdfast Security Group

(01:59) - Rob’s Career and Background

(05:56) - What’s the difference between the police and the FBI?

(8:17) - How the FBI changed after 9/11

(9:32) - How are federal agencies able to gather such massive amounts of intelligence?

(12:23) - Is there more physical violence risk or cyber risk in today’s world?

(14:16) - Why is it so hard to combat drugs coming over the border?

The Fort with Tegan Broadwater

(17:11) - What were the core competencies you were teaching in your tactical program at Quantico?

(20:15) - Working Security at The Masters in 2021

(25:07) - How Policing Has Changed Since George Floyd

The Gift of Fear by Gavin de Becker

(35:35) - What should people know about personal security that matters most? 

Master Lock Door Security Bar

(45:29) - What’s the most common time of day people’s homes are broken into?

(47:18) - Do most burglars go in prepared to be violent?

(48:45) - How much time is spent in the planning process for burglarizing a home?

(50:09) - Where will a burglar usually enter the home?

3M Window Security

(52:09) - Do most burglars act solo or work in teams?

(53:13) - Who is the clientele who you work with?

(58:00) - How do the civil suits around deadly force usually pan out?

(1:06:12) - The Anti-gun Sentiment

(1:07:56) - What is the biggest deterrence to those who want to break into your home or business?

(1:13:55) - The Current State of Policing and Law Enforcement in the United States

The Fort is produced by Johnny Podcasts

Jun 16, 2022
#224: Nick Huber + Chris Powers Vol. 2
28:45

Part 2 of the exciting webinar session that Nick Huber had with Chris Powers on The Nick Huber Show. They talk about current events, highlights of our acquisition process, the market for GP, and many more!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

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Listen to #209 for Part 1 of this episode

Topics:

(01:46) - If you were a 25-year-old interested in Small Business, what would you do right now?

(03:24) - Acquisition Strategies

(09:51) - What’s the biggest mistake you’ve made in the first 12-24 months of your Real Estate career?

(14:33) - How have you identified buildings that are likely to sell?

(17:54) - What are the 3 highest-leverage activities in your business?

(20:05) - How do you want to maximize your impact on the world?

(22:09) - How can a beginner in RE buy a property into their no-history LLC?

(25:42) - Can the minimum investment be lowered to allow unaccredited investors to invest with Sweaty Startup or Fort Capital?

(26:23) - What would you be betting on over the next 10 years?

The Fort is produced by Johnny Podcasts

Jun 14, 2022
#223: Robert Prather - Founder of Vision Research - A Masterclass in Shorting Equities
01:34:27

Robert Prather, Jr, has been with Vision Research for more than 15 years and brings more than 23 years of relevant experience to the team in his role as a member of the senior research staff and President. Vision Research is an independent equity research firm that provides hedge funds with investment ideas.

On this episode, Robert discusses his process for uncovering a short idea and what he looks for, why SPACs have recently done so poorly, and the incentives that currently drive them. Chris and Robert also chat about how a short works (Shorting 101) and how he was able to see something off with Enron before the general market did.

 

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Vision Research: https://www.visionro.com/

(01:43) - Roberts’s Career and Background

(03:53) - When $50m is missing, where is it?

(04:45) - Is it fair to say that people blindly trust public companies for the numbers they put out?

(05:47) - Discussions with Leaders in Public Companies vs. Private Companies

(0 7:25) - Robert Uncovers the Enron Fraud

(14:03) - Robert’s career today in research and shorting equities

(22:10) - Deciphering whether a company is going to go to 0 or is simply worth less than its stock price

(26:16) - When do CEOs find out about the research you’ve done on them?

(29:56) -  How does shorting work?

(32:19) - Meme Stocks

(39:13) - What happens if everyone takes you up on your ideas at the same time?

(40:33) - Thoughts on Tesla

(43:01) - How often have you shorted a company and then changed your mind about it?

(45:23) - SPACs

(1:12:03) - How long does someone predicting a short have to be right?

(1:18:16) - What do you predict will happen in the near future?

(1:24:22) - Robert’s mantra: Helping others help themselves

The Fort is produced by Johnny Podcasts

Jun 09, 2022
#222: Student Rental Pro - The Mad Scientist of Student Housing
01:31:09

On this episode, Chris chats with Twitter's Anonymous @StudentRentPro on every trick in the book for how to strategically manage student rental properties. They deep dive into the economics of how to put together a profitable student housing deal, what matters in a student lease, and funny stories from the trenches of managing students. Enjoy! 

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

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(03:15) - Student Rental Pro’s background and RE portfolio

(05:12) - How did you get into student rentals?

(07:50) - What makes a great location for a student rental?

(10:58) - What’s your process for leasing a house for the upcoming school year?

(13:31) - What are the big things that matter in a student housing lease?

(15:54) - Why do you not include parental guarantors in the lease?

(18:59) - Do you do any kind of due diligence or application on the students who want to lease?

(20:13) - How do you handle parent complaints & work orders?

(26:05) - What’s the process of turning the house over from previous tenants to new tenants?

(30:40) - What amenities do you provide?

(32:48) - What are the tenants allowed to do in terms of drilling into the walls, painting, etc?

(34:35) - Pets or no pets?

(35:21) - Do you provide appliances?

(36:26) - How do you think about deposits?

(50:44) - How do you deal with police being called over a party?

(53:23) - How do tenants communicate with you and what is your manager’s job during the year?

Appfolio

(58:47) - What’s the process of selecting a tenant to be “House Manager”?

(59:43) - What stands out to you when looking at properties that will maximize rent?

(1:05:55) - Who does the yard work?

(1:07:35) - What are the most common maintenance issues you see and are there any preventative measures you take?

(1:11:10) - What’s the % increase you’re getting on rent with students as opposed to traditional tenants?

(1:13:28) - What’s the direction of your portfolio?

Twitter Questions:

(1:15:05) - Do you compete against institutional capital?

(1:16:20) - What would you prefer if you were to extend into a new market: A college-town or a town with a college in it?

(1:20:23) - SRP’s MF acquisition was based on listening to the podcast

(1:24:35) - Storytime w/ Student Rental Pro

Jun 07, 2022
#221: Lloyd Reeb - Co-Founder of Halftime Institute - Success to Significance
01:24:04

Lloyd was a successful real estate developer and owner of luxury senior housing facilities when his idea of success changed dramatically, and his life’s focus shifted to second-half significance. Together with his mentor, the late Bob Buford, Lloyd helped launch the Halftime Institute, a global team that teaches, coaches, and connects successful men and women in pursuit of significance. For over 20 years, Lloyd has helped leaders make their second half their best half. He has clocked over 20,000 hours of coaching and has taken this message around the world.

On this episode, Lloyd and Chat chat about what it means for high capacity leaders to finish well, preparing to live the 2nd half of our lives with significance and best practices early in life and career to set yourself up for success later in life. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

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(02:15) - Lloyd’s Background and Career

(16:28) - Partnering with Bob Buford 

Halftime by Bob Buford

Managing oneself by Peter Drucker

(20:37) - What are things you’ve witnessed folks have done early in their life that set them up for success or failure in the second half of their life?

(26:46) - Why do we not naturally gravitate toward focusing on the “priceless” things in life?

(30:55) - The Crash and Burn Lots of People Experience in the Second Half of Life

The Sigmoid Curve

(36:15) - How do you begin to decouple yourself from tying your identity to your work?

(41:49) - What are some practices or success stories where you’ve seen folks reinventing themselves within their own business?

(48:30) - What does The Halftime Institute do?

(50:51) - What are some characteristics of leaders who finish well?

(56:17) - Are there best practices for finding what your next calling will be?

(1:09:25) - What are the characteristics of people who can build a great business and a great family?

What I want my children to know before they leave home by Lloyd Reeb

The Fort is produced by Johnny Podcasts

May 31, 2022
#220: Connor Haley - Founder of Alta Fox Capital Management
01:33:46

Connor Haley founded Alta Fox in 2018 and is responsible for managing all aspects of the firm’s investment process and strategy.  He has over ten years of investing experience and a passion for investing in small-cap equities. Before founding Alta Fox, Connor was an Analyst at Scopia Capital Management LP in New York. Connor is a top-ranked investor on MicroCapClub.com1 and a member of the ValueInvestorsClub.com. Connor was an active investor in college: he was the President of Harvard’s largest undergraduate financial club and led the club to its highest-ever annual return.

On this episode, Connor and Chris chat about how Alta Fox performs DD and reaches conviction on a new investment thesis, the benefits of activism and why it's more important than ever before, and the DNA of an exceptional business. Lastly, Connor shares his thoughts on the current investing landscape.

 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

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Learn more about Alta Fox: Altafoxcapital.com

Connor on Twitter

(01:53) - Connor’s Background and Career in Investing

(5:40) - Winning Investing and Trading Competitions at Harvard

(8:33) - Connor’s Hedge Fund Experience in College

(10:25) - What did working on the trading floor do to shape your knowledge in investing?

(11:45) - What is your investment philosophy?

(13:29) - Activist Investing

(15:02) - Alta Fox

(16:13) - What does a typical day look like for you?

(17:57) - How do you know what to focus on?

(22:39) - How quickly do you get to a “no”?

(24:40) - Are you contacting a management team before buying their stock?

(25:51) - Do public companies have to take a meeting with you?

(27:47) - How do you rank your priorities for investments?

(29:53) - How many ideas are you usually working on at a given time?

(31:25) - Do you have Billions-style idea meetings?

(32:18) - What categories are you weighing your decisions on?

(34:17) - What are some common characteristics of great CEO’s?

(37:59) - What is Capital Allocation and what makes someone good at it?

(41:30) - What’s your goal once you’ve decided to buy stock in a company?

(44:18) - How long do management calls usually last and do you have a favorite thing to ask them?

(47:14) - How has the size of your business and focus changed over the years?

(50:37) - How do you decide to sell stocks in your portfolio?

(54:09) - What was going through your mind during the first 30 days of Covid?

(58:07) - Deep Dive on Activism

(1:06:23) - Thoughts on ESG

(1:08:45) - How are you thinking about the market right now?

(1:11:30) - How do you think we can curb inflation?

(1:12:55) - What do you think Warren is thinking right now?

(1:14:06) - Do you have an investing idol?

Joel Greenblatt's Columbia Business School Notes on Investing

(1:16:54) - Why did you choose Fort Worth to run your Hedge Fund?

(1:19:29) - Connor’s Case Studies

The Makings of a Multibagger

(1:21:47) - Thoughts on Trading Options

(1:23:20) - What is cheap vs. expensive volatility?

(1:24:26) - Betting Against Warren Buffet on Hedge Fund Performances

(1:26:33) - Thoughts on the Meme Stock Revolution

(1:31:55) - Connor’s Distaste for sushi

(1:32:39) - How can people find you?

The Fort is produced by Johnny Podcasts

May 26, 2022
#219: Stephen Bailey- Senior Managing Director @ JLL - DFW Industrial Market Update
56:30

Stephen Bailey, Senior Managing Director at JLL, joins Chris again to discuss the current state of capital markets and the ideal situation for sellers going to market - hint: Low WALT. They also dive into land prices, forwards, and cost to construct and how the demand continues to rise, despite the volatile market. Enjoy!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

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(03:15) - The State of the Market Post-2022 and Where Stephen Sees the Opportunity

(07:15) - When did you start noticing volatility in the market?

(08:59) - How are capital flows reacting to this?

(12:03) - Are Lenders getting hesitant?

(14:40) - The State of the Capital Markets

(15:50) - How many buyers are shifting their focus to industrial from other assets?

(18:45) - What due diligence do you conduct on a buyer?

(20:23) - What Are Some Interesting Terms You’re Seeing in Leases

(23:17) - How is Texas performing compared to other hot markets?

(24:32) - Thoughts on Amazon

(27:17) - Thoughts on Large Industrial Tenants & Development

(33:09) - Land Prices

(34:49) - Construction & loan rates

(35:44) - Class B Industrial

(37:06) - Forwards

(38:04) - Thoughts on Industrial Outdoor Storage

(41:11) - What happens to debt when you get above a certain purchase price?

(42:39) - How Fort Capital is Applying What Stephen is Seeing

(54:29) - Final Thoughts

The Fort is produced by Johnny Podcasts

May 24, 2022
#218: Aaron Graft - Vice Chairman & CEO of Triumph Bancorp, Inc. - On a Mission to Change How Truckers Get Paid
01:27:10

Aaron Graft is the Founder, Vice Chairman, and Chief Executive Officer of Triumph Bancorp, Inc. and its subsidiary TBK Bank, SSB. He also serves as a Director and Vice Chairman of The Bank of the West of Thomas, Oklahoma. Before establishing Triumph, Mr. Graft served as the Founder and President of Triumph Land and Capital Management, LLC.

On this episode, Aaron shares the story of how he bought Triumph Bank as a 28-year-old during the GFC. Chris and Aaron deep dive into the trucking industry, how truckers get paid, and building factoring technology that will change the future of the trucking industry.

 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

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Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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(01:14) - Aaron’s Backward Entrance Into the Banking Industry

(12:40) - Why did you say a bank should always generate cash flow?

(14:42) - What was your original thesis behind acquiring a bank?

(19:26) - Would you be approved to buy a bank if you were in the same situation again today?

(20:55) - What was your experience on Day 1 as the CEO?

(24:29) - How were you offloading assets during your first year of ownership?

(25:49) - Buying a Trucking Company

(32:02) - Why did it make sense to buy this business inside of a bank as opposed to another venture?

(37:31) - How have you scaled the business to where it is now?

(40:34) - Are you really a bank? Or are you a transportation company?

(42:53) - When did you start building technology for the bank?

(45:58) - Would you consider yourself a visionary?

(47:49) - The Back-Office Offering For Truckers

(50:26) - Is the trucking industry heading towards consolidation?

(52:24) - Do you help truckers determine what to charge?

(54:16) - Do you finance trucks?

(54:40) - How does Triumph Pay work?

(1:05:23) - How is Amex different from Visa?

(1:06:13) - Do truckers keep deposits with Triumph?

(1:07:00) - Do you trade like a bank or a fintech company?

(1:08:21) - Why did you go public, to begin with?

(1:11:10) - What are you buying these days?

(1:12:49) - Why are shipments slowing down?

(1:15:04) - How does the trucking industry change in size as more people buy things online?

(1:16:48) - Is there anything that keeps you up at night about the trucking industry?

(1:20:38) - Is there any other industry you could model what you’re doing in?

(1:22:21) - What do you predict for your company in 10 years?

The Fort is produced by Johnny Podcasts

May 19, 2022
RE #217: Chris Powers & Drew Pearson - A live mentoring session on how to build a REPE operating company and lessons learned along the way.
01:19:47

Drew Pearson, Managing Partner at Pearson Partners, began his commercial real estate career at Latter & Blum in Baton Rouge in 2008. He moved to a boutique firm named Waters & Pettit in 2011 and within a few years became a top-selling agent there. To date he has sold over $100MM dollars of investment property in more than 15 states. In 2015, he began to work at the real estate private equity firm Promanas in Ann Arbor, MI. There he served as head of acquisitions helping the firm to grow to over $250MM of real estate asset value. He considers his time at Promanas instrumental in his growth and development process.

On this episode, Drew and Chris sit down for a live mentoring session on how to build a REPE operating company. They discuss how to go from 4-5 people to 20, the benefits of bigger deals over smaller deals, and how to create leverage in your business. Drew ends this session by asking Chris the things he would teach himself 5 years ago. Enjoy! 

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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CRE Models

(03:36) - Honoring Friendships

(05:28) - Drew’s Evolution Since Meeting Chris

(06:29) - What are some major hurdles people have when going from 4-5 employees to 15-20? 

(11:47) - Setting Goals & Always Refining Your Process

(19:22) - The Dark Side of Pursuing Greatness

Relentless by Tim Grover

(24:05) - Drew’s Background in Real Estate

(27:29) - The New Language of the Next RE Cycle

(41:03) - What are some roadblocks you see young GPs make as they advance in their careers?

(49:58) - What were some big leverage points in your career?

(55:37) - How do you cultivate your relationships?

(1:00:15) - Thinking and Reflecting vs. Consuming Information

(1:06:10) - What’s the biggest challenge you’re facing right now?

(1:11:44) - What advice would you give yourself 5 years ago?

The Fort is produced by Johnny Podcasts

May 17, 2022
#216: Alex Epstein - The Future is Fossil Fuels
01:07:41

Alex Epstein is a philosopher and energy expert who argues that “human flourishing” should be the guiding principle of energy and environmental progress. He is the author of the New York Times bestseller The Moral Case for Fossil Fuels and the forthcoming Fossil Future

On this episode, Alex and Chris discuss why being against fossil fuels is being against humanity, what happens in a world with fewer fossil fuels, and the impact of alternative energy sources on the world. Alex explains why "Human flourishing" should be the guiding principle of energy and environmental progress and why driving a Tesla isn't changing the environment. Enjoy!

 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

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Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

Alex's New Book: Fossil Future

(02:07) - Why did you get into writing about fossil fuels?

(05:08) - How long were fossil fuels viewed positively and when did that change?

(13:11) - The Chaos That Ensues When We Don’t Have Machines That Work

(19:39) - Russia’s Role in the Current Fossil Fuel Debate

(23:33) - Why does the USA think it’s better to outsource oil production rather than produce it at home?

(26:30) - Why is the cost of fertilizer and agriculture going up in relation to fossil fuels?

(31:32) - The Benefits vs. Risks of Oil and Fossil Fuels

(35:25) - What is the opposition’s biggest reasoning for hating fossil fuels?

The Population Bomb by Paul Ehrlich

(40:08) - The Hypocrisy of the Biggest Climate Advocates

Apocalypse Never by Michael Shellenberger

San Fransicko  by Michael Shellenberger

(51:33) - Is there anyone on the left changing their tune on fossil fuels?

EnergyTalkingPoints.com

Alex@AlexEpstein.com

(55:08) - Thoughts on Elon Musk and Electric Vehicles

(1:00:06) - Who benefits from the green movement being implemented?

People’s Climate March on YouTube

The Moral Case for Fossil Fuels by Alex Epstein

May 12, 2022
RE #215: Chris Powers on Incentives in Real Estate
42:16

On this episode, Chris discusses incentives that drive companies and people, COR - how to incentive your people to make money and watch expenses, and why it all starts with the culture of your company. 

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

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Support our Sponsors:

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(03:22) - You Should Strive to be Profitable 

(04:32)  - Culture vs. Incentives 

Super Chickens w/ Margaret Heffernan

(08:20) - Social Capital

(09:20) - Incentivizing a Team Environment

The Fort Podcast Episode #65 on COR

(10:45) - Using COR as an Incentive

(20:10)  - There is No Perfect Incentive

The Fort Podcast episode #47 w/ Andrew Segal

The Fort Podcast Episode #64 w/ Andrew Segal

Twitter Questions:

(27:20) -  How do you incentivize at FC based on Promote? 

(30:34) - Rolling Bonuses

(34:20) - How do you incentivize brokers?

(35:50) - How do you incentivize the back office?

(38:08) - Incentives are not only about making money

The Fort is produced by Johnny Podcasts

May 10, 2022
#214: @CarDealershipGuy - Used Car Business 101
01:26:34

On this episode, Chris talks with the anonymous @CarDealershipGuy (https://twitter.com/GuyDealership) about the used car business – how it works and how money is made. They also cover how to negotiate the best deal possible when buying a used car and the current state of the used car market and where we go from here.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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Follow CarDealershipGuy on Twitter: https://twitter.com/GuyDealership

(1:35) - Why did you create this twitter account and what’s your angle?

(6:06) - All the tips and tricks to know when buying a used car

cardealershipguy.org

(9:30) - Is there a way to know if your dealership is reputable?

YAA

SureSale

(11:53) - Buying vs. Leasing

(14:03) - Why did we see a 40% spike in prices?

(16:14) - What’s a depreciation cycle?

(18:59) - How do you determine whether a purchase is for lifestyle vs. value?

(19:54) - What are folks going to do if they bought at the peak of the market and now depreciation is kicking in?

GAP insurance

(23:32) - What’s the process of best financing a used car?

(25:26) - How do you think about warranties?

(33:19) - What are some red flags you might see in the buyer’s journey?

CDG’s Negotiation playbook

(36:30) - How to Negotiate a Car in Normal Times and How Car Salesmen Are Actually Paid

(48:00) - Where do most dealerships get their inventory?

(51:03) - How do auctions work?

(54:25) - Buying inventory online

(55:38) - Can anyone become a used car dealer?

(58:42) - What separates the great used car dealers?

(1:02:11) - How do car dealers make money?

(1:10:39) - How do you define added products?

(1:13:10) - How do inventory supply negotiations work?

(1:14:13) - Buying Out Your Lease and Then Selling vs. Selling While Under Lease

(1:15:07) - Is there a growing demand for electric vehicles?

(1:21:28) - Is there anything in the innovation space that will appeal to the average consumer?

May 05, 2022
RE #213: Bo Aughtry - Deep Dive into Hotel Development and Lessons Learned Through Many Cycles
01:11:39

Bo Aughtry, Chairman & CEO of Windsor Aughtry Commercial, entered the real estate business out of college and in 1975 helped found Small and Aughtry, a real estate development and brokerage firm. In 1980, Bo established The Aughtry Company, a commercial real estate development and brokerage firm, and Aughtry Securities Corporation, an NASD Broker/Dealer, serving as president of both. In 1988 the companies merged with Windsor Properties, Inc., then a Greenville-based home-building firm, thereby forming Windsor/Aughtry Company, Inc.

On this episode, Bo discusses lessons learned through many economic cycles and Short Term Rentals as a competitor. Chris and Bo also chat about how WAC develops hotels - selecting markets, sites, construction, and partnering with hotel brands. Enjoy!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

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Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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(02:03) - Bo’s Background and Career in Real Estate

(05:41) - Bo’s Experience During the OPEC Oil Embargo

(10:40) - When you think back on the cycles you’ve experienced, could you sense them or did they come unexpectedly?

(13:33) - What are the chain of events that happen during an unraveling?

(17:54) - Are you sensing anything right now?

Psychology of money by Morgan Housel

(25:13) - When the interest rates went to 21.5% prime, how long did they stay that high and what happened during that period?

(28:46) - How did you get into hotel development?

(32:03) - How do you select sites when developing a hotel?

(35:43) - Who is your average guests when building in a college town?

(39:12) - Do you try to sign contracts with universities?

(40:57) - How do you select the brand of hotel?

(42:28) - What’s the differentiation of risk between you and the hotel brand?

(44:58) - Do you have to follow the specs of the hotel brand or do they give you freedom of design?

(47:11) - What’s an affinity program?

(47:53) - Who purchases the furniture for the hotel?

(50:47) - What does Hilton provide to you beyond a booking system and marketing?

(52:08) - Thoughts on Construction 

(56:43) - Thoughts on AirBnb & STR’s

(1:03:29) - Why do you pursue heads-up deals and what matters to you in partnerships?

(1:09:39) - If you could go back and tell your 35 year-old self some wisdom, what would it be?

May 03, 2022
#212: Craig Fuller - Founder of FreightWaves - AN ABSOLUTE MASTERCLASS ON GLOBAL SUPPLY CHAIN & TRANSPORTATION
01:33:24

Craig Fuller is the Founder and CEO of FreightWaves, the leading provider of global supply chain market intelligence and news. Prior to FreightWaves, Craig was the founder of TransCard, a major provider of fleet fuel and debit cards. He is also the CEO of FLYING Magazine, the world’s most widely read aviation magazine. Previously, Fuller founded the Xpress Direct division of US Xpress, the leading provider of on-demand expedited truckload services.

On this episode, Chris and Craig discuss how the geopolitical landscape impacts supply chains and why we'll never go back to where we were in a post-covid world. They chat USA vs China - and the implications we're likely to experience going forward, the American consumer and supply chains and how technology impacts better and more efficient supply chains. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

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(01:23) - Craig’s Background in Supply Chain & Transportation

(04:36) - FreightWaves

(08:46) - How would you explain what a supply chain is?

(15:42) - What’s happening in the global supply chain right now?

(25:05) - Thoughts on China

(35:16) - What does China’s activity mean for America long-term?

(45:20) - Is there any way we go back to the old relationship with China?

(46:32) - What’s the best option for America if we completely pull out of China?

(49:40) - Should we expect supply chain issues for the foreseeable future?

(51:48) - Do we even have the labor in America if we wanted to bring manufacturing back from China?

(55:21) - Predictions For The Future of China

(1:00:40) - What’s the most dominant form of supply transportation?

(1:01:57) - Why are the ports so congested?

(1:06:26) - Is the world going to become more challenging for small businesses as the global supply chain evolves?

(1:09:57) - Is what’s happening in China arguably the largest implication in where the world goes?

(1:10:41) - What interesting data do you have that is a predictor of where we are today?

(1:17:27) - Is it cheaper for a consumer to get a product in person or have it delivered to them?

(1:22:02) - The consumer trend favoring experiences over products

(1:24:27) - Inflation Predictions

(1:26:36) - Is there any breakthrough tech that excites you right now?

(1:31:34) - Final Thoughts

Apr 28, 2022
RE #211: Nick Clark - President & Founder of Common Desk - The Future of Co-Working & Flexible Office Space
57:28

Nick Clark founded Common Desk in 2012 after leaving a career in office leasing and management. Common Desk has since become a coworking industry leader in design, hospitality, and asset-light deal structures with office landlords. After scaling the brand to 23 locations throughout Texas and North Carolina, WeWork acquired Common Desk at the beginning of 2022. Common Desk as a brand will remain and Nick is still at the helm of the company's continued growth plan.

On this episode, Nick shares why they sold to WeWork and what the future of the company will look like, and why Common Desk chooses management agreements with landlords. He deep dives into why the return to office will come back in a major way, what has changed and how flexible office space going from 2% to 25% of the office market. Enjoy! 

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

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Common Desk

Nick Clark on LinkedIn

(03:12) - What are you seeing now in the world as we emerge from Covid?

(05:20) - How are banks and capital markets reacting to the new trend of shorter-term leases? 

(07:57) - The Management Agreement Model

(10:07) - Do the rest of the building tenants benefit from the flex-office operation or is it only common desk customers?

(12:05) - Do you perform better being located on the first or second floor of a building?

(12:36) -Is there data that shows a building performs better when all tenants can participate in common desk amenities?

(14:15) - Do you only operate off the management agreement model?

(19:35) - What services does Common Desk provide within the space?

(20:49) - Are you seeing larger companies coming into Common Desk who really want you take care of the amenity side of work?

(24:53) -  What are the key things that make a successful Common Desk location?

(29:42) - The Process of Selling Common Desk to WeWork

(37:30) - How long does it take to open one location?

(38:26) - Do you think the changes in the way we work over the past two years are permanent?

(42:18) - Is there anything interesting WeWork is doing behind the scenes they’re really focused on?

(44:39) - Does Common Desk only work in an office setting or have you thought about occupying other asset classes?

(45:55) - Did you learn anything about business or life grinding through Covid as a leader of a company?

(48:47) - Nick’s Belief That Lawns Shouldn’t Exist

(51:24) - Nick’s Desire To Buy a Waffle House

Apr 26, 2022
#210: Robin Sharma - Global Leader of Leaders and Personal Mastery Expert
01:00:35

Robin Sharma is a humanitarian who has devoted his life to helping people express their highest natural gifts. He is widely regarded as one of the top leadership and personal-mastery experts in the world. His clients include NASA, Microsoft, NIKE, Unilever, GE, FedEx, HP, Starbucks, Oracle, Yale University, PwC, IBM Watson, and the Young Presidents’ Organization. His #1 international bestsellers, such as The 5 AM Club, The Greatness Guide, and Who Will Cry When You Die?, have sold millions of copies in over ninety-two languages, making him one of the most widely read authors on the planet.

On this episode, Robin and Chris discuss the characteristics of the top leaders in the world - good and bad. They uncover excerpts from Robin’s latest book - Everyday Hero Manifesto and how to apply them daily. Robin also shares the 20/20/20 rule of getting your day started and how you can parent in a way that inspires kids to become leaders and much more.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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(01:17) - Robins Career & Background

(03:07) - Feeling Angst and Unfulfilled

(06:58) - Experiencing Trauma & Understanding our Feelings

The Power of Positive Thinking by Norman Vincent Peale

(11:09) - Why does everyone say mindset is the only way to succeed?

(12:56) - Optimizing Your Morning: The 20-20-20 Routine

The 5AM Club by Robin Sharma

(17:59) - How does drinking affect the 20-20-20 opportunity?

(19:05) - Can you teach curiosity?

(22:02) - Hidden Traits of Billionaires

(25:41) - Seeking Validation from a Very Young Age

(28:41) - What’s your process when you get negativity on social media?

(33:10) - What brings down the largest public figures in society?

(37:07) - How do you help the most successful people grow their businesses even more?

(42:15) - How much of your life outside of work impacts your business?

(44:29) - Legacy is a Waste of Time

Who Will Cry When You Die? by Robin Sharma

Meditations by Marcus Aurelius

(47:35) - The Anti-Hustle Culture

(52:18) - Do you have an opinion on WFH?

(54:20) - Do you have a childhood experience that shaped you?

(55:37) - Advice to Young Parents

(58:46) - How can people contact you and read your book?

The Everyday Hero Manifesto by Robin Sharma

Robin on Instagram

The Mastery Sessions Podcast

RobinSharma.com

The Fort is produced by Johnny Podcasts

Apr 21, 2022
RE #209: Nick Huber + Chris Powers Vol. 1
53:41

Part 1 of the 2-part exciting webinar session that Nick Huber had with Chris Powers on The Nick Huber Show. They talk about current events, highlights of our acquisition process, the market for GP, and many more!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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Nick Huber on Twitter: www.Twitter.com/SweatyStartup

Nick's Podcast: https://podcasts.apple.com/us/podcast/the-sweaty-startup/id1445260221

(04:50) - Thoughts on Interest Rate Hikes & Covid-19 Learnings

(09:04) - Inflation & Deflation

(15:16) - Industrial & Storage Rent Rates

(20:40) - Outdoor Storage Needs

(22:50) - Wealthy vs. Middle Class Consumer Behavior

(24:18) - Bitcoin, Crypto & Web3

(29:57) - BREIT

(32:41) - Population Growth & Migration

(37:36) - In-office vs. Remote work

(46:30) - Building a Sustainable RE Private Equity Company

(48:48) - Inflation Prredictions

(49:58) - Can normies still get into self-storage?

(52:39) - Wrap Up

The Fort is produced by Johnny Podcasts

Apr 19, 2022
#208: Brom Rector - Founder of Empath Ventures - Psychedelics 101 and Why They're One of the Fastest Growing Industries in the World
01:07:13

Brom Rector, Founder, and GP of Empath Ventures. Prior to founding Empath, Brom spent 7 years as a portfolio manager and quantitative researcher - most recently managing a global macro portfolio for Crabel Capital Management - a Los Angeles-based hedge fund with $8B AUM. After leaving Crabel in 2020, Brom started The Integration Conversation, a long-form video podcast that covers the psychedelics industry from an investing perspective. The research that went into this podcast and the connections it established laid the groundwork for what would become Empath Ventures.

On this episode, Brom gives a breakdown on the breakdown of the Psychedelic industry and landscape. They discuss why Brom raised a fund to target psychedelics and how he's investing the money and why it's one of the largest opportunities in the world. Listen to hear Brom’s thoughts on what the next 10 years of psychedelics might look like and much more!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

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Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

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(01:56) - Brom’s Background and Career in Psychedelics

Empath ventures

(07:22) - Why have psychedelics been illegal and shunned from society?

(11:28) - What’s Big Pharma’s role in this?

(12:49) - What is the chemical reaction happening inside the body when one takes psychedelics?

(14:38) - Are all psychedelics man-made or are there any occurring in nature?

(16:03) - How far back do psychedelics go in human history?

(17:20) - How big is this industry from an economic standpoint?

Data on funding trends in psychedelics:  https://www.cbinsights.com/research/psychedelic-therapies-funding-startups/

(20:09) - How do we define what is legal and illegal in the psychedelic space?

(22:16) - Does FDA approval make it legal or does there need to be a law passed?

(22:54) - What needs to happen for the FDA to change their minds on psychedelics after all these years?

(24:16) - Would these drugs displace other opiate treatments?

(25:25) - The Hype Around Psychedelics in Society

(26:42) - What parts of the industry interest you the most?

(28:52) - Thoughts on Micro-Dosing

(30:14) - Advancements in ways to “stop” the trip

(31:31) - Brom’s Personal Experiences with Psychedelics

Compass Pathway studies

(33:48) - Integration Therapy

(34:59) - Do you do any pre-planning or set intentions for psychedelic experiences?

(37:29) - Empath’s intentionalities: Receptor Targets, Indications, and Time to Market

(41:04) - What does an early-stage psychedelic company look like?

(42:26) - What becomes the IP in these companies?

(44:07) - Compass Pathways 

Freedom Bioscience Partners

(45:43) - The Different Experiences from Different Psychedelics

(47:25) - Data on effects of psychedelics on minors

(49:12) - At what point is testing introduced on humans for new psychedelic molecules?

(51:07) - What’s going to happen in this space over the next decade?

Wavepaths music

(56:30) - Is there any merit in psychedelics as a preventative?

(1:00:07) - What’s happened to the brain of people who become depressed?

(1:02:01) - What do you predict to be the first mainstream psychedelics?

(1:03:25) - How is Oregon doing since decriminalizing drugs?

(1:04:01) - How can people track the progress of clinical trials and legislation?

(1:04:43) - Wrap Up & Contact

Brom on Twitter

Empath Ventures

The Integration Conversation podcast

The Fort is produced by Johnny Podcasts

Apr 14, 2022
RE #207: How Investor Relations works at Fort Capital
52:36

On this episode, Chris sits down with a few members of the Fort Capital team to discuss all things Investor Relations (IR). They chat about the process Fort goes through to vet potential investors, onboarding, and eventually, what investors can expect throughout the investment process. They also discuss frequently asked questions, ongoing IR items post-investment, and how they utilize Juniper Square. Enjoy!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

 

(02:31) - Why Investor Relations Are So Critical

(03:41) - Ryan and Lorna’s Role Within Fort Capital

(05:05) - What’s the process of signing up an investor?

(07:11) - Why would a potential investor not meet our criteria?

(07:47) - What’s our process if someone is looking to bring multiple investors with them when coming to Fort Capital?

(09:07) - What changes have we made to improve our processes over the past year?

(10:35) - What are the characteristics of an investor we’d love to meet?

(12:59) - What information do we provide people upfront to get to know Fort Capital better?

(14:52) - What are the most frequently asked questions we get upfront from potential investors?

(16:44) - Consistency In Information Sharing

(19:29) - What’s the investor experience like with juniper Square?

(22:10) - What happens from our end when a deal comes in?

(29:43) - What does communication look like between us and investors after the capital raise?

(30:48) - Who puts our quarterly reports together?

(33:00) - How do we calculate waterfall distributions?

(34:02) - What happens if someone signs up and doesn’t end up investing?

(35:02) - What are three improvements we’ve made to the investor relations process?

(36:03) - What happens if we are oversubscribed on a deal?

(37:17) - Pre-Commitment Opportunities

(38:46) - Emphasis On Timely K1’s and Cost Seg's

(40:06) - How many people do we have signing up every month?

(41:48) - 1031 Opportunities

(43:43) - Delivering Bad News

(44:58) - Why do we change our deal structures?

(46:17) - How are we improving and maintaining cyber security?

(49:40) - The Balance of Maintaining Existing Investors and Having a Healthy Pipeline of New Investors

(51:07) - Wrap up

The Fort is produced by Johnny Podcasts

Apr 12, 2022
RE #206: Scott Everett - Founder of S2 Capital - 0 to 38,000 MF Units by 32 y/o
01:41:46

Scott Everett founded S2 Capital in 2012 to acquire multifamily Real Estate. In the past 10 years as CEO of S2 Capital he has built a Real Estate investment company that has acquired over $6B of multifamily assets totaling 40,000 units and 3 operating companies that generate annual revenues in excess of $350M with over 600 employees.

On this episode, Scott discusses how he got started in value add MF and grew to 38,000 units, how he underwrites deals, and what matters when underwriting a deal. They chat about how S2 is set up operationally and how his different teams all work together. Scott also shares why he's raising a fund after 10+ years of syndicating deal by deal. Enjoy!

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

(02:07) - Scott’s RE career

(08:42) - Did something happen in your childhood that gave you your sense of confidence?

(10:48) - Scott’s first deal for 184 units

(15:33) - What are illegitimate reasons a property isn’t performing?

(18:11) - How do you think about approaching a deal?

(20:55) - How much has the RE landscape changed over the past decade?

(23:26) - Being laser focused on one asset

(26:38) - How do you think about due diligence?

(29:20) - Scott walks us through the entire deal process

(35:27) - Why do you renovate units so often?

(36:39) - What’s the first 90-180 days after closing look like?

(40:41) - How long does a full unit rehab take?

(41:22) - When do you talk to folks about renewals?

(43:18) - Do you want to get every unit updated within 2 years?

(48:09) - What separates you from competition in the construction part of the process?

(52:08) - What are you experiencing in the current labor market?

(55:33) - How do you think about staying on top with materials supply?

(57:20) - Are rents so competitive that class B tenants are moving up to Class A apartments?

(58:50) - What do you want your asset managers focused on?

(1:02:15) - What’s your ReFi strategy?

(1:02:48) - What’s the difference between Fanny & Freddy loans?

(1:03:44) - How fluid is the process of getting to your projected NOI number?

(1:05:20) - Where do most people miss the boat in terms of Capex?

(1:07:10) - How are you refreshing your portfolio today?

(1:11:14) - Is there any technology that has your attention right now?

Fetch

(1:14:25) - Why are you raising a fund?

(1:30:44) - Is there anything out there that scares you?

(1:33:59) - What’s your words of wisdom on building a great family business?

(1:37:53) - What is the S2 foundation?

The Fort is produced by Johnny Podcasts

Apr 05, 2022
#205: Kevin Dahlstrom - Making Money Moves, Compounding, I Join The Board, & Riff on Remote Work / WFH
01:05:11

Kevin Dahlstrom, Founder of Swell, joins the podcast for the third time to chat about his career in Fintech and what he's looking to change about how people think about and use money. Chris and Kevin chat about launching Swell, democratizing capital for the 95% of America, and a fun conversation on remote work vs office work.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

Follow Kevin on Twitter

(03:08) - Catching up with Kevin: Launching Swell

(07:57) - Do fintechs approach banks to partner with or do banks spin up these fintech companies?

(09:16) - What is Swell and why now?

(14:29) - The Core Tenants Of The Product

(22:18) - How do the traditional banks make money in non-obvious ways?

(24:22) - What does the climate for traditional banks look like in 10 years?

Ramp

Swell

(26:43) - How many people fall under your TAM?

(28:38) - How Affordable Credit Brings Countries Out of Poverty

(30:28) - Why does the average American have a poor credit score?

(31:46) - The Democratization of Capital

Fundrise

(38:37) - Building Community 

(40:58) - How do people get on the waitlist?

SwellMoney.com

(41:37) - Chris & Kevin’s Big Announcement

Hot Topics:

(45:19) - Remote work 

(59:44) - Globalization & Moving knowledge workers overseas

The Sovereign Individual by James Davidson

(1:03:31) - Final thoughts 

The Fort is produced by Johnny Podcasts

Mar 31, 2022
RE #204: Steve Radom - Founder of Radom Capital - Best in Class Urban Infill Developer
01:01:44

Steve Radom, Founder of Radom Capital, began his company in 2014 with the vision of creating a best-in-class urban infill redevelopment platform that passionately executes enduring designs and yields differentiated projects. Radom has developed 15 projects ranging from small, retail redevelopments to larger mixed-use projects. Each stabilized project has achieved and maintained 100% occupancy to best-in-class tenants.  

On this episode, Chris and Steve chat about the story of how Radom Capital came to be, how Steve selects a location and what matters. They also share stories of how Montrose Collective & MKT came to be and how ultimately, it's all in the details.

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

(01:50) - Steve’s Background and Career

Outliers by Malcolm Gladwell

Radom Capital

(10:19) - What would you say is your edge?

(14:00) - When do you go from really good to absolutely great?

(16:49) - How do you think about raising capital?

(21:33) - How do you think about hiring architects and landscape designers?

(23:40) - What separates a great architect?

(24:49) - Building The Montrose Collective

(32:44) - What’s your secret to working with City Councils?

(37:15) - Learnings From The Early Days Of The Pandemic

(43:36) - How are you describing the Houston market right now?

(46:59) - What do you think about Houston’s Zoning approach?

(48:25) - The MKT Project

(57:35) - What’s your tenant buy-in strategy?

The Fort is produced by Johnny Podcasts

Mar 29, 2022
RE #203: Jeff Gleiberman - Managing Director at MG Properties - 33,000 Units and counting...
54:23

Jeff Gleiberman, Managing Director at MG Properties Group is responsible for investment transactions, investment strategies and partner relations. Jeff was previously Director of Investments, responsible for corporate equity and debt strategies and was an Acquisition Manager sourcing and underwriting new investment opportunities. Jeff has also served in asset management, regional management and onsite property management roles. Prior to joining MGPG, Jeff worked in apartment investment sales at CBRE, the country’s largest apartment brokerage firm, where he oversaw the sale of over $500 million in Southern California multifamily properties.

On this episode, Jeff shares the story of how MG Properties began and his love for the business at an early age. He discusses nuances of the major markets they participate in, how they raise capital, why 1031's and cost segregation are crucial to their strategy, and how they underwrite and manage their pipeline.

 

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

Watch this episode on YouTube: https://youtu.be/aT6Q3nP0rxs

(02:49) - Jeff’s Career and MG Properties

(04:09) - Did your Dad do anything early on that got you interested in RE? 

(06:49) - What is your current day to day?

(07:12) - Why are you in the markets you’re in?

(08:55) - Why is CA a low-traded market?

(10:11) - Do property tax values stay locked in?

(10:40) - How early did you know about the Conrad portfolio being up for sale?

(12:16) - Do Los Angeles and San Diego have fundamentals that are different?

(13:22) - How do you underwrite political risk?

(15:08) - What are the pros to investing in Arizona vs. California?

(18:22) - Why don’t you play in development?

(19:54) - Defining Value-Add and Core-Plus Strategies

(21:31) - How many units are you adding per year?

(22:17) - MG’s Deal Processes

(27:08) - How do you raise capital?

(30:11) - The 1031 Exchange

(32:27) - What’s the cost seg portion of your business and why is it so important to your investors?

(33:40) - What does your playbook look like in the first 90-days post-close?

(34:54) - Does rent growth affect your thesis?

(35:59) - Why do you visit each property 2 times per year?

(39:17) - Are you seeing things loosen up in labor and supply chain?

(40:36) - Thoughts on Property Management

(41:36) - Is SFR on your radar?

(43:36) - The Vegas Market

(45:22) - How do you underwrite rent growth going forward?

(46:45) - Jeff’s experience at the NMH Conference (National Multi-Housing Conference)

(48:08) - More on Financing

(49:11) - What amenities matter right now? What doesn’t matter anymore?

(51:12) - Is there anything that countries outside of America do in regards of housing that we should adopt?

Connect with Jeff:

Jeff on LinkedIn

MG Properties

The Fort is produced by Johnny Podcasts

Mar 22, 2022
RE #202: Richard Fertig - Founder of Stomp Capital - A World-Class Lesson in STR's and Why It Might Be The Best Risk/Reward in Real Estate
01:37:03

Richard Fertig, Founder of Stomp Capital, is an innovative Real Estate Developer focused primarily on the Short Term Rental market, creating branded experiences to delight raving fans with his signature “modern hospitality”. Richard shares his proven strategies that continue to bring him financial success with his 59,000+ YouTube followers and 45,000+ Facebook Group members subscribed to Short Term Rental University.

This episode is a Masterclass on how to win BIG in STRs and why it might be the best trade in Real Estate. Richard shares a lesson on vacancy risk & underpriced zoning, how he selects a location and builds pricing power and how he built his worldview on risk/reward at Blackstone. Plus a wild story about Bernie Madoff. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

(02:41) - Richard’s career and his journey into STR’s

(9:07) - Do you have a filter for what you’re going to look for when handed a pile of money and told to “go find value”?

(12:29) - Firing Bernie Madoff

(17:42) - What are some immediate red flags you key in on when raising capital?

(19:18) - Why STR’s? (Short Term Rentals)

AIRDNA

(25:10) - Where are these lenders and capital providers?

Host Financial

SomeHotelGuy on Twitter

(28:32) - Who fits into the customer category for the STR space?

(32:03) - What predictions do you have for this space in a decade?

(36:40) - Building Edgecamp Sporting Club in the Outer Banks

(51:39) - What zoning matters and how do you get comfortable?

(1:03:35) - What should the average STR owner be thinking about with ordinance?

(1:05:35) - Mispriced Zoning in The Hamptons

(1:09:15) - How are you managing your properties?

(1:12:48) - Are you hiring 3rd party consultants when you’re cultivating the experience?

(1:14:14) - How are people finding and booking your properties? How do you think about the risk from 3rd party booking agencies eating into your margins?

(1:18:03) - What matters to you in a market when thinking about experiences?

(1:22:54) - How are you structuring your deals?

(1:24:33) - Are you building your own tech?

(1:25:54) - How do you think about cash flow streams when your properties tend to be seasonal?

(1:29:10) - Final Thoughts

(1:31:57) - How can people find you?

Twitter - @ImRichardFertig

YouTube -STR University

Facebook - STR University

Stomp Capital

The Fort is produced by Johnny Podcasts

Mar 15, 2022
#201: Conrad Gibbins - Managing Director at Jefferies - Energy Investment Banking - Deep Dive Into Current Energy Markets
01:04:27

Conrad Gibbins is a Managing Director of Jefferies, LLC in the Energy Investment Banking Group. Conrad has 12 years of investment banking experience advising primarily upstream oil and gas companies on M&A and financing transactions. Conrad has advised on over $40 Bn in upstream oil and gas M&A transactions and $15 Bn in financings and he has worked on many significant transactions in the upstream oil and gas industry including more than 10 M&A transactions with values over $1 Bn. 


On this episode, Chris and Conrad discuss the world's reliance on fossil fuels, today and into the future and the current M&A and deal market in fossil fuels. They look into ESG and alternative energy opportunities. Conrad discusses how Russia / Ukraine is impacting the current environment and how the narrative around fossil fuels has changed since he started in 2009. Enjoy! 

 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris 

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

(02:17) - How has the Oil industry changed over the past 12 years?

(8:18) - Why is capital fleeing the industry over the past several years?

(14:50) - How undercapitalized is the industry right now?

(19:27) - How much of the world is still in the process of getting onto fossil fuels and how much of the world is actually consuming 100 million barrels per day?

(22:36) - M&A Activity in Oil and Gas Over the Past Year

(26:52) - Is there positive momentum that capital is flowing back into the space?

(31:21) - Thoughts on ESG

(32:07) - Labor & Employment in Oilfield Services

(33:54) - Is the money that’s redirected away from Oil and Gas and into renewables been worth it?

(38:07) - Is there any bear case in the short term?

(40:06) - Is there any technology you’re seeing that could disrupt oil usage?

(42:18) - How is the Russia/Ukraine conflict impacting the world from an energy perspective?

(45:04) - How much does the world depend on Russia for oil?

(46:22) - Who’s the largest consumer of oil?

(46:48) - Thoughts on Nuclear

(50:39) - Are there any basins coming back online that have been hibernating?

(57:20) - Crypto in the Energy World

(59:33) - Conrad’s experience working with Aubrey McClendon

(1:01:59) - Final Thoughts

The Fort is produced by Johnny Podcasts

Mar 10, 2022
#200: Chris Powers - 200th Episode - Observations About the World Today
58:01

On this milestone episode, Chris shares the story of how the podcast started and why it's been so impactful. Chris dives into why podcasting is a pure form of communication and why he supports Joe Rogan. He expresses his thoughts on de-platforming and canceling culture and Chris breaks down 50 things he's observed from 17 years in business.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/      

Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ

Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast

Watch this episode on YouTube: https://youtu.be/QzI1b1SD3Uo

(01:30) - Welcome to Episode #200!

(03:43) - How Chris and Producer Johnny Met

(08:46) - The Early Days of the Podcast & Benefits From Doing the Show

(13:01) - What Matters in Podcasting

(15:50) - Sponsorship Opportunities

Email for inquiries at thefortpodcast@gmail.com

(16:41) - 50 Thoughts on Business

Traction by Gino Wickman

(49:52) - Thoughts on Cancel Culture

The Fort is produced by Johnny Podcasts

Mar 08, 2022
RE #199: Nick Huber - Co-Founder of Bolt Storage - 0-34 self-storage properties in 4 years, Cancel Culture, Remote Labor, Sweaty Startups!
01:11:48

Nick Huber, Co-Founder of Bolt Storage, is back on The FORT Podcast to discuss what Nick's learned after going from 0-34 self-storage properties, thoughts around cancel culture, why it exists, and how we might overcome it. On this episode, they also chat about how remote work is changing the workforce, Self Storage market updates, and why blue-collar labor (sweaty startups) offer some of the biggest opportunities in America. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/ltkWLjbZLic

Links:

Nick on Twitter

Nick’s first appearance on The Fort: Episode #73 on Spotify & Apple Podcasts

Businesses that Nick loves!

Topics:

(03:03) - Nick’s Transformation Over the Past Few Years

(11:10) - Tailwinds in Self-storage

(15:12) - Storage Scenario: What’s your 30-day game plan after you buy a facility?

(18:11) - Nick’s Weekly Check-Ins

(19:06) - How do you source on-site vendors?

(19:56) - Nick’s Tenant Base & Thoughts on RV & Outdoor Storage

(22:28) - Have you had any major revelations during the last three years?

(30:47) - Creating Competitors

(41:05) - Is “community” the right way forward?

(43:39) - Nick’s Experience Wiith Cancel Culture & the Twitter Mob

(58:31) - The Ultimate Net Positive of Twitter

(1:02:11) - Re-thinking Blue-collar Work

The Fort is produced by Johnny Podcasts

Mar 01, 2022
RE #198: Eric Weatherholtz - Partner at Healy Weatherholtz Properties - "Simple little things compound into big things and everybody wins."
01:19:42

Eric Weatherholtz, co-founder of Healey Weatherholtz Properties has worn many hats in his career from leasing agent, property manager, construction manager, financial analyst, framing laborer, electrician's apprentice, and investment manager. Healey Weatherholtz Properties owns and operates a real estate portfolio that includes retail, office, warehouse, residential, parking, and self-storage assets. They invest in private real estate occupiers including a variety of retailers and restaurateurs. As an investment sponsor, HWP has been involved in over 50 projects, all focused on "repairing" properties to better meet the needs of the surrounding community.

On this episode, Chris and Eric discuss how to capitalize long-term deals and bring in the first tenants, why every little detail matters, and creating the "halo" effect. Consider this a masterclass in creating a world-class destination everyone wants to hang out at and several funny stories from a career in real estate!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/K6BY4pbdUuc

(03:20) - How Eric Got into Real Estate and What He Does Within The Space

(06:39) - How do you know you’ve found the right spot to start acquiring? What matters?

(10:32) - When doing assemblages, do you care about competition coming in?

(16:21) - Do you need the commercial first before it can attract residential or vice versa?

(18:09) - How do you finance these projects?

(25:02) - Are there times when you decide to pass on properties?

(30:16) - How do you create the “magic” after buying the building?

(40:24) - How are you structuring your leases?

(42:30) - Sticking To Your Guns

(45:45) - How do you manage these properties?

(51:43) - Who stages and programs the hospitality portion of your properties?

(54:45) - How do you justify the upfront TI for local tenants? Are you able to identify local businesses w/o a track record who’ll be successful?

(58:08) - What do you say to people who think retail is dead?

(1:02:24) - What’s your edge? 

(1:04:39) - Is this a scalable business model?

(1:06:54) - Wild Stories From Eric’s Career

The Fort is produced by Johnny Podcasts

Feb 22, 2022
RE #197: John Marsh - Co-Founder of Marsh Collective - Finding Opportunity in the Broken & Undone
01:17:35

John Marsh is the Co-Founder of Marsh Collective and host of the Redemptification Podcast, serial entrepreneur, and consultant helping steward over $1b in redemptive real estate in 9 small towns around America. After spending the last 25 years giving guidance to over 60 startup businesses in various industries, John's current focus is helping others make generational differences in their communities and companies by helping patrons bridge the gap between redeeming vision and execution.

On this episode, Chris and John discuss, how Marsh Collective rebuilt the entire city of Opelika, Alabama, buying old historic downtowns as an asset class and how to develop leadership and create flourishing businesses. John also discusses how he completely changed the trajectory of his life and marriage.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/xxZ7sbnK5iA

Marsh Collective

Redemptification Podcast

(03:07) - Why do you see brokenness everywhere?

(06:09) - What hanged in your life after contemplating suicide?

(09:22) - Forgiveness is Suffering

(12:01) - What kind of work do you do with the hard-charging entrepreneur in the perspective of their marriage?

(15:58) - John’s Real Estate Career in Opelika, Alabama

(28:15) - Building Businesses by Pivoting Into Commercial

(36:02) - How do you know you’ve found the right leader?

(42:29) -  What drives an extraordinary experience?

(48:36) - What would make a fantastic multi-family project?

(54:37) - Do these tenants pay more and stay longer when you follow this model?

(57:04) - Are you bullish on the migration to small towns?

(1:00:19) - Small, Historic Towns as an Asset Class

(1:04:42) - What needs to be in place from the investors for you to work together successfully?

(1:10:55) - What does a contract structure look like when renovating an entire town?

(1:14:22) - Wrap Up and Final Thoughts

The Fort is produced by Johnny Peterson

Feb 15, 2022
RE #196: Marc Gilbert - Managing Partner of Twin Oaks - Seeking Deep Value that most overlook.
01:13:09

Marc Gilbert, Managing Partner of Twin Oaks Group, owns and manages a diverse portfolio of property across Northern New Jersey, including multifamily, commercial, and industrial properties. Marc directed financing at New City Management, covered REITs and financials at ING and Commercial Mortgage-Backed Securities at Fitch Ratings. Marc specializes in financing and structuring real estate syndicates.

On this episode, Marc tells his story of joining the Israeli army and how those lessons shaped how he looks at life. They discuss why Marc buys properties with major environmental issues and the value he creates. Chris and Marc also chat about lessons learned from the 2008-2009 GFC and how Marc creates win/win situations. 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Twin Oaks Group

Marc on Twitter

Marc on LinkedIn

(02:30) - Marc’s Travels to Israel and How it Shaped His View of the World

(06:41) - Marc’s Journey Into RE

(09:05) - Bringing a Depression Era Mindset to Real Estate

(11:46) - Marc’s Career Prior to Starting Twin Oaks

(20:44) - Do you think the bank system learned anything from the ’08 crisis?

(25:07) - Operating in the Northeastern New Jersey Market

(28:59) - Why do you take one these gas station deals that 99% of people pass on?

(36:24) - What’s the process of cleaning these sites that requires a 5-10 year timeframe?

(40:13) - Do you raise capital to clean these sites or use your own capital?

(44:47) - Is there any government or tax incentive to de-contaminate these properties?

(46:25) - What are you looking for in multi deals and how do you find deeper value in them?

(50:19) - Thoughts on Rent Control

(52:31) - As a long-term holder, should a building be 100% leased?

(56:13) - Providing Housing For Ex-Felons

(1:01:31) - How do you deal so well with your local government?

(1:09:43) - Why could it be smart to overpay for a 1031 exchange?

The Fort is produced by Johnny Peterson

Feb 08, 2022
RE #195: Nathan Lenahan - A story of working at WeWork until original IPO, His new HVAC roll-up strategy with game-changing tech component
01:21:16

Entrepreneur, Nathan Lenahan, has held many titles such as COO of Smart City Apartment Locating and VP & GM of Texas and the Mountain West Regions for WeWork. Nathan is currently working on a roll up of home service businesses beginning with HVAC. Before WeWork Nathan started a property management company that he grew quickly and eventually sold to a private equity-backed real estate company. Nathan also served proudly in the Army for nearly 14 years across active duty and national guard deploying for two years to Iraq.

On this episode, Nathan gives incredible insight on working at WeWork from 2015 until IPO, why WeWork is a company that will matter moving forward, and what the army taught Nathan about leadership. They also discuss his new HVAC roll-up strategy and Nathan's tech idea behind it. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Nathan on Twitter: https://twitter.com/n8lenahan

Follow Nathan on LinkedIn: https://www.linkedin.com/in/nathanlenahan/

Nathan's Business: Homework

Watch this episode on YouTube: https://www.youtube.com/watch?v=eCweBL3jSB8

(02:25) - Nathan’s Background and Career with WeWork

(06:13) - Leadership Lessons Learned in the Military

(09:31) - Nathan’s Property Management Business

(11:24) - How was your business valued and how did the transaction happen?

(13:28) - Nathan’s Experience at WeWork 

(19:04) - How do you build a culture in a hyper-growth company like WeWork where new people are coming aboard every day?

(23:11) - How did you know where you should be opening locations and how quickly you needed to open?

(26:50) - Was Softbank already involved when you joined and what happens when you get such a massive influx of capital?

(33:55) - What does a great location look like for a co-working space?

(37:23) - Did it matter at all how close you were to the next WeWork?

(38:35) - Was there a goal for consistency in terms of the look and feel of each location?

(39:40) - What did you learn about community building between tenants?

(41:27) - Was there an inflection point with the circus around the media and the coming IPO where things felt ‘different’?

(44:33) - What mattered most to the landlords you worked with?

(48:29) - Was this a real estate company or a tech company?

(49:54) - Thoughts on Adam Neumann

(53:03) - The WeWork IPO

(55:38) - How do you keep your team motivated when there’s so much noise about your company going on in the media?

(57:59) - What’s the state of WeWork today?

(1:00:10) - Nathan’s jump into sweat: HVAC Roll-ups

(1:08:36) - Thoughts on the Blue-Collar Industry in Regards to Labor

(1:14:00) - How are you building the tech side of your business?

(1:16:13) - The Potential for Augmented Reality in the Trades

(1:19:54) - How can people get in touch with you?

The Fort is produced by Johnny Peterson

Feb 01, 2022
RE #194: Chris Powers & Jason Baxter Talk Fort Capital's 2021 Year in Review
01:31:58

On this episode, Jason Baxter and Chris Powers take a look at the last year for Fort Capital and discuss how their team evolved and prepared for scale, Jason's transition to CEO, company highlights, and thoughts on their strategy, and why 2021 was a record year for Fort Capital. 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/OSDF2GK5two

Lex Sisney's Organizational Physics

(03:09) - Reflecting on Previous Reviews

2018 Year in Review

2019 Year in Review

2020 Year in Review

(05:28) -  Transitioning Jason into CEO & Learning from Lex Sisney

(11:36) - Jason’s Growth in 2021

(15:53) - Leadership Communication and Structuring Executive Meetings

Good 2 Great by Jim Collins

(23:54) - Getting Deliberate With How Actions Impact Fort’s Flywheel

(30:01) - Fort’s Purchases in 2021 & Improving the Acquisition Process

(42:16) - 2022 Deal pipeline

(46:57) - Identifying the Need for a Director of Leasing

(51:51) - Aligning Incentives Across Departments

(56:05) - The Importance of Bringing Fresh Eyes to Look at the Business

(1:00:15) - COR’s Impact in 2021 

(1:14:03) - Thoughts on Growing Investor Pool

(1:18:07) - Growing the Property Management Side of the Business

(1:24:26) - Where We are Heading into 2022

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Jan 25, 2022
#193: Chris Pate - Managing Director of True North Advisors - A Masterclass in Capital Allocation
01:27:58

Chris Pate, Managing Director of independent wealth management firm True North Advisors, spent the first 11 years of his career at a multi-strategy hedge fund. Prior to True North Advisors, Chris spent 8 years managing the investment activities for Western Commerce Group in Fort Worth. Chris oversaw both public markets and private investments within Western’s investment advisory operations, including equities, fixed income, alternatives, and hard assets. 

On this episode, they discuss what Chris learned while working at a hedge fund, how True North selects and underwrites GP sponsors. They chat about capital allocation decisions in today's market, best practices when thinking about wealth management, and Chris' thoughts on the market.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(01:58) - Chris’ Career with Q Investments & the Hedge Fund industry

(05:27) - How Hedge Funds Determine Where To Focus Their Attention and When to Move Along

(12:15)  - Transition into Wealth Management and Chris’ Current Role with True North

(22:25) - What is a Multi-series LP?

(24:20) - The Difference Between Private & Public Investments

(28:35) - How do you identify good portfolio managers?

(38:38) - What are things that are immediate No’s for you?

(45:36) - What are some reasons companies want to get into a larger fund?

(47:51) - How are some people so good at raising money without a track record?

(50:03) - How much time do you spend on references?

(52:35) - How much weight goes into due diligence when you are familiar with other folks in a deal?

(55:43) - How do you underwrite hedge fund managers vs. private investment managers?

(56:52) - How do you think about deal structures?

(1:00:47) - How do you think about the movement behind the democratization of capital?

(1:03:33) - Does more alpha exist in direct deals than anything public?

(1:04:18) - How do you think about capital allocation?

(1:10:54) - Is there any reason that would cause you to not continue investing in specific funds?

(1:13:24) - What are your thoughts on the current market?

(1:21:06) - Final Thoughts on True North and Working With Entrepreneurs

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Jan 20, 2022
RE #192: Tyron McDaniel - Owner of Houston Vintage Homes - A leader on a mission to build Affordable Housing for all
01:09:31

Tyron McDaniel is the Owner of Houston Vintage Homes, focused on the Design & Development of Affordable Housing in inner-city communities around the country. With a keen eye for design and historical context, Tyron works with multiple cities and coaches, mentors investors, home builders, and developers from around the country in creating affordable housing solutions to meet the ever-growing need for more affordable housing. 

On this episode, Chris and Tyron chat about how Tyron is using his platform to get younger generations interested in service trades, his life mission, and opinions on how to make housing more affordable, at scale. It is a thoughtful conversation about building affordable housing that helps create a positive impact in communities. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Follow Tyron on Twitter: www.Twitter.com/TyronMcDaniel

Urban Vintage Designs

(02:31) - Tyron’s Background and Career

(04:27) - Tyron’s Work in Inner-City Houston

(08:27)  - What are you doing differently with these homes that no one else wants?

(12:05) - What are you doing with the homes when you’ve finished renovating?

(15:26) - Is there something that happens where people start to notice a neighborhood is prime to develop around and are wanting to buy there?

(18:01) - Tyron’s Urban Builder School

(25:58) - How early do you need to get involved in these inner-city kids’ lives before they head down the wrong path?

(27:38) - What does the definition of affordable housing mean to you?

(28:56) - What’s your process for underwriting a tenant in the communities you work in?

(31:54) - Do prisons give ex-cons any kind of statement that they were “good” people inside?

(34:48) - How do you finance your properties?

(36:05) - What are some obvious housing changes that we need at the political level?

(39:33) - What are you seeing in the market in regards to rising costs and inflation?

(41:52) - Are there specifics that you implement into your projects to keep your costs low?

(49:02) - How do you think about setting your rents?

(53:27) - What are your thoughts on gentrification?

(57:41) - A Discussion on the Trades

(1:00:45) - Do you have a childhood experience that changed the trajectory of your life?

(1:03:38) - What’s the advice you’ve been given?

(1:04:34) - Is there a book that’s had an impact on you?

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Jan 18, 2022
RE #191: Chris Powers - Real Estate Rant on Industrial, Office, and Capital Markets Heading into 2022
42:06

On this solo episode, Chris provides an update on industrial fundamentals and how they're holding up to date. He also deep dives into interesting things he is thinking about by way of capital markets and provides insight into what the office data is saying. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Links:

Sean Dalfin on The Fort

Chris Powers on Why Texas

Topics:

(02:30) - Thoughts on Industrial for 2022

(04:28) - The Fundamentals of Industrial - Location Premium

(6:45) - Class B: A Diminishing Portion Of The Industrial Stock

(8:59) - Accelerated Rent Growth & Increasing Tenant Demand

(11:10) - Capex Requirements and Operating Expenses Are Changing

(12:10) - Is having multiple tenants better than having one tenant?

(12:34) - Does there continue to be portfolio premiums?

(13:27) - Just In Case Inventory

(14:38) - Industrial Price Increases Across Texas & Non-Texas Markets

(16:34) - Transaction Volume Increases, E-commerce & CapEx

(18:54) - Thoughts on Office

(21:34) - The Great Game of Chicken With WFH

(24:38) - Thoughts on Commercial Real Estate

(25:33) - Dry Powder, Open and Closed Funds, Mega-Funds, and Allocations From Pensions and Institutions

(28:18) - Family Offices & Non-Listed REIT Fundraising

(30:10) - Debt & Lending

(31:30) - (non) Distress in the Private Markets and Cap Rate Compression 

(32:20) - Debt Pricing & Proptech

(33:50) - Migration

(37:32) - Market Liquidity, Inflation, Net Profits interests and Industry Leverage

(40:57) - Final Thoughts

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Jan 11, 2022
RE #190: Riaz Taplin - Founder of Riaz Capital - Do Well, Do Good - Developing a Billion Dollar Microliving Empire in the Bay Area
01:13:14
Principal & Founder Riaz Taplin has been thinking about workforce housing for most of his professional life. Growing up in a real estate family, Riaz detoured early in his career from the family business to develop his own style by founding a design/build firm and developing over 50 ultra-luxury residences in the Bay Area. In successive projects and ventures, Riaz explored co-living, adaptive reuse micro-units, student housing, and traditional ground-up construction – all of which led to the firm’s custom workforce housing solution – the Micro-Living Studio.  Riaz leads Riaz Capital, a vertically integrated workforce housing developer and institutional-grade sponsor with a core team of over fifty professionals managing a portfolio of over 1,300 units, and with over 1,000 residences in the pipeline. 

On this episode, Chris and Riaz discuss developing amazing projects in 30 months or less, how Riaz Capital builds units that are 28% more affordable than the competition. They deep dive on why design matters and why the Bay Area matters and will be a strong market for decades to come. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Links:

Riaz on LinkedIn

Riaz Capital 

Topics:

(04:10) - Riaz’s Background and Career

(12:24) - What is Microliving?

(15:12) - How are you able to build these developments in 30 months when other deals take 7 years?

(21:22) - Do you self-perform GC?

(24:24) - How does zoning work in your market?

(27:20) - Affordability Without Public Subsidizing

(28:19) - Riaz’s ‘Simple Build’ Model

(32:09) - Family households have dropped 69% to 29%, what does that mean for you?

(35:54) - What do these units look like inside?

(40:34) - Do tenants have to put a deposit down since the unit is pre-furnished?

(41:34) - How do people getting into the industry get furniture designed for units?

(42:43) - How do you design the layout of your units?

(46:35) - Are we headed into a world where everything is smaller and more efficient?

(50:39) - What are most people still getting wrong with apartment development?

(53:28) - What would you change immediately that would make housing more attainable at scale?

(56:10) - Why is the Bay Area still really important at a time when people are trying to write it off?

(1:00:52) - Raising Capital, Funds & Opportunity Zones

(1:11:33) - Wrap Up

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Jan 04, 2022
RE #189: Mike Berry - President of Hillwood
01:15:39

Mike Berry is the President of Hillwood, one of the top industrial, commercial, and residential real estate developers in the country. He has been the leader of development efforts in AllianceTexas, one of the largest global logistics hubs in the world. They discuss how Alliance developed from concept to reality, the future of transportation for both people and freight in the next decade, autonomous vehicles, and buying your home online. This is one of our most fascinating episodes—enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(02:47) -  Mike's Background and Career

(07:22) - The Story of Hillwood

(10:02) - How Alliance was Conceived

(15:23) - Could something like this deal ever come together in today’s world?

(17:50) - What is a foreign trade zone, and how do you get a foreign trade zone designation?

(21:22) - Was the Alliance vision originally to become a city?

(25:05) - Mike’s job as part of this growth and how he's changed as a leader over time

(28:59) - Alliances Mobility Innovation Zone

(35:31) - Why DFW/Hillwood Offers More For This Type of Testing Than Other Testing Sites

(38:47) - Freight and Human Capital in Autonomous Driving and Autonomous Vehicles

(43:45) - What’s it like inside like these forward thinking businesses like Amazon?

(47:31) - What is something you would say the world will have in 10 years that people will find shocking?

(50:01) - The Talent at Hillwood and Adapting to These Changes

(51:53) - The Trends in Residential Living and How They Are Changing 

(59:37) - How have you been able to balance your family and work?

(1:01:13) - What advice would you give your 21 year-old self? 

(1:04:25) - Is there anyone you look up to?

(1:07:31) - Picking Sides in Today's Society and The Amount of People Work That Goes into Building a Building 

(1:11:04) - The NextDoor Analogy with Determining Market Demand and How it Slows The Process  

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Dec 28, 2021
RE #188 BONUS: Chris Powers & Eric Jorgenson on Jorgenson's Soundbox
01:46:47

Happy Holidays! We wanted to co-launch a special episode where Chris was interviewed by Eric Jorgenson (guest on episode #152) on Eric's show: Jorgenson's Soundbox. Enjoy!

 In the last episode, we discussed alternative assets, and in this episode, we take a deep dive into the career of Chris Powers, the master of the specific alternative asset of real estate. Chris began his real estate career when he was just 17 years old and has spent the last 17 years building Fort Capital, a real estate firm in Fort Worth, Texas. Throughout the episode, we discuss Chris’s journey in real estate, investing, recruiting, and podcasting.

We begin the episode talking about some of the heroes that Chris looks up to including his dad who taught him the valuable lessons that you only live one life and that money can only make you so happy. Chris bought his first house at 17 when he was starting college and got into real estate as a means to make money during his studies. He says that he was driven by constantly waking up and feeling behind and wanting to do something. Before graduating, he bought more student housing, started a property management business, and started a leasing business. He graduated in 2008, during the economic collapse and had no choice but to continue in real estate.

From 2010 to 2015, Chris was doing a bit of everything related to real estate – he was building custom homes and spec homes, buying land, VC investing, and had a small team that he managed. Despite having some success, he realized he wasn’t compounding his business the way he wanted, and after reading Good to Great by Jim Collins, he decided to narrow his focus. Chris talks about his need to be able to recruit and the importance of having a mission. We also discuss how flywheels can propel us forward, and for Chris, his flywheel is based on his podcast, Twitter, real estate business, and investors that create a virtuous cycle of growth.

Recently, Chris has transitioned out of being the CEO of Fort Capital, and he is learning how to be an owner. He is also focusing on his VC Funds and building Powers Capital, which he says will function like a family office but also will function like private equity. We wrap up the conversation discussing when enough is enough and measuring impact; Chris says he’s no longer in it for the money but rather to see what it is possible to accomplish during the one life he has.

Links: 

Chris on Twitter: https://twitter.com/fortworthchris

The Fort Podcast: https://open.spotify.com/show/4dLKPVTiXWmrFwd43iN2LZ 

Chris Powers & Pete Chambers Podcast: https://open.spotify.com/episode/2X8vKyUIQaIxV5Mr9J5KMv

Good to Great by Jim Collins: https://www.amazon.com/Good-Great-Social-Sectors-Business/dp/0977326403/ref=sr_1_4?hvadid=241662136256&hvdev=c&hvlocphy=9027256&hvnetw=g&hvqmt=e&hvrand=7276001728265049979&hvtargid=kwd-362385377706&hydadcr=21909_10171323&keywords=good+to+great%27+by+jim+collins&qid=1639750831&sr=8-4

Owned and Operated Podcast w/ Chris Powers: https://podcasts.apple.com/us/podcast/21-chris-powers-building-%24600mm-commercial-real-estate/id1560999545?i=1000527344852

Fort Ventures: https://www.fort-ventures.com/

On Deck: https://beondeck.com/

Token Economy - How the Web3 Reinvents the Internet by Shermin Voshmgir: https://www.amazon.com/Token-Economy-Web3-reinvents-Internet/dp/3982103819/ref=asc_df_3982103819/?tag=hyprod-20&linkCode=df0&hvadid=459726176530&hvpos=&hvnetw=g&hvrand=7985022662900678608&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9027256&hvtargid=pla-921536332012&psc=1

Topics:

(3:52) - Who are your heroes?

(7:56) - Chris’ upbringing & his father’s impact on him

(20:47) - Chris starting his career in RE at age 17

(26:17) - Reflecting on the ’08 financial crisis

(35:02) - What was your next big inflection point after graduating college in 2008?

(41:02) - You can’t scale when you’re not clear on your path

(47:52) - The results of learning to focus

(59:22) - What’s role does Fort play in your investor’s portfolios?

(1:05:41) - How does an investor recoup their money?

(1:09:26) - Compounding business with online content and media

(1:13:20) - The divergence of focusing the mission of Fort Capital and the mission of Chris Powers

(1:19:31) - What is your day to day like now?

(1:25:00) - Chris’ VC investing exposure

(1:31:11) - What’s the end goal for you?

(1:42:27) - What is the most foundational principle you can offer all entrepreneurs?

Dec 21, 2021
#187: Colin Landforce - CTO of Unrivaled Brands - Cannabis Industry 101
58:17

Colin Landforce is an entrepreneur and tactical leader with more than 10 years of experience in regulated and emerging consumer product spaces. With deep experience at the intersection of recreational cannabis and CPG, Colin’s thought leadership is widely recognized both inside and out of the cannabis industry. At Unrivaled, Colin drives process and technology innovation, enabling teams and developing proprietary B2B tools and consumer experiences.

On this episode, Chris and Colin deep dive into Colin's career beginning with how he got into the Cannabis industry and his first acquisition. They discuss the ins and out of the Cannabis world including what makes a top-shelf Cannabis brand and risks in the industry. 

(01:45) - Colin’s Career and Getting into the Cannabis Industry

(4:24) - What was your early team like as distributors?

(7:02) - Were you primarily selling bulk flower or did you convert them into edibles and oils?

(7:35) - What does it cost to make a pre-roll and then what does it wholesale and retail for?

(8:35) - What matters when you’re making deals with growers?

(10:36) - Do most growers grow outdoors or indoors?

(12:09) - Why is indoor growing harder to scale?

(13:32) - What checks and balances do growers go through in order to make sure the customer is getting the correct product?

(14:55) - How is THC measured?

(15:56) - Was there an inflection point where you wanted to grow the company and where did that happen?

(18:00) - What are ‘brands’ in cannabis?

Sticks

Cabana

Korova

(19:19) - What makes a top-shelf cannabis brand?

(20:35) - How did you finance the business early on?

(22:34) - Can you get lines of credit or traditional loans?

(23:10) - Is there anything on the horizon that will make the industry more bank-friendly?

(24:28) - How do you value cannabis companies when thinking about M&A?

(25:49) - Colin's First Acquisition

(26:41) - Cannabis Extraction

(27:47) - What does your line of products look like?

(28:47) - How do you get products you can’t make yourself?

(29:14) - Colin’s Latest Acquisition & ‘Going Public’

(30:48) - What are the different asset classes in Cannabis?

(32:15) - Licensing in Cannabis

(33:12) - Medicinal vs. Recreational

(35:02) - Non-plant touching companies being allowed on the NASDAQ

(35:42) - What is your role as CTO?

(37:46) - Creating a Brand Within a Culture vs. One in an Agency

(40:14) - Who is your typical customer?

(41:29) - What are your thoughts on the boomer generation and their relationship with cannabis?

(43:22) - Is there anything that keeps you up at night or risks in the industry?

(44:24) - Is there anything on the horizon that excites you in the next 12-24 months?

(46:45) - When do you predict federal legalization?

(47:06) - Is CBD a placebo?

(49:55) - Is there anything being created in the market that can get rid of someone’s high?

(50:56) - Colin’s Experience as a Music Manager

(53:47) - Colin’s Email Hack and How To Be Better At It

(56:16) -  How can people find you?

Colin on Twitter

Podcast - Tab Talk

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Dec 16, 2021
RE #186: Moses Kagan - Part 2 | On Value-Add MF, A New Core Strategy, ReConvene, Los Angeles, and How He's Looking at The World
52:44

Moses Kagan is the Co-Founder and Head of Adaptive Realty, a Los Angeles-based development, and property management group. Since 2018, Moses has overseen the repositioning of 80 properties in Los Angeles and grown Adaptive from $0 to $110M of property under management. Moses joins Chris for his third appearance on The FORT Podcast.

In this two-part episode, they discuss the decision to not deploy a fund he raised in early 2020 and his new core strategy. They also explore rent control vs non-rent control. How he talks to his family about wealth and potentially taking over his business, learnings from ReConvene, and where we go from here....


Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(02:31) - A Discussion on Rent Control

(09:25) - Defining Moses’ New Buying Strategy

(20:36) -  How have you thought about growing your business over the next decade? 

(26:32) - How are you thinking about leaving the businesses to your kids? What if they don’t want to go into it?

(35:50) - Thoughts on Growing Third Party Property Management 

(38:38) - Is there anything keeping you up at night? 

(42:13) - The Slowing Rate of Development

(46:01) - Our Collective Tolerance for Emergency

(48:28) - If I gave you $1B to put to work by the end of the year where would it go?

The Fort is produced by Johnny Peterson & Straight Up Podcasts.

Dec 14, 2021
RE #185: Moses Kagan - Part 1| On Value-Add MF, A New Core Strategy, ReConvene, Los Angeles, and How He's Looking at The World
42:34

Moses Kagan is the Co-Founder and Head of Adaptive Realty, a Los Angeles-based development, and property management group. Since 2018, Moses has overseen the repositioning of 80 properties in Los Angeles and grown Adaptive from $0 to $110M of property under management. Moses joins Chris for his third appearance on The FORT Podcast.

In this two-part episode, they discuss the decision to not deploy a fund he raised in early 2020 and his new core strategy. They also explore rent control vs non-rent control. How he talks to his family about wealth and potentially taking over his business, learnings from ReConvene, and where we go from here....

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/Ci-4AXwSZOI

(2:51) - Moses’ journey through ReTwit

(4:24) - What do you think the next 2-3 years look like for you in this online journey?

(6:35) - How do you explain this Twitter world you’ve built to people not in the know?

(8:04) - What your experience putting on ReConvene and what does it mean for the greater RE industry?

(12:54) - Was there anything that stood out from the feedback you got from the event that you’ll be implementing going forward?

(14:47) - Thoughts on ‘Quality’ when it comes to Moses’ expectations for doing a deal to lead into his new buy strategy

(21:28) - Bank’s attitude toward owning an asset for a year vs. having a loan on the asset

(25:36) - Spreadsheets vs. reality: experienced investors are losing out to inexperienced investors

(27:07) - How are you processing all of the craziness in the CA real estate market?

(29:52) - Moses’ Fund and the investor reactions to not spending any of it over Covid

(35:20) - Dealing with the eviction moratorium in LA

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Dec 07, 2021
RE #184: Kendal Harazny - Co-Founder/Principal of Wexford Developments - Developing amazing urban projects in Canada & US
01:05:16

Kendal Harazny is a Principal and Co-founder of Wexford Developments, a real estate development, investment, and management company. Wexford has completed over $500 million of development, currently has $500 million in assets under management, and has an upcoming development pipeline exceeding $400 million, including over 900 units breaking ground in 2022. Focused on Western Canada and the Southwestern United States, Wexford is primarily involved in urban mixed-use residential projects but has also developed substantial land, retail and industrial assets.

In this episode, Kendal and Chris discuss an array of topics such as the differences in Canada vs. the United States and what it takes to develop a generational asset. They also chat about how Wexford identifies and selects projects to work on and why design matters and how to communicate to neighboring stakeholders and much more! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this Episode on YouTube: https://youtu.be/DN61kAEFq-4

(02:08) - Kendal’s Background and Career

(04:10) - What are the top things that create bad deals in development?

(06:10) - More on Kendal’s Background

(10:44) - What are the biggest differences between Canada and the United States?

(13:02) - Getting Project Approval in Canada

(15:25) - How do you handle emotional opinions from the community when doing development?

(17:53) - Incorporating Feedback From the Community & Rezoning

(19:48) - How long is the process from submitting to the city for approval?

(21:45) - Is everything you do for rent or do you have for sale opportunities?

(22:13) - How do you capitalize deals and think about debt?

(24:00) - Why don’t you bring US debt into Canada?

(25:07) - Cultural Differences in Lending

(26:54) - How is recourse structured?

(28:28) - How do you think about parking for your projects?

(31:35) - Thoughts on Building EV Stalls

(33:49) - Is a lot of your equity coming from Canada or is it global?

(34:50) - The Toronto & Vancouver Real Estate Market

(36:52) - What experiences are you having as it relates to building and the supply issues we’re seeing?

(40:27) - What do you look for in markets before entering?

(43:16) - How do you know you’re going into the best location?

(45:07) - How do you think about hiring architects?

(48:49) - The Importance of the Cohesion Between Architects, GC’s and Engineers

(52:02) - What matters to you when picking General Contractors?

(54:39) - What is ‘crystalizing the promote?’

(1:00:08) - Kendal’s Hunt for an Acquisition Manager

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Nov 30, 2021
RE #183: Keith Wasserman - Founder of Gelt Inc.
01:06:01

Chris chats with Keith Wasserman, Founder of Gelt Inc. which is one of the fastest-growing real estate companies in the country. Gelt focuses on purchasing multi-family communities, storage facilities, and RV parks. You can connect with Keith by email at Keith@geltinc.com or @keith_wasserman on Twitter.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(01:05) - Keith’s Background and Career Founding Gelt

(09:59) -  Investing In The Person vs. The Project

(11:14) - Why are you focused on multi-family and mobile home parks as a business model?

(15:14) - How do you think about the future of renting and ownership?

(18:10) - The Biggest Changes in Tech and Living We See For The Future

(23:10) - Other Asset Classes Gelt Focuses On

(31:05) - How do you go about entering new markets?

(33:49) - Building Relationships 

(36:44) - YPO Global Real Estate Fair

(37:52) - Gelt's Process of Finding Investors & Securing Deals

(45:40) - How has your job changed as the company grows?

(50:27) - Where will the company be at the “end”?

(52:55) - Keith’s Thoughts on Growth

(54:07) - Origins of The Name Gelt, Thoughts On Charity, and Both Their Thoughts On The Future Of Education

(1:02:15) - Advice For Folks Thinking About Starting Their Own Business

The Fort is produced by Johnny Peterson & Straight Up Podcasts

Nov 23, 2021
RE #182: Peter Lohmann - CEO of RL Property Mgmt - Building a PM Biz, "Tasks at Scale", Airbnb in PM?
01:18:48

Peter Lohmann is the founder & CEO of RL Property Management, a residential property management company in Columbus, Ohio. Peter graduated with a Bachelor’s in electrical engineering and spent 5 years as a control systems engineer before founding RL Property Management in 2013. RL Property Management now manages over 500 units for central Ohio real estate investors.

On this episode, Chris and Peter deep dive into the operations of a residential PM business. They discuss his thoughts on Airbnb entering the PM space, What technology the PM industry needs, and how he bought & valued 2 PM companies.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/1Ho_tj32xus

(02:27) - What brings a person to own a property management business in Ohio?

(05:01) - Peter’s Pathway To Breakeven & Profitability

(07:10) - What do you mean by “spending time on bigger pockets”?

(08:27) - Who was your first hire?

(10:09) - Where do you stand today since starting in 2013?

(11:44) - Peter’s Flat Fee Model

(16:54) - Are there other revenue line items you’re charging outside of that flat fee?

(19:03) - Does the client expect you to get a property ‘rent-ready’ or is that on them to do and then come back to you?

(20:11) - How much maintenance do you have going on at any given time and what do their days look like?

(22:22) - Are the techs ‘jack of all trades’ or do you look for specialists in electrical or plumbing?

(23:08) - Thoughts On The Current Labor Market When it Comes to Blue-Collar Trades

(27:23) - How do you approach maintenance when it comes to accountability? Is this a landlord responsibility or tenant?

(29:51) - Dealing With Owners Leaving You and Then Coming Back

(35:32) - What are you doing with automation and technology in your business?

Buildium | Airtable | Process Street | Zapier | Lead Simple | Notion

(41:50) - Who contributes to the company Wiki and how do you keep it from getting bloated?

(44:31) - Is it better to own 5 SFR’s or one 5-unit building?

(46:05) - Is your management radically different based on the number of units a client owns?

(48:01) - Is there anything that really needs to be built on the software side to better streamline your industry?

(52:53) - Peter’s Experience & Processes for Buying Other Property Management Businesses

(59:09) - Do you get to speak to clients of a prospective business during due diligence?

(1:00:01) - Was there high churn from the acquisitions?

(1:01:01) - Thoughts on Airbnb in the Residential Property Management Space

(1:07:39) - Twitter: What lessons did you take away from Greg Crabtree & What was the conversation like when your partner stepped away to run your engineering company?

Simple Numbers by Greg Crabtree

(1:13:40) - Peter’s Side Hobby of Restoring Historic Windows

(1:16:53) - What’s the best way for people to get in touch?

Twitter: www.Twitter.com/PSLohmann

Peter's Website: www.Peterlohmann.com

Owner occupied Podcast

Nov 16, 2021
#181: Alex Lieberman - Co-Founder of Morning Brew - Building & Selling Morning Brew, Transition to Exec Chairman, Crypto / NFT's
01:23:41

Alex Lieberman is the co-founder and Executive Chairman of Morning Brew, a multi-platform business media brand. In October 2020, Alex & his co-founder sold a majority stake of Morning Brew to Business Insider for a reported $75 million. Today, Morning Brew provides quick and digestible business content to more than 3 million users, successfully changing the way young professionals engage with the business world. 

On this episode, Chris and Alex deep dive into the founding story of Morning Brew, the future of Morning Brew, and Alex's transition to Chairman from CEO. They also discuss how newsletters and online media companies are valued, how crypto/blockchain/NFT's will impact media, and much more!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(01:52) - Alex’s Journey Starting & Growing Morning Brew

(08:02) - What did the newsletter space look like in 2015?

(12:44) - What was the process for putting in a day’s worth of content?

(16:09) -  Where did you end your senior year of college and when did you come to the conclusion to go full time into MB?

(24:30) - Where was the business at when you decided to leave Morgan Stanley and how did you initially monetize?

(31:32) - How did the MB referral program work?

(37:20) - Was there an inflection point along the way that caused the balloon effect to happen?

(41:22) - How do you price ads today?

(44:21) - What was the process to come to the decision to sell MB?

(52:34) - Did you do anything wild after you sold?

(56:55) - How is a newsletter valued?

(58:17) - Alex’s Transition Out of the CEO Role

(1:07:28) - What’s the goal for The Brew going forward for your 3 million users?

(1:08:44) -  How does Crypto and Blockchain impact MB?

(1:17:09) - How do you think about the future of media and truth?

(1:21:44) -  How can people get in touch with you?

Follow on Alex on Twitter: www.Twitter.com/businessbarista

Listen to the Founders Journal Podcast

Morning Brew

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Nov 11, 2021
RE #180: Chris Powers - GP Fees and The Pathway to Building a World-Class REPE Operating Platform
01:12:10

On this episode, Chris does a full deep dive into the world of fees, including what they are, should you be charging fees at all, and when, fee misconceptions, the benefits of a profitable company, and the pathway to building a world-class REPE operating platform. Chris also answers your questions submitted on Twitter and much more!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(01:16) - Why Fees?

(02:45) - Misconceptions: GP’s Charging Fees and Making a Profit is Bad

(05:20) - Charging Market Fees and Getting Great Returns

(06:49) - What are the benefits of running a profitable company?

(10:05) - GP’s That Don’t Charge or Offer Reduced Fees are Hurting their OpCo in the Long-Run

(11:01) - The Difference Between OpCo’s and Assets

(13:18) - Understand Where Your Company is: Fee Structuring for Young Companies

(15:03) - How to Charge Fees and How to Talk About What’s Behind the Fees

(17:43) - How do we know what we can charge for and what we cannot?

(21:24) - Fort Capital’s Fee Strategy Early On

(23:35) - An Outline of How to Think About Fees and Example Scenarios

(30:27) - GP’s That Don’t Charge What They’re Worth

(31:25) - Ways to Think About What You Should Be Charging

(36:04) - Running Your Company as a Break-Even Business vs. a Profit-Generating Business

(37:53) - Specific Fees to Think About

(49:18) - Real Estate Private Equity: Fees Charged to Allocate Capital to GP’s vs. Fees Charged by GP’s Who Actually Operate

(50:47) - Charging the Right Structure of Fees for Your Business

(53:50) - Twitter Question: What’s an example of a deal you’ve done and how the fee dollars are allocated?

(59:00) - Third-Party Providers 

(1:00:32) - Twitter Question: Can an established sponsor with capital charge an acquisition fee that’s equal to their contribution?

(1:04:16) - Twitter Question: How have Fort Capital’s fees changed over time?

(1:07:56) - Twitter Question: 3rd Party Management & Leasing vs. Vertically Integrating

(1:10:14) - Wrap Up

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Nov 09, 2021
RE #179: John Blatchford - Owner of Kunst MF - Historic Real Estate Tax Credits 101
01:15:41

John Blatchford is the Owner of Kunst, a real estate developer in Cincinnati, Ohio that renovates historic buildings into city apartments by utilizing historic tax credits and Opportunity Zone investments. This episode is a deep dive into The Historic Real Estate Tax Credit, John breaks down the entire process from what buildings qualify, how to apply, the difference between the state and federal credits, how they use the credits, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

John on Twitter

Kunst 

(02:09) - John’s Background and Career

(05:37) - What are you focused on at Kunst?

(06:38) - The Cincinatti Market

(08:40) - The Historic Tax Credit

(09:47) - How do LP’s benefit from this Tax Credit?

(11:35) - How do you use the credit?

(12:12) - How do you begin the process of getting the credit?

(13:56) - How often does the state approve these credit applications?

(14:17) - What work has been done before applying?

(15:39) - What are the things you did wrong on the first deal that are easy fixes on deal 14 and onward?

(16:49) - Do you have to own the property before submitting an application or can you be under contract?

(17:30) - Does anyone actually come to visit the property from SHIPO?

(18:07) - How much of the building needs to be ‘saved’ in order to qualify for the tax credit?

(19:38) - How vacant are these properties when you acquire them?

(20:39) - If a building is totally bombed out, do renovations have to match the aesthetics of the time or can it be built to look more modern?

(21:11) - Why do states and federal governments care so much about preserving the historical nature of these buildings?

(22:28) - Is there a point where the building is in such poor condition where you have to demo it?

(23:07) - Would a ground-up development require a historic-style building to go up?

(23:37) - Who’s the target demo for these buildings?

(24:33) - Do you have challenges finding subcontractors for this work?

(25:29) - Does refurbishing of these historic doors and windows usually happen on-site?

(26:21) - What are the typical things that need to be preserved?

(29:50) - Dealing With the Historical Board

(30:59) - Can you start construction during the application process?

(31:15) - What does the approval document look like?

(31:46) - What happens if a project goes over budget?

(32:08) - What do you do when you receive the cash from the state credit?

(32:43) - What do you typically do with the federal credit that comes in?

(33:33) - Could someone with no involvement in the project purchase the federal credit?

(34:00) - How are those credits valued when you go to sell them?

(36:04) - Do you ever sell the credit in whole?

(37:12) - Is there an online marketplace where you can list these credits for sale?

(40:57) - Is there a place people can go to see all the federal tax credits that were awarded in a year to try and buy them?

(42:12) - Who are you usually selling your federal credits to?

(42:47) - Do you use credit value as equity?

(43:16) - Would these deals work without the tax credit?

(43:41) - Do you work with consultants during the application process?

(44:23) - What are the requirements for architecture plans?

(44:48) - What are the three parts of the historic process?

(46:10) - How do you structure your exits?

(46:55) - Do you have to hold the building for a certain amount of time after completion?

(47:38) - Do you need a specific type of loan for these deals?

(48:15) - What confidence do you have in the legislation to boost the credit to 30%, and has it played into your underwriting? 

(49:00) - Why do state and federal percentages differ?

(49:17) - Why do consultants stratify State & Federal reimbursement amounts at different percentages and why should one count more on the state than fed when underwriting for total possible dollars reimbursed?  

(49:34) - What concerns you most when the size of a project increases?

(50:26) - What’s the largest project you could possibly do in your market?

(51:04) - How often do you see projects that are missing out on these tax credits?

(52:18) - What would it cost to hire a consultant to work on getting these credits?

(52:45) - How would you find a consultant?

(53:23) - Is there anything within landscaping that falls under the criteria?

(53:40) - How long does a typical renovation take you?

(54:08) - Can you sell the building and transfer the credit before occupancy?

(54:48) - Inspection Requirements

(55:40) - Is this process the same anywhere you go?

(56:23) - How long between getting your CO and getting the cash from the state?

(56:40) - Is the timing of finishing a project a big part of your strategy?

(57:58) - Will banks forward you cash to cover the credit early?

(58:30) - Do you have a lot of competition in your market?

(59:26) - Do you have the runway to do a lot of projects in your market?

(59:52) - Do you have a favorite historical building?

(1:00:26) - John’s Cincinnati Preservation Collective

(1:01:00) - Are there any political or governmental risks that keep you up right now?

(1:01:56) - How do you project job creation?

(1:02:37) - Who is usually the owner of the building before you enter the picture?

(1:03:41) - What do conversations with public owners look like?

(1:04:20) - Can you get the credit for ground-up dev?

(1:04:34) - Is there anything you’ve learned along the way when creating your budget?

(1:06:07) - Have you come across any treasures in these old buildings?

(1:07:49) - What are the biggest differences in how people used to build things back then?

(1:09:50) - What buildings can get these credits?

(1:11:21) - Is there a yearly influx of these buildings getting approved with the 50-year existence requirement?

(1:12:29) - Can you get a building out of a historic designation?

(1:13:02) - What’s your end goal?

(1:13:30) - Are there any resources that people can learn more about this industry?

The Ohio Dept. of Development

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Nov 02, 2021
RE #178: Chris Powers - Why decisions are made to sell real estate?
43:20

On this solo episode, Chris breaks down what would cause someone to sell an investment property or cash-flowing asset. He also discusses why different entities will decide to sell, such as funds or merchant developers. He stresses the importance of building a track record of selling, and how that played into the success of Fort Capital. He also discusses the process by which Fort Capita approaches a sale and experiences they've had. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ 

(01:57) - Who and what are we selling?

(02:30) - What are some reasons to sell?

(04:10) - Misalignment & Partnerships

(04:59) - You’re Doing Larger Deals

(05:43) - Satisfying Estate Issues

(06:09) - The Market is High and The Offer is Great

(06:38) - There are Better Opportunities for Capital

(07:18) - Taking Profits

(08:55) - Changing Market Conditions

(10:31) - Cross-Collateralized Deals

(11:10) - Taking risk Off The Table

(11:26) - Real Estate Depreciation

(12:05) - Investor’s Preferred Time Horizon

(13:13) - Tax Reasons

(13:38) - Why funds, REITs, and Merchant Developers Will Sell

(15:01) - You’ve Aggregated Enough Assets

(16:12) - What does selling do for an investment company?

(18:15) - Building a Track Record

(23:04) - Ownership Types and Incentive Structures

(30:08) -  Fort Capital’s Experience in Selling Portfolios

(32:29) - The Process by Which Fort Capital Sells

The FORT is produced by Johnny Peterson & Straight Up Podcasts.

Oct 26, 2021
#177: Bill D'Alessandro - CEO of Elements Brands - Building an E-Commerce Holdco Empire
01:20:25

Bill D'Alessandro is the Founder / CEO at Elements Brands, a parent brand that owns and acquires e-commerce companies. Bill founded Elements Brands in 2010 and has scaled to 8 figures of revenue, 50+ employees, and 51,000 square feet of office/warehouse. Elements Brands is vertically integrated and they own and operate all their brands. They have a team of in-house experts in digital marketing, branding, wholesale sales, customer retention, and financial analysis. Their supply chain and logistics teams manufacture and ship thousands of orders each day to customers around the world.

On this episode, Chris and Bill discuss Elements Brands and why Bill chose vertical integration, with a rabbit hole into how that has played out so well for them given the current supply chain challenges facing the globe. They have a great discussion on the 'Amazon Seller' model and where that plays a role in the companies Bill looks at purchasing. They break down Bill's strategy when acquiring brands and what that process is like for the seller. They also discuss how Bill landed on Petcare and skincare for his core products, Culture Index, digital marketing, and more. Enjoy!

Watch this episode on YouTube: https://youtu.be/_ekX3rEf4iY

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:20) - Bill’s Background and Career 

(04:02) - How did reading 4 Hour Work Week impact you?

(06:04) - Building KP Elements

(08:07) - What is Elements Brands and how is it structured?

(09:51) - Element’s Berkshire Hathaway Angle

(10:25) - What’s your day-to-day focus as CEO?

(11:13) - Why did you choose to pursue vertical integration?

(12:51) - Why do more folks not do vertical integration?

(15:13) - How did you land on skincare and petcare as your core products?

(18:15) - Discussion On The ‘Amazon Seller’ Model

(25:49) - Bill’s Process When Buying Businesses and His Ownership Strategy

(27:12) - Valuing the Business

(30:57) - Are you ever paying a premium for a great brand?

(32:20) - How does your deal flow operate?

(33:56) - What happens from the initial verbal agreement to the day you own the business?

(36:00) - The Financials Side of Deals

(38:26) - Organizational Structures

(39:55) - Elements’ Employee Makeup

(43:10) - Ingesting The Acquired Companies Teams

(43:48) -  Culture Index

(46:34) - What’s going on with Facebook and Apple and online advertising?

(57:50) - How many of your 60 people are Marketing & SEO?

(59:50) - How are you thinking about our current supply chain issues?

(1:04:03) - Is there a solution on the horizon in terms of having the ports operate longer hours?

(1:07:39) - What’s your end goal for Elements Brands?

(1:09:54) - What do most people get wrong when starting their first product?

(1:11:43) - Is there a way to start sales before putting a lot of advertising dollars at risk?

(1:13:20) - Teaching Entrepreneurship Through Action

(1:15:28) - What advice would you give someone starting out in your industry?

(1:16:11) - Is there a book you would recommend?

Plain Talk by Ken Iverson

(1:18:36) - How can people reach you or Elements Brands?

Bill's Personal Website

Elements Brands

Bill on Twitter

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Oct 21, 2021
RE #176: Ayesha Selden - Building a Real Estate & Equity Empire, Owner of Mud2millions.com - "OWN SOME SHIT"
01:09:47

Born and raised in South Philadelphia to a single mother, Ayesha is now a multi-millionaire in Stock, Real Estate, and as a Franchise Business Owner. As an Economic Activist, she encourages everyone to invest their money in themselves and their neighborhoods.

On this episode, Ayesha discusses her upbringing and how she was able to escape poverty through Real Estate, and her goals of helping others do the same. She and Chris discuss her RE philosophy, how she manages her assets, the impact of the past 18 months, her #1 message: "Own some shit" and much more. Enjoy!

Watch this episode on YouTube: https://youtu.be/z51ByEcm23M

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(02:17) - Ayesha’s Childhood in South Philadelphia and Career Background

(10:19) - Entrepreneurship By Hook or By Crook

(11:12) - Trial and Error: Money Management

(13:55) - “You gotta own some shit”

(16:39) - Thoughts on Gentrification

(21:10) - Mud to Millions

(24:55) - How did money play a role in the broader community growing up?

(29:33) - What do you mean when you say “change your mindset” when talking about money?

(35:44) - How Ayesha Built Her RE Portfolio

(41:24) - How do you think about cash flow & appreciation?

(44:20) - The Social Impact Mindset When Setting Rents

(46:22) - Ayesha’s Online RE Deal in LA and Goals in California

(52:44) - Ayesha’s Annual Net Worth Review & What’s Next

(59:38) -  Thoughts on NIMBYism and Affordable Housing

(1:01:34) - What has the last 18 months taught you about the world?

(1:06:16) - How can FORT listeners spread the Mud 2 Millions Message?

Mud 2 Millions Book

Mud2Millions.com

(1:06:54) - Do you have a morning routine?

(1:07:31) - What’s the best advice you’ve ever been given?

(1:08:06) - If you had a billboard for the world to see, what would you put?

(1:08:22) - How can people find you?

Twitter: www.Twitter.com/AyeshaSelden

Instagram: www.Instagram.com/AyeshaSelden

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Oct 19, 2021
RE #175: Bobby Fijan - Partner @ Form Developers - The Mad Scientist of Floorplans and Complex MF Development
01:26:12

Bobby has been involved in startup companies for nearly his entire career. He left graduate school to start his previous company, Cross Properties, with 3 other partners in the basement of a seminary in 2011. He's worn every hat in real estate from finance, capital markets, fundraising, leasing, late-night maintenance, and semi-professional architect. At Cross, he was the Partner in charge of the Development and Design team and was responsible for every project from an empty lot to stabilized building. In 2019, he left day to day operations at Cross to co-found Tailorbird, a construction technology company, and Form Developers.

On this episode, Chris and Bobby break down the science behind floor plans and how Bobby looks at apartment development as products that need perfecting. They discuss value add, efficiencies in the industry, the concept of pre-furnished apartments, how Bobby has built his persona as a floor plan consultant on Twitter and much more. Enjoy!

Watch this episode on YouTube: https://youtu.be/Hdt2wr5a_YM

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(2:11) - Bobby’s Career in Real Estate

(4:22) - How did you make floor plans your niche?

(8:03) - What’s the main reason floor plans are afterthoughts in the development process?

(10:02) - What would make a great 650 Sqft unit and what makes a terrible one?

(14:25) - Are there parts of a floor plan that adds value every time and parts that don’t in the data you’ve seen?

(17:48) - What would a second use for a bedroom be?

(18:56) - Thoughts on Balconies

(19:48) - What makes 2br's more or less valuable?

(21:52) - How do preferences change between demos of empty-nesters and millennials?

(22:57) - Bobby’s disdain for Value add

(26:07) - Creating metrics that people aren’t measuring right now

(28:55) - Are you met with resistance when trying to present this way of thinking?

(32:32) - What would be the opposite view of yours?

(32:59) - “Apartments should be designed furnished”

(41:31) - Is there any data to suggest people would rent longer in a pre-furnished scenario

(41:59) - What’s your favorite feature in a small apartment?

(42:38) - Thoughts on efficiencies in apartments

(44:58) - Thoughts on Micro-units

(46:56) - What are key things you think about when you take over an existing structure?

(50:35) - Are there resources developers can utilize early on when it comes to easily design floor plans?

(55:37) - What is a complex deal and what have you done to gravitate towards them?

(58:30) - What are common things that the average developer overlooks when reviewing rules & regulations and dealing with surrounding communities?

(1:01:39) - What do the majority of your reuse deals look like?

(1:06:05) - Is it fair to say there’s more adaptive reuse projects in the Northeast?

(1:08:12) - Does anything come to mind of things you’ve been able to pull off that most developers wouldn’t have seen?

(1:13:52) - When you enter a new area, do you bring on local consultants to help you create relationships in the city or do you have a specific approach?

(1:19:25) - Do you have a favorite floor plan you’ve ever seen? And what’s the worst one you’ve ever seen?

(1:23:25) - What’s your favorite development?

(1:24:33) - How can people find you

Twitter: www.Twitter.com/BobbyFijan

Email Bfijan@formdevelopers.com

The FORT is produced by Johnny Peterson & Straight Up Podcasts     

Oct 12, 2021
RE #174: Laird Sparks - Sr. Managing Director, Development at Greystar
01:25:45

Laird Sparks is a Senior Managing Director for Greystar Development and Construction Services, with responsibility for multifamily development in the Central North Region.

He joined Greystar in 1998, holding various positions across multiple disciplines prior to joining the development team. Laird has been involved in all aspects of the Greystar business, including third-party property management, development, renovation, acquisitions, refinance and dispositions, and the asset management of approximately 20,000 apartment units with a capitalized value of approximately $2.5 billion.

On this episode, Chris and Laird discuss the behemoth that is Greystar, their work in Texas, conventional multifamily age-restricted developments, the explosion of Single-Family Rentals, student housing, Industrial, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(03:56) -  Laird’s Career Story and How Greystar Has Evolved Since Being There in 1998

(05:47) - How is Greystar set up from the national level to the regional level?

(06:53) -  What does your office do and what’s your role?

(07:37) - What’s changed about development over the past 14 years?

(09:35) - Are there amenities that are becoming obsolete?

(10:41) - Did you primarily do deals in the core during this cycle?

(11:37) - What markets do you play in?

(12:46) - Are entitlements in suburban markets tougher to get?

(14:25) - What are the differences between urban and suburban facilities?

(15:48) - Workforce Housing

(16:56) - Is there anything from a cost perspective on the horizon that excites you?

(20:24) -  What makes up the bulk of cost increases?

(21:07) - What are the factors in labor cost increases?

(22:09) - What’s driving the massive jump in rents since Covid?

(24:53) - Are we anywhere close to meeting demand in apartment developments for DFW?

(25:37) -  How much do property taxes impact deals?

(27:02) -  Is there anything different about this cycle from the others you’ve experienced? 

(28:56) - Are there any permanent changes you're making in your products in light of the pandemic?

(30:19) - Why is SFR so hot right now?

(34:00) - Is there anyone doing luxury SFR?

(36:35) - SFR Tenant Demographics

(37:17) - Leasing Factors

(37:49) - How are capital markets looking at SFR?

(39:36) - Is there talk about not taking the merchant developer route with SFR’s?

(42:33) -  How do you define age-restricted deals?

(47:13) -  Student Housing

(49:38) - Senior vs. Student Demand in Regards To Capital Markets

(51:47) - Thoughts on Industrial

(56:01) - Is the data you have across different asset classes helpful or is it pretty siloed?

(58:55) - How is Texas positioned vs. the rest of the country?

(1:00:37) -  Getting a Deal Done in CA vs. TX

(1:02:45) - What metrics matter most to you when underwriting a deal?

(1:04:41) - Have the basis point spreads between what you’re building to and what you’re exiting on changed drastically?

(1:06:30) - How are 10-year hold deals structured if you’re underwriting a Merchant Development deal? 

(1:08:20) - Thoughts on Opportunity Zones

(1:10:03) - Property Management

(1:15:52) - Is there anything that keeps you up at night or risks in the market?

(1:17:41) - Has Social Media been a major player in making the developer a ‘villain’?

(1:22:09) - Is crowdsourcing the future?

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Oct 05, 2021
#173: Andrew Gazdecki - Founder & CEO of Microacquire
01:30:37

Andrew Gazdecki is the Founder of Microacquire, an online startup acquisition marketplace. Andrew is also the former CEO & Founder of Bizness Apps and Altcoin (both acquired).

On this episode, Chris and Andrew discuss the early days of founding Bizness Apps and Altcoin before his jump into Microacquire. They break down the process of how Microacquire works, what types of companies are on the platform, how they engage with potential buyers and advice for founders to be successful in selling their businesses. Finally, Andrew discusses why VC isn't right for everyone, his Bootstrappers platform and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:43) - Andrew’s Career Background Leading into Microacquire

(15:31) - Why Andrew Regrets Starting an Ethereum Transaction Company

(18:43) - What is MicroAcquire and what are you trying to achieve?

(21:05) - How do you make money?

(24:03) - What is the range of sellers you’re seeing on the platform?

(26:48) - Does the seller have to put the price they want on the platform?

(29:08) - What’s the vetting process for sellers to get on?

(30:47) - What’s the range of buyers you see on the platform?

(32:28) - What do you mean by Corp Dev licenses?

(33:24) - Have you had any first-time buyers who just looking to get into entrepreneurship?

(35:03) - What would a $10,000 per year revenue business vs. an $8mm company look like on Microacquire?

(38:43) - Are you providing resources for new buyers or how do they learn how to acquire businesses?

(42:00) - What are the things sellers need to check off the list in order to sell quickly online?

(44:49) - Is something like the founder wanting to exit immediately listed on Microacquire or does that only come up in conversations with buyers?

(46:56) - Does Microacquire cut out intermediaries like investment bankers?

(49:36) - How does the buyer and seller communicate with each other? Do they need to use platform-approved legal templates?

(56:15) - How are the smaller buyers financing deals?

(59:44) - How are you going to crack the code to get $100+ MM companies onto the platform and do you plan to bring non-traditional companies on to sell?

(1:03:44) - Dealing with Team Members Either Knowing or Not Knowing the Business They Work For Is Up For Sale When It’s Listed on Microacquire

(1:06:29) - Launching Bootstrappers.com & Beefing with Tech Crunch

(1:12:15) - How does a company know if they should go raise from a VC or not?

(1:16:57) - The #1 Reason For Start Up Success

TED Talk: The Single Biggest Reason why Start Ups succeed

(1:18:12) - Why did you choose to build in public and what have been some positives/negatives of the experience?

(1:20:01) - How do you build a ‘fun’ company?

(1:23:46) - Is it harder to build a fun company when you’re fully remote?

(1:26:11) - Is a hotdog a sandwich?

(1:26:49) - What’s the best advice you’ve ever been given?

(1:28:44) - How can people find you or Microacquire

Website: www.microacquire.com 

Email: Andrew@microacquire.com

Twitter: www.Twitter.com/agazdecki

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Sep 28, 2021
RE #172: Vince Knipp - Senior MD Investments at Marcus Millichap - Single Tenant NNN Retail Assets 101
01:18:49

Vincent Knipp is a Senior Managing Director of Investments in Marcus & Millichap’s Dallas office, where he specializes in net lease investment sales across the United States. Knipp has been the #1 Net Lease Agent in Texas and consistently ranks in the Top 10 Nationally within Marcus & Millichap’s National Retail Group. Over the course of his career, he has closed more than 350 transactions totaling nearly $1 billion in volume in 29 states.

On this episode, Chris and Vince discuss the market for single-tenant NNN assets, 1031's, what makes a good investment in this asset class, what makes a great broker, and a lot more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(02:14) - Vince’s Upbringing and Early Career

(05:11) - What were your first years as a broker like?

(07:06) - What’s the mythical ‘database’ that all Marcus agents build?

(08:20) - What did Marcus teach you about making your first calls as a broker?

(10:19) - What makes great retail?

(12:47) - Why do you put all the multi-tenant buildings with your partner?

(15:33) - Who are the typical sellers you work with?

(19:56) - Who are the typical buyers you work with?

(21:32) - How do you value a property in a major metro vs. a smaller town?

(24:14) - In markets where rents are growing quickly, are there a lot of buyers who will buy on a 2 cap and wait it out?

(27:01) - Ground Leases vs. Fee Simple Deals

(29:04) - What usually happens when a tenant leaves their building?

(30:33) - Are all of these leases pretty much the same?

(32:51) - Percentage Rent Clauses

(33:54) - Rent-to-Sales Ratios

(36:44) - Why do people leave?

(38:02) - What other factors are there in leases that are desirable?

(39:54) - Why do sales go down and is it usually tenant-specific?

(41:33) - How much do you pay attention to the specific products your tenants sell?

(42:29) - Are there ever demands from tenants that they’ll only sign unless you agree to not sell the building?

(43:40) - How much does access matter to you, tenants and customers?

(43:35) - All-for-One, One-for-All Scenarios of Tenants

(46:26) - What are tenants requesting now that we’ve been through Covid?

(48:39) - Has the upsurge in drive-through changed things permanently?

(51:52) - Are cosmetic upgrades usually on the operator and not the landlord?

(53:24) - What do you tell people in a transaction that costs 2x more than replacement costs? 

(54:40) - Are there any up-and-coming tenants you have your eye on?

(56:05) - How do you conduct due diligence without ever seeing the property in person?

(57:48) - Do ghost kitchens make you nervous?

(58:51) - What’s your favorite deal you’ve ever done?

(1:01:51) - Will you do deals anywhere or are you only based in Texas?

(1:02:32) - Is there a reason you’ve stayed with Marcus for so long?

(1:04:17) - Is there a way to share information across all of Marcus’ agents?

(1:05:45) - Is there anything in the industry that still really excites you after being in it for 15 years?

(1:07:20) - Underwriting Deals with a Franchisee vs. a Franchiser

(1:09:16) - What can go wrong once you’re under contract?

(1:11:34) - How much volume are you expecting for the rest of 2021?

The Knipp Group Mailing list

(1:13:20) - How do you sell a ‘party center’ deal?

(1:15:31) - What advice would you give to people getting into the industry today?

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Sep 21, 2021
#171: Chris Bloomstran - President & CIO at Semper Augustus - Finding Value in the Public Markets
02:00:32

Christopher P. Bloomstran, CFA, is the President and Chief Investment Officer of Semper Augustus Investments Group LLC. Chris has three decades of professional investment experience with a disciplined, value-driven approach to fundamental equity and industry research. Semper Augustus manages concentrated global equity portfolios of well-run, well-capitalized businesses with share prices trading below conservative appraisals of intrinsic value. 

On this episode, Chris dives deep into his journey of founding Semper Augustus and his vast knowledge of Berkshire Hathaway. They also discuss his 2020 investor letter, what he thinks about the current market, value investing, and much more. Enjoy!

(03:10) - Chris’ Background & Career at Semper Augustus 

(08:07) - Was it a no-brainer to take over this family capital or did you have reservations about it?

(14:06) - Has your investment strategy been set by the initial family capital at Semper Augustus?

(21:19) - What does ‘fundamental, value-driven investor’ mean to you?

(27:55) - What did you mean in your 2020 letter when you said it’s the point of no return?

2020 SAI Letter - The Point of no Return

(40:48) - If you were elected to be the Fed Chairman, what would you do?

(49:26) - How do you get inspiration for new ideas and how much time do you spend about adding new things to your portfolio vs. thinking about what you already own?

(54:39) - How do you help your analysts ‘clean up the universe’?

(1:00:42) - Does China’s direction worry you?

(1:05:41) - How do you determine whether an org is practicing accounting integrity?

(1:16:30) - Is there anything that more people should understand about Berkshire that is often overlooked?

(1:24:53) - Is there something you think Warren should be doing with the cash on his balance sheet?

(1:33:39) - Are you pleased with how Berkshire handled their covid situation?

(1:41:36) - How do you think about a Berkshire without Warren Buffet?

(1:51:31) -   What is one business that you wouldn’t invest in, but that you also wouldn’t short?

(1:56:47) - How can people follow you and find your business?

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Sep 14, 2021
#170: Molson Hart - Founder of VIAHART - ECommerce Mastermind, Selling on Amazon, and Toys
01:25:27

Molson Hart is the founder and CEO of VIAHART, an educational toy company, and a co-founder of Edison, an intellectual property-focused litigation financing firm.

On this episode, Chris and Molson dive deep into the process of selling on Amazon. They talk about Molson's journey to China and how he was able to learn the manufacturing process and implement that into a successful Amazon store. They also discuss the difference between American and Chinese Business culture, how he chooses products to sell, the good and bad of Amazon, how to know if you're making a 'great' product & more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:47) - Molson’s Story Leading Up to VIAHART and Different Companies He’s Been Involved With

(05:10) - Molson’s Experience Going to China to Work With Manufacturers 

(14:03) - Was VIAHART launched at this point or were you just a guy selling a few products?

(15:00) - Chinese vs. American Business Culture

(17:50) - Do you gain more leverage in China the longer you’re there or are you always one step away from being screwed?

(19:34) - When did you make the shift away from brick & mortar and into e-commerce?

(23:07) - How did you know which products would be most profitable like glassware and towels?

(26:35) - What’s the process for ‘launching’ a product on Amazon at scale?

(32:15) - What’s your goal for Brain Flakes in terms of growth?

(34:42) - How do you add to your roster of 300 products and how do you do that with only 8 people?

(37:26) - Why is it a smart business decision to sell plush animals?

(39:26) - Is there a reason why you play in the toy category?

(40:23) - How do you fight copycats?

(43:15) - Is there anything going on in China that the average person getting into e-commerce isn’t thinking about?

(45:17) - Molson’s 8-person Distributed Team and How They’re Managed

(47:51) - How are your overseas employees different?

(49:08) - What’s the process of selling on Amazon?

(50:18) - What’s the good & bad about working with Amazon today?

(54:47) - Do you worry about Amazon copying your products?

(55:56) - Molson’s Story Getting Suspended from Amazon

(57:40) - Molson Going to Speak In Front of Congress

(59:05) - Are there Amazon alternatives that interest you?

(1:01:43) - What’s the process of same-day delivery like?

(1:03:05) - What’s your strategy for the business going forward?

(1:06:13) - What would make Warren Buffet or Charlie Munger want to buy Brain Flakes?

(1:08:35) - What advice would you give someone wanting to get into e-commerce?

(1:10:42) - How does someone with 0 product experience know that it’s being built the right way?

Twitter Questions

(1:12:31) - Why are these ships just sitting there and not coming into port?

(1:15:19) - Was China ever as locked down as America?

(1:16:46) - Why do you feel comfortable being combative on Twitter?

(1:18:13) - “Advice is BS unless it’s from someone who’s been there/done that” is that always true?

(1:20:01) - If you couldn’t buy products in China, where would you shift production?

(1:21:02) - Can we ever get to a point where automated toy production is possible in the USA?

(1:22:30) - How much better are Amazon conversion rates compared elsewhere?

(1:23:10) - How can people find you and your business?

Twitter: https://twitter.com/Molson_Hart

BrainFlakes 

VIAHART: https://www.amazon.com/viahart

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Sep 07, 2021
#169: Jeff Lamb - President/COO of Vari - The Servant Leader
01:29:14

As President and Chief Operating Officer of Vari, Jeff oversees corporate strategy and has led the charge for the development of VariSpace, the company’s new commercial real estate venture.

Jeff has 38 years of corporate leadership and board experience, spanning nine industries. His “people first” approach to operational models was born working for Roger Staubach and developed over 12 years working at Southwest Airlines. He began his culture tutelage at Southwest under Colleen Barrett, President Emeritus, and then spent another eight years fine-tuning people-centric strategies for the company’s Chairman and CEO Gary Kelly.

On this episode, Jeff dives deep into the concept of Servant Leadership and how it played a critical role in his corporate career. He also discusses his learnings from working under several incredible CEOs, why leaders need to be 'available', his work with Vari, advice for fathers, and more. Enjoy!

Watch this episode on YouTube: https://youtu.be/-ukCn1_iymI

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(03:02) - Jeff’s Background and Career

(12:15) - What does ‘Servant Leadership’ mean to you?

Halftime by Bob Buford

(18:07) - Jeff’s Experience Working at Southwest Airlines

(20:39) - Working with Pat Lencioni of The 5 Dysfunctions of a Team

(22:26) - The Transition out of Southwest and into Vari

(27:00) - Did Vari already have a Servant Leadership path in mind & what did you do to make your mark there?

(31:01) - What are workspace solutions?

(31:56) - How do you see the office industry going forward?

(35:52) - What’s your target market tenant?

(37:52) - In-Office as a Competitive Advantage

(40:13) - What traits and characteristics make a great CEO?

(49:30) - Great Availability Is Better Than a Great Vision 

Energy Bus by Jon Gordon

No Complaining Rule by Jon Gordon

(52:01) - How do you convey to your employees that you’re ‘available’?

The making of a Corporate Athlete - Harvard Business Review

(56:01) - What are your biggest takeaways from working at Southwest?

(58:15) - Why do people generally not reach their full potential?

(1:00:15) - What have you enjoyed most about mentoring young people and how do you approach it?

(1:06:28) - Words of Wisdom for Future Father-in-Laws

(1:08:14) - Advice on Being a Good Father

(1:12:46) - Advice on Having a Good Marriage

(1:15:24) - Do you have a childhood experience that shaped who you are today?

(1:18:26) - Is there something you believe in that most people around you don’t?

(1:22:26) - Do you have a morning routine?

(1:23:41) - What’s the best advice you can give young people?

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Aug 31, 2021
RE #168: Sean Breuner - Co-Founder & CEO of AvantStay - World Class Experiences and Management of Short Term Rentals
59:39

Sean’s been a real estate and technology entrepreneur for 15+ years. Having gone through the launch & sale of a number of early-stage companies, his newest endeavor at AvantStay has him focused on the intersection of hospitality, real estate, and tech to help redefine group travel.

On this episode, Sean discusses the Short Term Rental industry and how AvantStay helps both owners and renters overcome a variety of issues faced by other platforms like Airbnb. They also discuss how lenders underwrite deals for Short Term Rentals, how Sean thinks about the best markets for STR, the technology built behind the platform, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(02:43) - Sean’s Career Leading Up to AvantStay and How the Organization Came to Be

(08:22) - For owners of real estate and those looking for a vacation, what’s AvantStay’s offer to them?

(14:48) - How do you help individuals decide what and where to buy?

(18:35) - What’s the breakdown between institutionally owned and individually owned homes under your banner?

(20:26) - How are lenders underwriting these deals?

AirDNA

(24:28) - What makes a great market for Short Term Rentals?

(29:27) - What’s the relationship between an individual homeowner and AvantStay?

(32:35) - What Do you Mean by Vertically Integrated and Horizontally Distributed and Describe The Tech That You’ve Built

(40:28) - What are things that home rentals can provide that hotels would never be able to match?

(45:19) - Do you have any data on short-term rentals with regards to Covid?

(52:48) -  What’s your plan for the next 3-5 years for the company?

(54:48) - Sean winning an Emmy on Staycation

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Aug 24, 2021
#167: George Coultress - Managing Director at Western - Everything You Need To Know About Buying/Selling a Business
01:24:15

George Coultress is an M&A and Private Equity Advisor for Western Commerce Group. He specializes in investment banking, mergers and acquisitions, financial modeling, due diligence, and capital structure analysis. 

On this episode, George and Chris deep dive into the process of selling businesses. George details what sellers need to be thinking about, preparations to make internally, navigating multiple buyers, allocating risk, terms & contracts and so much more. George also breaks down industry nuances such as entity types, escrow, reps, warranties, and covenants. This is one of the most detailed insights into the M&A industry you'll find, enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Watch this episode on YouTube: https://youtu.be/8I2BytNORzQ

(01:53) - George’s Career Since TCU and What He’s Doing Today

(02:54) - How is Western different from most investment banks?

(04:31) - What should someone selling their business for the first time think about beforehand and what expectations should they have?

(07:19) - What have people who are ‘really ready to sell’ already thought through?

(08:45) - What are the most important things outside of price?

(10:44) - Can most entrepreneurs make the transition to an employee?

(11:09) - What are the different outcomes post-sale for owners?

(12:45) - Do you work with owners who are looking to sell within the family?

(13:46) - What’s the process of deciding whether we are selling the business?

(17:26) - Do you and the seller usually know who’s going to buy the business?

(18:37) - How important is it that the seller has audited their financials before selling?

(19:42) - Who’s typically involved in all of these conversations in respect to confidentiality?

(21:19) - What happens between agreeing on the price of the business and finding a buyer that’s ready to go under contract?

(22:50) - How long does it typically take from going to market and signing with a buyer?

(23:27) - Structures and Terms of Contracts

(27:51) - Benefits Between C-Corp, S-Corp, and LLC

(31:50) - Allocating Risk in an Asset-Sales vs. Stock-Sales

(33:16) - Deal Structuring: Cash, Stock, Earn-out

(35:08) - What do sellers typically need to achieve in order to secure their earn-out?

(36:13) - How long do sellers typically stay on after a sell?

(36:34) - Non-Compete’s

(39:02) - Escrow

(40:15) - Reps and Warranties

(42:44) - Covenants

(43:31) - Is an earn-out the same as a seller note?

(44:32) - Is the purchase price found through a formula?

(47:39) - How do you talk to multiple sellers who are all extremely interested while maintaining a level of privacy?

(50:16) - What’s the marriage process of finding the ‘right’ buyer?

(52:04) - How do you know if you’ve found the right person?

(52:52) - What are things you can spot that are red flags in a deal?

(54:51) - Fee Structures For Investment Banks

(57:25) - Do you treat buyers differently based on their classification like family office, strategic buyer, or private equity?

(1:00:16) - What should seller’s ask PE groups to make sure they’ve checked all the boxes?

(1:03:18) - How often are you having to give attention to proprietary technology over EBITDA?

(1:06:00) - What’s a closing day usually like for the seller?

(1:08:14) - What’re your thoughts on the boomer generation selling market?

(1:10:01) - Could prices come down if there’s a flood of sellers?

(1:10:34) - What happens during a 1+ year relationship getting someone ready to sell?

(1:12:46) - What are you seeing in the labor market right now?

(1:14:26) - Thoughts on Supply Chain

(1:15:32) - If you could sit with Warren Buffet for an hour what would you want to talk with him about?

(1:20:26) - What advice would you give to young people getting into M&A and investment banking?

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Aug 17, 2021
#166: Sarah Means & Lizzie Means Duplantis - Co-Founders of Miron Crosby - Luxury Cowboy Boots
01:23:04

Miron Crosby is a bespoke boot brand and store located in Highland Park Village. Founded by sisters Lizzie Means Duplantis and Sarah Means, the collection is inspired by the sisters’ experiences of growing up on their family’s West Texas cattle ranch, and later living and working in New York City.

On this episode, Lizzie and Sarah discuss their story of launching the business, what they've learned about building a fashion brand, the process behind their incredible branding and marketing, being a mother-entrepreneur, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Watch this episode on YouTube: https://youtu.be/kkTNLvx8CnQ

(02:36) - Lizzie and Sarah’s Background

(07:38) - When was the moment you decided to take the leap to start the business?

(12:08) - How do two sisters build a business together?

(13:12) - What was the initial goal for the business?

(16:02) - How is the business making you better people?

(18:39) - How did your upbringing play a role in the success of your business?

(22:58) - The Early Days of The Business Getting Started

(29:46) - Is there anything looking back that you would’ve done differently?

(31:03) - How do you get inspiration for the design?

(34:07) - What’s the process of customizing a pair of boots?

(35:34) - Why is a boot-shaped the way it is?

(36:52) - How much time is coming up with the next design?

(38:53) - The Process of Getting The Next Season’s Worth of Product

(39:58) - Corporate Gifts & Custom Programs

(42:23) - What was it like selling your first pair?

(44:43) - Are you ever approached for collaborations?

(46:28) - How do you think about marketing and branding?

(53:00) - How Business Changed During Covid

(55:04) - How do you think about growth?

(55:59) - How has covid impacted your supply chain?

(57:11) - Are a lot of your customers first-time boot wearers?

(1:00:09) - What’s the coolest story you’ve seen behind a pair of boots?

(1:02:12) - What are some biggest lessons learned in starting a fashion brand?

(1:06:51) - Being a Mother/Entrepreneur

(1:10:02) - Do you have a morning routine?

(1:14:06) - Have you ever gotten into a fight?

(1:17:19) - Is there anyone in the fashion industry that you look up to?

(1:20:15) - Will there ever be anything besides boots?

(1:21:15) - How can people find you?

www.MironCrosby.com

Facebook

Instagram

Info@mironcrosby.com

25 Highland Park Village #201, Dallas, TX 75205

The FORT is produced by Johnny Peterson & Straight Up Podcasts

Aug 10, 2021
RE #165: Rohun Jauhar Co-Founder JT Capital - Value Add MF, Virtual Assistants & Automation, Working @ FB
01:20:23

Rohun is the co-founder of JT Capital, a Real Estate investment firm with 9-figures of acquisitions of multifamily apartment complexes.  JT Capital has purchased over $500 Million in successful Multifamily properties using their time-tested approach of using data, relationships, and work ethic to find great investments for investors.

On this episode, Chris and Rohun discuss Rohun's career prior to real estate at various tech companies such as Facebook, his entry into the real estate world, and how he has been able to grow JT Capital without increasing overhead. Rohun details how he utilizes VA's to automate or delegate nearly all aspects of the business, why he invests in primarily Texas & Florida, getting emails from Mark Zuckerberg at 4 am and much more! Enjoy. 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Rohun on Twitter

Watch this episode on YouTube: https://youtu.be/y2NKq_w2gDU

(02:44) - Rohun’s Background and Career

(06:40) - What does a chief of staff role look like?

(09:43) - What makes a great executive and what makes a poor executive?

(11:25) - Rohun’s Experience Working as an Apprentice When First Getting into RE

(15:22) - How is JT Capital structured and how did you land on the thesis for the organization?

(18:01) - How do you think about ‘Value-add’?

(19:16) - Where are places that ‘lazy’ landlords have bloated costs that can be easily identified?

(21:17) - Is there a minimum size you won’t go below and why is that?

(21:58) - What’s your process for unit renovations?

(25:42) - Do you renovate all your units or is there a certain percentage that you’ll leave for the next owner?

(27:00) - What is your asset manager looking to achieve on the lease-up and renovation stage as well as stabilization?

(29:43) - How quickly are you trying to turn over a unit?

(30:47) - What do discussions with tenants look like when you want to renovate while they’re already living there?

(34:12) - Why do you like Texas and Florida?

(36:44) - How have you been able to grow while keeping overhead so low?

(42:08) - How are you finding your VA’s?

Upwork

(44:31) - What’s the turnover rate for VA’s?

(46:31) - What’s the threshold that someone should be looking for a VA?

(47:24) - Is the Philippines a hub for English fluency and writing?

(48:49) - What’s an interesting connection you’ve made through Zapier?

(52:27) - How do you capitalize deals going in and what are you looking for on a sale?

(55:28) - Getting Emails from Mark Zuckerberg at 4 am

(59:27) - What makes Zuckerberg such a great leader?

(1:03:12) - Is part of FB’s advantage their massive amount of capital they can deploy at any moment?

(1:05:09) - (Not financial advice!) Is it still early enough to invest in Facebook?

Rohun's Newsletter

(1:05:54) - What do you think about the world right now?

(1:10:50) - Where are you seeing opportunity in REtech?

(1:14:03) - Is there anything you’ve read this year that stood out to you?

The Winner Within by Pat Riley

The Sovereign Individual by James Davidson

Poor Charlie’s Almanack

(1:16:25) - What’s one thing you believe in that most people around you don’t?

(1:18:09) - How can people get in touch with you?

Rohun on Twitter

The FORT is produced by Straight Up Podcasts

Aug 05, 2021
RE #164: Chris Herd & Jonathan Wasserstrum - A Conversation on Remote Work - Pros & Cons
01:23:58

Chris Herd is the Founder & CEO at Firstbase, which helps companies build infrastructure with a remote-first mindset. He takes the side of remote work being most beneficial in the future of work.

Jonathan Wasserstrum is the Co-Founder and CEO of SquareFoot, which helps companies find commercial real estate and office space. Jonathan takes the side of in-person work being most beneficial in the future of work.

On this episode, Chris Powers moderates a debate between Chris Herd and Jonathan about which method of running business will lead to greater levels of success. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Jonathan on Twitter

Chris Herd on Twitter

(02:51) - Jonathan and Chris’ Background and What They’re Doing Today

(05:00) - What does remote work mean to each of you and how do you think about the concept?

(10:09) - Jonathan - Do you define SquareFoot as a remote-first or office-first company?

(12:07) - How are leaders deciding whether they’ll be an office or remote company?

(16:36 ) -  Trust Between Employers and Employees

(18:56) - What’s the Cadence of Coming Together as a Team and Being Able to Work Remotely

(25:40) - How does size or prestige of a company impact the ability of employees to influence the decision on remote vs. in person?

(31:20) - Is there any danger to your long term career-worth by choosing to leave a company that’s mandates in-office work?

(35:47 ) - Relationship/Friendship Building In-Office vs. Remote

No Rules Rules by Reed Hastings

(46:27) - What are the signals or data points to see what matters in either taking a company remote or discovering how much time is ‘needed’ in-office over the next 5 years?

(51:03) -  Where are a lot of these remote-radicals going to live and work?

(55:27) - Data on Where People Want to Start Technology Companies Pre and Post Covid

(1:01:19) -  How do you think about the next generation of workers coming out of school and only understanding a remote-work life. Do they miss out on mentorship or human interaction?

(1:10:08) - How do promotions get delegated on in-person workers and remote?

(1:11:43) - Trust and Tracking within Remote Companies

(1:16:25) - Wrap Up & Closing Statements

The FORT is produced by Straight Up Podcasts

Aug 02, 2021
RE #163: Stephen Bailey and Dustin Volz of JLL Industrial Capital Markets
01:10:15

Stephen is a Managing Director in the Dallas office of JLL Capital Markets, Americas. He joined JLL as part of the HFF acquisition and specializes in industrial investment advisory. In this capacity, he represents and advises clients in the sale and acquisition, or development of industrial assets, primarily in Dallas/Fort Worth and throughout the Southwestern United States.

Dustin is a Managing Director in the Dallas office of JLL Capital Markets, Americas. With more than ten years of real estate investment experience, he leads the South Central industrial investment advisory team. In three years at JLL, his team has closed over $2.1 billion in industrial transactions within Texas alone and over the course of his career, Dustin has closed over $3 billion in commercial transactions, working with a number of institutional, corporate and private-client owners.

On this episode, Stephen, Dustin & Chris discuss the Texas Industrial market. They dive into all the capital coming into the state, how JLL has helped them become so successful, increasing land prices, DFW vs. Houston, labor issues and more. Enjoy!

 

Watch this episode on YouTube: https://youtu.be/2-GuatD-Ws4

 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

 

(01:53) - How did you each get into this business?

(04:27) - When did you two get partnered up?

(05:36) - How would you describe what you do and what markets you cover?

(07:36) - What does JLL bring to the table and what do they allow you to do?

(12:22) - What’s a job where you’ll work on the equity side?

(15:50) - How is Texas performing in your eyes compared to the rest of the country?

(19:49) - How much capital is trying to get into Texas Industrial?

(21:34) - Is there a percentage of new development that is spec vs. a tenant in tow?

(22:54) - The Forward Value Metric

(24:32) - Are TI Packages starting to go up?

(26:23) - What are the types of tenants leasing the industrial buildings?

(27:59) - What’s going on in the market as it relates to capital gains going up?

(29:13) - How have you been able to meet so many people & build client relationships?

(32:12) - Are the majority of people buying working for companies that pursue market-only deals?

(34:50) - What do a dream seller and dream buyer look like?

(35:47) - What’s the process of working with you from the decision to sell all the way to closing?

(39:33) - IRR's 

(40:47) - What’s the dispersion in underwriting vacancy in a market this crazy in Class B and Class A?

(43:14) - Why would Amazon ever leave a building?

(45:52) -  Are smaller tenants much more location-dependent in Class B?

(47:10) - What does the market for land prices look like?

(48:54) - How do people with tons of money to spend get into the Texas Industrial Market?

(52:51) - On seller/buyer calls, are there any great questions for sellers to ask on vetting a buyer?

(54:07) -  At what threshold are tenants not represented by brokers in the market?

(55:08) - What are you expecting to see in the next 12-18 months?

(55:57) - Are tenants struggling to find labor for warehouses?

(55:46) - Debt Pricing and Cost of Capital

(58:46) - DFW vs. Houston Market

(1:00:16) - What makes DFW such a big hub?

(1:01:37) - What happens if interest rates go up?

(1:02:42) - If you were getting in the industry today, what’s the playbook to be successful?

(1:05:19) - What’s most exciting to you in industrial over the next decade?

The FORT is produced by Straight Up Podcasts

Jul 29, 2021
#162: Pete Chambers - My Mentor & Partner at Chambers Interests Family Office
01:14:35

Chris is on vacation! So please enjoy this re-mastered version of episode #38 of The FORT with guest Pete Chambers.

Pete Chambers is the past President of the West Texas Chapter of Young Presidents’ Organization and continues to be an active member. He is also Chairman of the Board at Rivertree Academy, a private, Christian school serving under-resourced students in the Lake Como community of Fort Worth. His favorite quote is Robert Greenleaf’s statement that “Good leaders must first become good servants.” Chris and Pete sit down to discuss Pete's development of "The Roadmap", the process of selling a business, The Young Presidents' Organization, and being a father. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(03:35) — How did you plan for the “post-50” life?

(07:48)  — Be a Fighter Pilot as an Entrepreneur

(09:47) — What did you do with the discovery of Bob Buford and the bell curve of entrepreneurship?

(13:50) — What did you implement early on that you needed to be intentional about?

(14:58) — Pete’s 10 Mile-Radius for Finding a Business to Buy

(16:12) — How close do you walk the line with being home in time for dinner due to work?

(17:17) — How do you allow your faith to guide you in business? How can you keep these two aligned?

(18:58) — Your CEO is Forrest Gump

(21:13) — What does servant leadership mean to you?

(25:13) — What is the one thing that will set companies up to fail? How do you give recognition to employees?

(28:06) — Pick Out Three Things That Your People Do Well

(29:01) — When did you know it was time to sell your business?

(32:39) — Words of Wisdom for First-Time Sellers

(34:07) — Pete’s Mission Statement and Inspiration

(35:15) — The Roadmap

(43:47) — What are the things that people often struggle with in the second half of life?

(48:32) — Loneliness at the Top

(49:57) — The Power of YPO (Young President’s Organization)

(52:27) — Pete’s Relationship with Rivertree Academy

(56:54) — Being a Father, Father-Daughter Trips, and Managing Your Marriage

(01:04:17) — Pete’s Painting

The FORT is produced by Straight Up Podcasts

Jul 26, 2021
RE #161: Mark Campbell - Co-Founder of Jasper.io & A Fantastic Story of a European Industrial JV and the Evolution of Jasper
01:30:08

Mark Campbell is the Co-CEO of Jasper.io has over 13 years of experience with commercial real estate firms in NZ, UK, and Europe. Most recently, Mark led a commercial real estate joint venture between Blackstone and M7, overseeing assets currently worth more than $12 billion NZD, in seven countries. Mark led the fund since inception and oversaw the acquisition and ongoing asset management of c.1,000 assets.

On this episode, Mark deep dives into what JV-ing with Blackstone looks like and how a company of that size operates in real estate. They also talk about the inception of Jasper and the decision to turn down an offer from Blackstone as well as the New Zeland market & more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/hN5MwEY92E8

(03:08) - Mark’s Background, Career in Real Estate, Professional Rugby, Blackstone, and Jasper

M7

Blackstone

(27:30) - Was there something in the M7 and Jasper vs. Blackstone opportunities that drove you to take the more risky decision?

(31:19) - What makes Blackstone great and what did you learn working for them that will carry through the rest of your career?

(38:48) - How does someone like Blackstone's pump deal flow from a $150m portfolio to 8 Billion?

(47:18) - How did Blackstone react when you turned them down to start Jasper?

(52:14) - What is Jasper and what are you out to accomplish?

(1:00:48) - Are you only doing your own deals or can other operators get on the platform to raise capital?

(1:03:01) - How are you finding investors and are your investors local or global?

(1:05:58) - How big is the New Zealand Market?

(1:07:44) - What’s your process in raising for a deal?

(1:09:54) - What’s the investor experience post-investment?

(1:00:17) - Are you seeing your investors being seasoned RE investors or are they people with capital who have never had access to get into deals before?

(1:19:10) - What are interest rates in New Zealand?

(1:20:44) - Has tourism picked up?

(1:21:22) - What do people in New Zealand think about Americans?

(1:22:51) - Is there something about growing up in New Zealand that’s shaped who you are today?

(1:24:44) - What’s the best event/festival in Europe?

(1:26:22) - How can people get in touch with you and Jasper?

Email - mark.campbell@jasper.io

Mark on LinkedIn

The FORT is produced by Straight Up Podcasts

Jul 22, 2021
RE #160: Why Texas is a Smart Place to Invest
20:09

There's been a ton of talk about Texas with the growth of Austin, the mass migration from other states, and our booming Tech industry. This episode deep dives into why Texas is a great place to invest your future business, real estate plans, and life. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(01:42) - Texas Statistics & Population

(04:24) - The Income and property taxes

(04:59) - The Housing Market 

(06:20) - Texas’ Seaport, Border and labor Trade

(07:21) - Oil & Gas 

(09:26) - Blooming Tech Industry 

(10:14) - Corporate re-locations

Tesla, Apple, Uber, Charles Schwab, Toyota,  Goldman Sachs, Samsung, The Vanguard Group, JP Morgan

(13:06) - Texas Climate 

(13:56) - Cannabis 

(14:45) - Farming

(15:00) - DFW Airport

(15:42) - Colleges & Universities

(16:25) - Sports

(16:50) - Infrastructure

(17:25) - Wrap Up

The FORT is produced by Straight Up Podcasts

Jul 19, 2021
#159: Harry Croydon - CEO of Microinsurance.com - Global Insurance to 4B underinsured people
52:39

Harry Croydon is co-founder of Micro Insurance Company (MIC) and is CEO and President of STP Group Holdings. MIC was started to create simple insurance products built around technology based on the principles of straight-through processing. Micro Insurance Company currently operates in 12 countries offering policies to many people living in the third world.

On this episode, Harry and Chris deep dive into InsurTech and how Harry is working to make insurance available to a TAM that either can't access coverage or has never even heard of the concept of insurance. They also talk about building a remote team around the world and the leadership struggles that follow such a task, Culture Index, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:23) - Harry’s Background and Career in Tech & InsurTech

(06:02) - “Doing One New Thing at a Time Instead of Three or Four.”

(07:36) - Why is the insurance industry so slow to adopt new technology?

(08:50) - What is Microinsurance.com?

(11:16) - What are companies currently doing that don’t have insurance?

(13:16) - Is there one over-arching policy that gig workers sign up for or is there a menu-style of coverage the individual chooses from?

(14:43) - Is there feedback with consumers to help you decide what kind of coverages might be needed that you don’t already offer?

(15:57) - How does your underwriting process work?

(18:46) - Do you need to learn the nuances of each countries different culture that you operate in regards to insurance?

(21:06) - Are there people out there who have no concept of insurance?

(22:22) - Transparency in Coverage

(23:28) - How do you determine countries that you want to operate in?

(24:16) - Is there one playbook that gets you started in a new country or is it different every time?

(25:39) - What is the craziest thing that you insure?

(27:47) - Why aren’t there many businesses set up to prosper globally?

(30:03) - What are you doing with technology that sets you apart?

(32:34) - Does everyone in your markets have access to at least a flip phone?

(33:27) - How is your tech team set up?

(34:53) - Do you believe that you can long-term create great relationships over Zoom?

(35:45) - What is your day-to-day like as the CEO?

(36:36) - How do you think about Culture Index in the companies you run?

CultureIndex.com

(38:57) - Do you think about ‘Float’ at all in your business?

(40:13) - How are you capitalized and how do you think about capital when growing?

(41:03) - What’s the end goal for the company?

(42:30) - How do you think about the process of working on yourself as a leader and the people you surround yourself with? 

(44:14) - Is there a great learning experience you can share from years of starting businesses?

(45:43) - Did you start this business with people you’ve started other companies with?

(46:41) - Is there going to be big impact on your industry due to Covid?

(48:46) - What’s one thing you believe in that most around you do not?

(49:25) - What’s the best advice you’ve ever been given?

(49:46) - Is there a book that you recommend?

Thriving on Chaos by Tom Peters

Rocket Fuel by Gino Wickman

(50:56) - How can people find your business?

Harry Croydon on LinkedIn

microinsurance.com

The FORT is produced by Straight Up Podcasts

Jul 15, 2021
#158: Josh Schultz - Masterclass in Small Business Operations & Execution
01:28:27

Josh Schultz is a master of SMB Operations. This episode is a deep dive into SMB Operations and how Josh analyzes businesses in order to optimize operations to greatly scale SMB's. They discuss his journey of joining his father's company, expanding into the Mexico market, living in China to learn the nuances of the international supply chain and manufacturing practices before ultimately leading the sale of the business and his current role as an SMB ops consultant. They also discuss prioritizing KPI's, beneficial softwares for SMB's and his forthcoming cohort for business owners led by him and previous FORT guest Rich Jordan. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Watch this episode on YouTube: https://youtu.be/E_76qTSmt2g

Josh on Twitter

The SMB Ops Letter by Josh Schultz

(01:52) - Joshua’s Background and Career

(05:04) - What was the state of the company when you joined your father?

(08:08) - What’s unique about how you look at businesses?

(09:30) - What systems did you implement and what things did you change in your father’s company?

(12:03) - How did your process of systematizing communication help with growth?

(12:45) - How did you implement a culture of adopting technology?

(14:44) - Expanding into Mexico

(17:44) - Living in China and Learning the International Nature of Supply Chain

(22:21) - What’s the playbook for a new business owner that needs to start working with China?

(24:12) - What is “The Chinese Way”? 

(27:34) - The Process of Selling the Business in 2019

(31:47) - Why does every small business not see these obvious operations optimizations?

(36:49) - What type of businesses do you specialize in with your consulting?

(40:45) - How do you create an environment where employees feel comfortable bringing operational frustrations to your desk?

(42:26) - Prioritizing What to Tackle First

(47:33) - Should every business have a way to submit anonymous feedback?

(48:36) - How should people decide what software to use in a no-code world with limitless options?

Bubble.io 

Trello

Glide

Zapier

(50:16) - How do you know what KPI’s matter?

The 4 Disciplines of Execution

(56:44) - Accountability for KPI’s 

(58:19) - Why does nobody look at dashboards?

(1:00:07) - SMB Cohort with Rich Jordan - Crucible

(1:05:16) - 90% of Business is Boring!!

(1:07:57) -  How and Why to Ask Questions

(1:11:16) - What’s next for Joshua?

(1:16:37) - What are the biggest mistakes from an ops perspective that most SMB’s make?

(1:20:03) - What’s the bridge between Sales and Operations?

(1:21:11) - What happens at a business where your skillset is no longer valuable?

(1:22:43) - Is there a great ops book you recommend?

Plain Talk by Ken Iverson

The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success By William Thorndike

(1:24:41) - Do you have an operational person you look up to?

(1:25:28) - If you had a billboard you could put anything on, what would it say?

The FORT is produced by Straight Up Podcasts

Jul 12, 2021
RE #157: Chris Rising - Co-Founder & CEO of Rising Realty Partners
01:10:10

Christopher Rising manages the day-to-day business activities of Rising, while also serving on its Investment Committee. Drawing on his experience as Senior Vice President, Asset Transactions at MPG Office Trust, Inc. (NYSE: MPG), Christopher is skilled at managing acquisitions and creative development. At MPG, he worked directly with the CEO to improve finances through debt reduction and restructuring.

On this episode, Chris discusses his early career learning the industry under John Cushman of Cushman & Wakefield before leaving to form his own company. He and Chris also discuss Rising's emphasis on Impact Investing & ESG and how that plays in working with large tenants like Google and Amazon. They also deep dive into their predictions on the future of Office and Work as we exit the pandemic. Finally, they turn the table to ask Powers about his willingness to take risks, Fort Capital's focus on technology adoption, and the future of Texas and California in the midst of the massive migration seen in the United States. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube: https://youtu.be/ZFdQ6KjbRFM

(02:32) - Chris’ background and career

(08:08) - Was John Cushman always teeing up his company to be as big as it was?

(09:55) - Rising Realty Partners

(13:37) - How do you define impact investing and ESG? 

(20:51) - Why are office and commercial retail real estate the biggest emitters of carbon?

(22:13) - What’s the low-hanging fruit that you can go in to fix their carbon output?

(23:59) - How quickly does ESG requirements come up with ‘big-boy’ tenants like Google and Amazon?

(26:41) - Biden’s Push for Government Buildings to be ‘Green Certified’

(29:10) -  Rising’s Investment in Office and the Future of Work

(37:32) - Crowdfunding 

(44:26) - Experience Optimization Services

The Tables Turn

(47:49) - Chris Powers’ Willingness to Take Risks

(52:08) - Powers’ Focus on Technology

(54:07) - The Digital Economy Coming to Real Estate

(54:50) - Microsoft or Google for operating systems?

(55:16) - Maintaining Discipline with Adapting Technology

(1:01:54) - The Massive Population Growth in Texas and the Future for the States like California

The FORT is produced by Straight Up Podcasts

Jul 08, 2021
#156: Kevin Jorgeson - Professional Climber & Conqueror of "The Dawn Wall"
01:38:55

Kevin Jorgeson is an American rock climber. He was one of the first two climbers, alongside his climbing partner Tommy Caldwell, to successfully complete a free climb of the Dawn Wall of El Capitan in Yosemite National Park.

On this episode, Kevin and Chris talk about climbing the Dawn Wall, the 6 years of preparation leading up to the ascent, and the massive media frenzy that became a full-fledged film. They also touch on Kevin's life after Dawn including the process of a ground-up development for a climbing gym and launching a non-profit called 1Climb which aims to get more kids into the sport of climbing. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:33) - Kevin’s Story Growing Up and What Led Him to Today

(03:14) - Was there a moment you knew you were really talented at climbing?

(05:06) - Is there anything unique to climbers that physically give them an advantage?

(06:02) - What are the different types of climbing?

(08:10) - Bouldering 

(09:32) - How do you ‘Win’ a climbing competition?

(11:05) - Climbing in the Upcoming Olympics

(11:44) - Reaching Out to Tommy Caldwell to Climb the Dawn Wall

(16:32) - The Feeling that it Was Time to Pursue the Dawn Wall

(24:31) - What was your first day ‘on the job’ with Tommy Caldwell?

(32:14) - What was your role in this whole adventure?

(34:23) - What does 6 years of prep look like and how did you map out the climb?

(41:17) - Did you and Tommy follow the same route or go different ways in your sequences?

(44:08) - At what point did you realize you were ready to make the climb?

(46:15) - What was the prep like for the 19 day climb and the experience of living on the side of the wall?

(50:10) - Pitch 15 and the Pressure of Completing It

(1:00:14) - Was there a certain spot in the pitch that caused all the issues?

(1:03:17) - What happened when you realized the media frenzy was gathering to watch you?

(1:08:31) - Was there a crash after the high from completing the Dawn Wall? 

(1:15:51) - Getting Married and Having Children

(1:16:48) - Starting a Climbing Gym

www.Sessionclimbing.com

(1:24:54) - Starting a Non-Profit - 1Climb.org

(1:31:27) - Do you have a childhood experience that shaped who you are today?

(1:33:17) - Do you have a morning routine?

(1:35:01) - What advice would you give to a beginner climber?

The FORT is produced by Straight Up Podcasts

Jul 06, 2021
#155: TJ Hutchings - "Health Insurance 101"
01:15:23

Soon after joining Higginbotham as a customer service representative in the employee benefits department, TJ Hutchings set a goal to become a managing director within five years, which he accomplished by the end of 2018. Hutchings has maintained a 95%-plus customer retention rate by tirelessly searching for savings solutions for his clients and fostering community relationships to bring them closer to resources that can improve their situation.

On this episode, TJ discusses how his Cancer diagnosis led him to this current career path before deep diving into how employers should be approaching health insurance for their teams. He breaks down basic terminologies and best practices for small to medium-sized companies and how employees can make the most of their health plans. Chris and TJ also discuss the concept of businesses having to provide insurance, pre-existing conditions, the rising costs of care, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:46) - TJ’s Background and Early Career

(05:42) - What are folks left with when they are continually rejected in their appeals for health coverage?

(06:32) - TJ’s Journey of Working with Higginbotham 

(08:15) - How do you think about what you do for a living?

(10:12) - What are the things that SMB owners should be asking when they’re at the table with you?

(10:54) - Defining Markets

(11:51) - Who sets rates?

(13:55) - What variables can employers negotiate to get better rates or do privately do improve their individual standing?

Healthcare Bluebook

(16:58) - At what size do you start thinking about self-insuring?

(20:06) - Individual Health vs. the Group Plan

(20:35) - Why is insurance state-by-state?

(21:35) - What are the types of plans and what do they mean?

(25:12) - Basic Terminologies

Co-Pay

Deductible 

Premium

(26:19) - Why is it on your employer to cover health insurance in America?

(27:35) - How do you make the decision on which bucket your company fits in?

(31:22) - Dual-Options Plans for Employees

(32:17) - Should most employers have their agent on site for open enrollment day?

(34:08) - What happens when there are folks on the team with pre-existing conditions?

(36:19) - What happens after folks and their companies have picked their policies?

(38:39) - Is there any risk the employer takes on selecting a plan?

(38:51) - Who are the main companies in this space?

(41:00) - How far in advance should employers start thinking about next year’s plan?

(42:48) - How do you navigate the constantly changing regulations as politicians revolve in and out of office to change things?

(45:21) - Obamacare

(46:00) - If I don’t have health insurance, and something terrible happens, who’s paying those bills?

(47:06) - Why are health costs continuing to increase?

Dr. Bricker Videos - AHealthcareZ

(49:40) - Price Differences Between US and Canada for Pharmaceutical Drugs

(50:42) - Is it a growing industry to have a company that fights the hospital billing on your behalf?

(52:39) - Does the misfortune of a few impact the premium of the whole group? 

(54:47) - What questions should companies be asking different agents?

(57:30) - What does your dream client look like?

(1:00:53) - Is there any technology that could disrupt this industry?

(1:03:05) - Are there political issues in healthcare that keep you up at night?

(1:07:07) - Was there something that happened in your childhood that shaped your path in life?

(1:09:08) - Do you have a morning routine?

(1:11:08) - What is the best advice you’ve been given & What advice would you give to someone starting in the industry?

(1:12:56) - How can people find you?

LinkedIn

Instagram

Twitter

Website

The FORT is produced by Straight Up Podcasts

Jul 01, 2021
#154: Jefferson Davis - Owner of Davis Glass Cleaning Co. - 0 to 100+ clients in 3 years
55:05

Jefferson "Trey" Davis is the Owner of Davis Glass Cleaning Company based in Fort Worth, TX. On this episode, Chris and Trey discuss how he decided to make the jump into starting a sweaty business with only one client to over 100 in less than two years. They discuss Davis' day to day schedule and how he balances the actual service with administration work and business growth. The pair also discuss the massive amount of opportunity there is for these types of businesses, and Trey gives an incredible example of how he was making more money cleaning windows for 10 hours a week than he was at his full-time job. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Check out Trey's website: www.davisglassco.com

Watch this episode on YouTube: https://youtu.be/0rCtBMzRogg

(03:17) - Trey’s Childhood and Starting his Sweaty Business

(05:19) - When did you decide to actually pull the trigger on this business?

(07:40) - What were you trying to learn in order to launch this business in terms of actual service and the business side of it?

(10:15) - What was your experience getting your first customer?

(13:44) - What was your initial investment in supplies?

(15:37) - What’s been the key for you in continuing to grow your customer base?

(17:29) - How did you find Fort Capital?

(19:42) - How would you bid a commercial building?

(20:32) - What’s the difference between residential and commercial cleaning and how do you contract each? 

(23:37) - How many customers do you have now?

(23:55) - Have you ever had to fire a customer?

(24:49) - How do you set up your booking and schedule?

(25:37) - What does a typical day look like for you?

(26:18) - How do you split your time between cleaning, admin work and finding customers?

(27:08) - What are the biggest things you want help on as you grow?

(30:21) - What do you see your job being if you weren’t cleaning anymore?

(31:17) - What are some key things you’ve learned that you would tell someone who’s thinking about starting out?

(33:50) - How do you handle rejection?

(35:20) - What’s your pitch?

(37:01) - How often do you need to replenish and replace supplies 

(37:31) - How do you clean a window well?

(38:09) - Getting Over the Feeling of Shame & Self-Doubt

(41:22) - Was there a moment where you knew it was time to go full-time on this?

(42:01) - How important was it having a supportive wife?

(43:02) - The Massive Opportunity for These Sweaty Businesses

(46:08) - What’s been your biggest failure or worst day of work?

(49:27) - Do you have a childhood experience that shaped who you are today?

(51:52) - What’s the best advice you’ve ever been given?

(53:13) - How can people find you and your company?

www.DavisGlassCo.com

Instagram: www.Instagram.com/DavisGlassCleaningCompany

The FORT is produced by Straight Up Podcasts

Jun 28, 2021
#153: Nishant Machado - Restructuring Savant, CEO of Macaroni Grill, Timeshares, Cannabis, & Deal Structuring
01:23:45

Nishant has extensive restaurant and food industry experience and is currently serving as the President and CEO of Dividend Restaurant Group, parent company to Romano’s Macaroni Grill and Sullivan’s Steakhouse. Nishant was responsible for the turnaround of both restaurants and the acquisition of Sullivan’s Steakhouse.

On this episode, Nishant discusses his childhood growing up in Dubai and working at Mackinac helping distressed companies. They go through the process of what types of companies come to Mackinac, their diagnosis period, and what they look to achieve when working with companies. They also dive deep into running a restaurant during the pandemic, how to fix the labor issue in hospitality, and what pandemic-era changes will stick going forward. Finally, they wrap up talking about Nishant's venture into the Cannabis industry with his premium THC spirit company, Pamos, and the future of VC in the industry. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Visit www.pamos.com

Mackinac Partners

(01:12) - Nishant’s Background, Upbringing in Dubai, and Early Career

(04:33) - What is Mackinaw and what do y’all do?

(05:47) - What’s the process of working with distressed companies with Mackinaw? 

(07:13) - Do most companies that come to you even know what their issues are?

(07:41) - How quickly can Mackinaw determine the root issues of a client?

(09:30) - How often is it a management team problem where you need to clean house?

(10:09) - What are the reasons why companies go into distress?

(12:08) - What do capital providers do wrong that start squeezing their businesses?

(13:30) - How much forewarning are companies given that a new operator is about to come in and call all the shots?

(14:20) - Is it common for family businesses to fail after they sell to PE?

(14:56) - What happens after your 60-day diagnosis of a distressed business?

 (18:26) - Why do companies not see things as clearly as you’ve explained them?

(19:54) - Is there ever a time where you were unable to help a business?

(20:50) - How does Mackinaw make money?

(21:01) - Nishant’s Experience Building a Time-Share Business

(25:34) - Building a Sales Platform from Scratch

(30:25) - Is there a business to be had just to sell your time-share easily?

(31:56) - How did you know it was time to sell the business?

(33:35) - You Can Be Successful in Business Without Working in Your Passion

(35:55) - The Difference Between Honesty and Trust

(36:25) - Nishant’s Jump into Restaurants

(39:52) - How did you source the Macaroni Grill deal?

(45:21) -  What’s the goal for Mac Grill with growth?

(46:44) - What was your world like during the Pandemic?

(53:00) - What were the best and worst decision you made during Covid?

(54:51) - What changes will stick in the business? What’s the labor market look like to you?

(1:00:14) - What’s the private equity interest in the restaurant industry like right now?

(1:02:00) - Nishant’s Work in Cannabis

(1:04:57) - Industry Size and Cannabis Statistics

(1:07:06) - How far away are we from mainstream acceptance and federal legalization?

(1:10:53) - Nishant’s Cannabis Funding Concept 

(1:14:09) -  Nishant’s Approach to Building and Implementing Platforms

(1:15:53) - The Difference Between a System and a Process

(1:16:20) - “You can think more freely when you’ve hit financial freedom”

(1:17:04) - What’s something you see a lot of young people get wrong in their careers or early life?

(1:17:56) - What’s the best advice you’ve been given?

(1:18:46) - Is there a childhood experience that shaped who you’ve become?

(1:19:43) - Why do you read so many legal documents?

(1:21:58) - How can people find you?

The FORT is produced by Straight Up Podcasts

Jun 24, 2021
#152: Eric Jorgenson - Creating The Almanack of Naval Ravikant, Leverage, and Building Online Courses
01:14:49

Eric Jorgenson is the author of The Almanack of Naval Ravikant, which collects and curates Naval’s wisdom from Twitter, Podcasts, and Essays over the past decade. He is also the founder of the Leverage Course, which was created to help people learn how to accomplish superhuman feats by playing a different game — building leverage.

On this episode, Chris and Eric discuss the process for writing the book and the impact that Naval has had on Eric's life. They also go in-depth on creating online courses, including the things that did and didn't work. They finish with a great discussion on creating leverage in a world that could evolve into one where more people operate anonymously online. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Watch this Episode on YouTube: https://youtu.be/PgVUf0pEjeY

You can check out Eric's personal site here

Eric's Leverage Course is available here

(02:37) - Eric’s Background and Bareer

(03:42) - Eric’s Daily “If you could complete one thing today, what would it be?” Tweets

(05:59) - Monthly Goal Setting

(08:23) - The Almanac of Naval Ravikant

Poor Charlie’s Almanack

(14:21) - What’s a 1-0 Quality filter?

(15:22) - How did you decide on the final buckets of the book?

(17:20) - Did you have a playbook to rely on for writing this?

(18:15) - When do you know you’re done?

(20:10) - Did Naval pre-screen and approve the final copy?

(21:02) - How did you get Tim Ferriss to write the Forward?

(22:22) - How did Naval become Naval?

Naval with Shane Parrish

Naval with Tim Ferriss

Naval with Joe Rogan

Naval's thread on how to get rich without getting lucky

(25:42) - How did you get interested in these figures like Naval and Charlie Munger?

The Munger Recommended Reading List

(27:20) - If you asked Naval and Charlie “What is going on in the world?” What would they say?

(31:08) - If you were to do a second book, what would you do differently?

(34:31) - How do you know if the book is successful right now?

(36:04) - What do you mean by “Everybody knows what to do with a book”?

(37:57) - Did your course, Leverage, spin from what you learned from writing the book?

(39:48) - Eric’s Partner Justin Mikolay 

(42:06) - What was something that wasn’t obvious to you that Justin pointed out to make the course great?

(44:16) - How do you know what to teach and how to avoid writer’s block when creating the course?

(48:06) - What happens at the end of the course?

(50:43) - What is an Aspirational Hourly Rate?

(54:30) - What are self-imposed obstacles and what is a study group?

(57:41) - How do you think about Leverage if we’re headed to an anonymous online world?

(1:10:54) - What is one thing you believe that most people do not?

(1:11:26) - Do you have a morning routine?

(1:11:48) - What’s the Best Book You’ve Read

The Systems Bible by John Gall

(1:12:50) - How can people find you?

www.navalmanack.com

Jorgenson's Soundbox

Eric on Twitter

www.EJorgenson.com

The FORT is produced by Straight Up Podcasts

Jun 21, 2021
#151: Codie Sanchez - Founder of Contrarian Thinking - Helping People Think & Make Money
01:18:03

Codie Sanchez is the Founder of Contrarian Thinking, a newsletter dedicated to inspiring mental and financial freedom. She acquires SMB's across different industries as well as investing in the legalized cannabis industry. 

On this episode, Codie discusses her early career as a Conflict Journalist on the U.S./Mexico Border, her position on financial freedom, how she was able to build a successful newsletter, and the trend of investors becoming influencers.

They also discuss Codie's passion for SM, her process for finding businesses to buy, and implementing her own operators. Chris and Codie wrap up with some hot topics such as college, Twitter trolls, and failure. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Codie on Twitter: www.Twitter.com/Codie_Sanchez

Watch this Episode on YouTube: https://youtu.be/Vw26Z17va9c

(02:32) - Codie’s Background

(04:31) - What is Conflict Journalism?

(08:34) - Codie’s Views on Financial Freedom

Read Her Tweet here

Newsletter: Contrarian Thinking

(12:12) - Venezuela’s Currency Crash and How Currencies Lose Value

(14:45) - How did you build your newsletter Contrarian Thinking?

(18:46) - When do you write and how do you find inspiration for what to write?

Notion

(22:35) - What’s the ultimate goal for your newsletter?

(24:17) - Investors are Becoming Influencers

(28:40) - Is this a bubble or are the fundamentals of investing changing?

The Sovereign Individual by James Davidson

(31:04) - Robinhood

(32:47) - Why do you love SMB and what kinds of businesses interest you?

(35:13) - How do you find deals and filter through to the ones that matter?

Flippa

BizBuySell

(37:40) - How long does it take you to make an offer, and when do you find an operator?

(39:07) - Are the majority of folks selling looking to exit entirely?

(39:51) - How do you find operators?

(41:50) - How do you finance your deals?

(43:17) - How do you hold people accountable and keep folks incentivized? What role do you play post-sale?

(47:10) - Are you buying these businesses with the plan to grow them? How do you receive cash from these businesses?

(49:44) - What businesses do you like right now?

The Third Wave: An Entrepreneur's Vision of the Future by Steve Case

(53:20) - Wealthy is Healthy

(56:52) - College or Not?

(58:09) - Dealing with Twitter Trolls

(1:02:13) - Time Management 

(1:05:21) - What are some of your biggest failures?

(1:11:33) - Do you have a childhood experience that shaped who you are?

(1:14:10) - What is something that you believe in that most do not?

(1:15:48) - How can people find you?

ContrarianThinking.co

Codie on Twitter

The FORT is produced by Straight Up Podcasts

Jun 17, 2021
RE #150: Step by Step Acquisition Process at Fort Capital - How You Transact Matters!
26:50

On this episode, Chris breaks down how Fort Capital transacts and acquires properties. He starts with the company's emphasis on how important their process has been to their success, who's involved, and what type of deals they pursue. Then he breaks down each step of the acquisition from the time a deal is brought to their attention to closing. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(01:12) - How You Acquire Properties Matters

(03:03) - Who’s involved in the process?

(03:31) - Pursuing Off-Market & Light-Market Deals Instead of Auctions

(04:53) - Acquisition Consultants

Leads.FortCapitallp.com

(06:36) - Running a ‘Quick Check’

(08:00) - Deal Pipeline Folders

(08:45) - Weekly Deal Meetings 

(12:13) - Investment Committee Meetings

(12:53) - Drafting an LOI

(13:45) - Project Kick-Off

(15:19) - PSA (Purchase Sale Agreement)

(15:54) - Writing an Investment Memo

Listen to FORT #81 for more details on Investment Memos

Fort Capital Free Resources

(18:33) - Raising Capital 

(21:07) - Bank Financing 

(22:50) - Getting Entities Developed (Bank Accounts, Titling, Administrative Tasks)

(23:19) - Property Management Due Diligence

Listen to FORT #97 for more detail on Due Diligence

(23:48) - Huddle-Up Before Going Hard on Our Money

(24:38) - Wrap Up 

The FORT is produced by Straight Up Podcasts

Jun 14, 2021
RE #149: Sean Sweeney - Deep Dive on How To Develop Infill Boutique Class-A MF Properties
01:31:39

Sean Sweeney is the Co-Founder of Hall Sweeney Properties, a Minnesota-based multi-family development company. On this episode, Sean talks about his journey working as a receptionist in the industry, navigating through the '08 crisis, and ultimately founding his own firm.

Sean also breaks down the process of a ground-up development including what to look for in sites, bringing on architects and contractors, his passion for design, terms to look for in contracts, property management, and stabilization. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Sean on Twitter: www.Twitter.com/SeanDSweeney

(02:35) - Sean’s Background and Early Career as a Receptionist at Trammel Crowe

(07:52) - What did you do to position yourself as a person to hire for project manager when it was the right time?

(10:19) - Sean’s Movement During the ’08 Crisis 

(17:01) - Sean’s Jump to Starting His Own Organization and Decision to Focus on Class A Urban Infill 

(21:53) - How did you find your partner and what role does he play in the company?

(24:03) - Setting the Stage - Are there any other full-time employees in the company or is it just you and Jeff?

(26:58) - How long do these deals take from walking the site for the first time to where it’s stabilized?

(31:12) - What makes a site ‘great’ for you in a project?

(34:33) - Is most of the land you're putting under contract un-entitled for multi-family?

(36:16) - How do you find sites?

(39:07) - What does your preliminary underwriting process look like?

(42:12) - How do you pull rent prices?

(42:48) - The LOI Process & 3rd Party Reports

(47:06) - What terms matter in contracts and what does the site need to be when you’re ready to close a year later?

(50:58) - What stages of the contract do you put up hard money?

(52:13) - What city approvals are you typically getting on deals?

(54:05) - At what point are you hiring the architect and does the GC participate with them? How do you come up with a budget that fits your design and that you’re comfortable the GC can deliver?

(57:03) - Are there any big points in a contract with a GC that matter?

(1:00:47) - Who is accountable for the MEP and structural engineers: the architect, the contractor, or you?

(1:01:17) - Where do you get inspiration for design?

(1:03:35) - Do you spend more on projects because you’re so design-forward?

(1:06:03) - Do you get paid premiums in rent because of your design approach?

(1:07:27) - Property Management Needs on 45-unit Property vs. a 100+ Unit

(1:09:01) - Does your architect mock up your interior as well?

(1:09:41) - Who does your common amenity furniture?

(1:09:57) - How do you process draw requests?

(1:11:04) - How do you finance projects and what happens when you stabilize since you are looking for long-term holds?

(1:15:40) - What’s the most popular unit size right now?

(1:16:59) - What amenities matter right now?

(1:18:59) - Are there any repeat issues you’ve seen from design to breaking ground?

(1:20:46) - What are some of the biggest surprises that you weren’t expecting as you look back?

(1:22:42) - How did the civil unrest in MN last year affect your business?

(1:27:25) - What’s the best book you’ve ever read?

Rich Dad Poor Dad by Robert Kiyosaki

Emotional Intelligence (EQ) - Daniel Goldman

(1:29:33) - How can people find you?

Twitter - www.Twitter.com/SeanDSweeney

seandsweeney@gmail.com

The FORT with Chris Powers is produced by Straight Up Podcasts

Jun 10, 2021
#148: Chris Powers - Transitioning from CEO to Chairman, Twitter, Failures, Routines, & Podcastin'
01:10:11

On this special bonus episode, Chris is joined once again by Kevin Dahlstrom (Episode #131 of FORT) for a role-reversal interview. Chris talks about his current career transition and how the past 2 years have lead him to his decision regarding his role at Fort Capital. Kevin and Chris also discuss creating space to think, being multi-dimensional, Twitter and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(01:14) - Chris’ Current Career Transition

(10:39) - Do you think of yourself as a ‘Zero to One’ person?

(15:15) - Chris’ “Oh, sh*t!” Moment at the Beginning of COVID

(19:31) - Was there a specific moment that was the catalyst for making your career change?

(24:08) - The Enneagram Test

(26:42) - How are you thinking about what’s next for you in life?

(32:17) - Creating Space to Just Think

(34:09) - Being Multi-Dimensional as a Key to Happiness

(36:47) - “Stacking the Pancakes”

(40:51) - The Time-Billionaire

(41:40) - Chris’ Experience with Twitter

(51:55) - Chris’ Habits and Routines 

(56:45) - The Letter Writing Exercise

(58:34) - Building in Public: Chris and Kevin’s upcoming Brainstorming Trip

(1:03:36) - What’s one thing you’re looking forward to?

(1:06:53) - Wrap Up and Final Thoughts

The FORT with Chris Powers is produced by Straight Up Podcasts

Jun 07, 2021
#147: Rhett Bennett - Founder of Black Mountain - A Bull Case for Nickel, Oil & Gas
55:41

Rhett Bennett is the Founder and CEO of Black Mountain, a private natural resources company with several business units: E&P operations, commercial saltwater disposal, midstream, and in-basin frac sand mining. 

On this episode, Chris and Rhett deep dive into the Nickel industry. Black Mountain has recently stepped into the industry by purchasing a mine in Western Australia. Rhett delivers great insight into how Nickel is used in battery metals and will be critical for the Electric Vehicle industry. They also talk about the decreasing investment in Oil & Gas and how that creates a wealth of opportunity for the industry, and some great statistics that knock some reality into the increasing calls for more EV's. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:50) - Rhett’s Background

(06:26) - When did you move from friends and family money into institutional money?

(07:01) - Do you look at what you do as high-risk? 

(08:50) - Is there an education you put yourself through before entering a new venture?

(12:11) - How quickly did you hire Hayden Gillespie after meeting him?

(13:05) - How did you get into nickel?

(21:24) - Global Warming

(27:36) - What does 80% more efficient mean when you talk about nickel for an internal combustion engine?

(29:55) - Is nickel used for anything other than batteries?

(30:20) - What are the two classes of nickel?

(30:54) - How do you hire a team in Australia from America?

(34:23) - Why did you implement new leadership in the Australian company you acquired?

(37:01) - Is there a lot of nickel in the world?

(42:20) - Opportunity in Betting Against ESG

(44:32) - What brings money back into Oil and Gas?

(47:37) - Nickel & Oil and Gas Statistics

The FORT with Chris Powers is produced by Straight Up Podcasts

Jun 03, 2021
RE #146: Joe Pohlen - Co-Founder of Cardinal Senior Living - "Assisted Living 101"
01:26:24

Today's episode features Joe Pohlen, Founder and Partner of Cardinal Senior Management, an assisted living company operating facilities in Michigan and Pennsylvania. 

On this episode, Chris and Joe dive into the different levels of senior care and look into how Joe's facilities look and operate. Joe describes the process of acquiring buildings, the sales process of adding residents, and how they focus on maintaining the dignity of the resident above all else. They also have a sobering discussion on just how hard the pandemic hit seniors.

Enjoy! 

(03:18) - Joe’s Background and Career

(05:46) - What’s court-appointed receivership?

(06:28) - Is there anything really important you learned from working in business receivership?

(07:23) - How do you define assisted living and what are the different buckets of senior living?

(09:20) - When do you know it's time to move from assisted living into a nursing home?

(09:46) - How old is your average resident and why are there more females than males?

(10:28) - How do you find a deal when you want to acquire facilities and what does a deal look like to you?

(13:33) - How do you finance your deals?

(14:16) - What’s usually going on at the facility when you find a deal you like?

(15:52) - What are you doing on Day 1 after you close?

(18:12) - What kind of work do your salespeople do?

(18:50) - Who brought this sales-driven philosophy into the organization?

 (19:49) - How does taking over a new property work in terms of existing staff and training?

(20:34) - What do your lease-up plans look like?

(21:22) - How long have leasers planned on coming to Cardinal before signing?

(22:52) - How many people come in against their will?

(23:07) - How do you get these people comfortable with living there?

(24:18) - What activities can residents participate in?

(25:25) - What happens on holidays?

(26:32) - How do you get paid?

(27:11) - Is there a doctor on staff that prescribes medication and how do staff administer medications?

(29:11) - Are there upsells on the sales side of Cardinal?

(30:15) - How are residents able to afford this rent?

(31:44) - How does medication arrive at pharmacies and then your facilities?

(32:22) - What do the resident’s kids care about the most?

(34:37) - What are some of the lingo and sandboxes that people don’t understand at the beginning?

(35:23) - What are your fixed and variable costs?

(36:04) - Is your business a target for legal issues?

(37:26) - What are some reasons you could get sued?

(38:01) - Why is keeping the resident’s dignity your main focus?

(39:54) - What brings you joy in this job?

(41:07) - The Red, Green, Yellow HR Function for Staff

(42:42) - What does a unit look like?

(43:11) - What are residents not allowed to have?

(43:46) - How do you manage bed time and do many residents need care throughout the night?

(44:34) - What does the food look like?

(45:54) - How quickly between meeting with a potential resident do they move in?

(46:20) - How do you get people comfortable with the reality of death in your business?

(48:11) - What happens when someone passes away in your building?

(49:23) - What was happening in your world during COVID?

(58:30) - What was it like to be a resident the past 6-8 months?

(1:00:26) - How did vaccine administrations work?

(1:01:36) - What did the past year teach you about leadership?

(1:03:46) - Is there any technology on the horizon that will have a profound impact on your industry?

(1:07:22) - Does dating and marriage happen with residents?

(1:08:08) - Population and Age Stats of the Boomer & Silent Generation

(1:09:07) - With people living longer, how will people be able to afford so many years of care?

(1:10:06) - What do the next 10 years look like to you?

(1:10:43) - How would you be valued with 50 properties?

(1:11:56) - What happens to prisoners when they get really old?

(1:12:50) - What’s your perspective on the world when you spend so much time with the elderly?

(1:14:50) - How many deals will you do this year?

(1:15:02) - Is there more opportunity out there for you right now?

(1:15:57) - Do you plan on staying in assisted living or do you want to go into nursing homes or independent living?

(1:17:27) - Is there anything from a government standpoint that you would like to see changed?

Twitter Questions

(1:18:58) - How can people experiencing poverty sustainably afford assisted living?

(1:19:39) - How do you approach the distributed nature of your business?

(1:20:33) - What’s going to happen in 15 years with the largest population aging into assisted-living eligible?

Personal Questions

(1:21:47) - Do you have a morning routine?

(1:22:33) - Did you have a childhood experience that led you to be such a great leader?

(1:23:50) - If someone was getting into your industry, what’s the best advice you can give them?

(1:25:02) - How can people reach you?

jpohlen@livecardinal.com

The FORT with Chris Powers is produced by Straight Up Podcasts

May 31, 2021
RE #145: Stinson Dean, Ali Wolf, & Dustin Jalbert on "What's Next for Lumber & Housing?"
01:51:14

Chris is joined again by Stinson Dean (Founder of Deacon Lumber) as well as Ali Wolf (Chief Economist at Zonda) and Dustin Jalbert (Fastmarkets RISI's Lumber Lead) for another deep dive into the lumber industry with an emphasis on the home building and sawmill side.

On this episode, they discuss how the lumber price increase has affected the housing market, labor markets in wood products and residential employment, risks for home building & sawmills, the impact on multi-family, and a ton more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Watch this episode on YouTube

(02:55) - Introductions

(05:32) - Ali: How has the lumber increase affected the housing market?

(08:07) - Regional Trends on Housing Prices

Realtor.com

(10:05) - Dustin: The State of The Union of Canadian Sawmills and Their Perspective on This Insane Price Jump

(12:20) - The Labor Markets in Wood Products and Residential Employment

National Association of Home Builders

(18:59) - Are home builders going to be building spec homes as quickly as before?

(20:29) - Data on Demand for Single-Family Homes Driven by Population Migration Over the Past Year

(21:32) - Who’s making all the money with labor shortages in sawmills and do they have incentives to go back to full capacity?

(24:12) - What’s the barrier to entry for more people starting sawmills?

(27:39) - The Logging Situation in the Pacific Northwest

(31:37) - Potential Uses for Southern Yellow Pine

(35:28) - How many homes can you project that a new sawmill would be able to supply from the get-go?

Idaho Forest Group

(41:35) - Builders Dealing with Lumber Thieves

(43:05) - Why do the Canadians control everything and why hasn’t private equity jumped into this? Do the Canadians have trade secrets that give them the monopoly?

(47:11) - How is risk going to reorient itself in housing?

(49:38) - How does the size of the home building companies affect the relationships with lumber vendors going forward?

(50:54) - What are the mills saying about risk management and price forecasting?

(57:54) - What do builders do with their pricing if lumber prices do come down?

(59:12) - Major Publics vs. Regional Builders and Their Ability to Compete with Each Other Going Forward

(1:07:06) - Are homes getting smaller?

(1:11:13) - How has lumber impacted multi-family?

(1:17:01) - How do we get more efficient in home building?

(1:23:35) - Why does build time keep taking longer and longer?

(1:27:34) - Are there opportunities to buy up these older sawmills and implement technology to get them going again?

(1:31:07) - How much of our lumber comes from North America and how much of the globe is using North American Lumber?

(1:41:16) - What is your prediction for 1,000 board feet of lumber in 12 months? (Recorded on 5.24.2021)

(1:43:18) - Is there a range lumber gets to where it's actually bad for the industry?

(1:46:37) - Closing Thoughts

The FORT with Chris Powers is produced by Straight Up Podcasts

May 27, 2021
RE #144: Value Creation Through Aggregating "Small" Assets
15:23

On this episode, Chris breaks down Fort Capital's strategy of aggregating smaller assets in order to make them more attractive to institutional capital. He defines what would constitute a smaller asset, why institutional capital would be interested in these aggregations, additional margins to be made for the owner, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(00:47) - Fort Capital’s Journey Into Aggregation

RE #98: How to Assemble & Entitle Urban Land

(02:10) - Asset Type and Market in Aggregation

(03:11) - What is a ‘smaller asset’?

(04:56) - Larger Institutional Interest in a One-Off Deal vs. Aggregation

(06:21) - Additional Margin to be Made for the Owner

(06:42) - Lowering the Cost of Capital

(08:29) - Different Institutional LP-based Scenario - Raising From Non-Profits

(10:44) - Institutions Require Operational Efficiencies

(12:17) - Wrap Up

The FORT with Chris Powers is produced by Straight Up Podcasts

May 24, 2021
LIB #143: Starting a Meeting The Right Way - "What's got your attention?"
03:31

Today's Lesson in Business (LIB) discusses how to properly start a meeting in order to make sure your team is laser-focused on the agenda. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

The FORT with Chris Powers is produced by Straight Up Podcasts

May 22, 2021
#142: John Schissler - Growing a Chicken Salad Chick Empire in DFW
01:25:23

John Schissler is Founder of J&M Hospitality which was created to open and operate Chicken Salad Chick restaurants in the Fort Worth, TX area. John and his wife Meggie currently own and operate 5 locations in North Texas.

On this episode, John and Chris discuss the process of franchising a restaurant. John breaks down what conversations with franchisors & founders look like, financing, finding store locations, the hiring and training process, and operations. John tells some great stories about the realities of a franchisee, growth plans, how he navigated the pandemic, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

John on Twitter: www.Twitter.com/JohnmSchissler

(03:12) - John’s Story and Early Career

(04:48) - How did the opportunity come up to start franchising Chick Salad Chick?

(06:34) - How do you become a franchisee of a restaurant?

(09:32) - When did you know that you had found your first location?

(10:39) - How did you finance your first location?

(13:09) - How do you design locations?

(15:23) - How long was it from the day you signed the lease to opening day?

(15:38) - What was your and Meggie’s job going to be when you first started?

(16:52) - When did you start prepping to hire?

(20:01) - Training Staff and Testing Days

(20:48) - John’s First Grand Opening Day and Horror Stories

(25:33) - What does 200-300lbs of chicken look like and what’s the prep process like?

(26:30) - At what point did you know store #1 was going to make it?

(27:34) - How long before you moved on to opening stores #2 & #3?

(28:59) - Are there any tricks new operators can use to get landlords to pay attention to them when finding a location?

(31:16) - How does the relationship work with the franchisor?

(32:01) - What resources do franchisors provide to you?

(33:45) - Do you ever meet with other franchisees?

(35:05) - What do Yelp & Google reviews mean to you?

(39:37) - How do you go about getting more stores?

(41:44) - How does hiring above-store operators work?

(43:53) - How many stores will you open up in the next 24 months?

(44:16) - What’s happened in your world since March 2020?

(46:24) - How long did it take for you to get to a pandemic way of operating?

Good to Great by Jim Collins 

(49:03) - How did you staff the restaurant?

(50:09) -  Why are restaurants having trouble hiring?

(51:47) - Are you realizing you can run stores leaner than previously thought?

(53:20) - Are there certain cleaning practices that will stick around after the pandemic or new regulations you’ll need to abide by?

(54:44) - Were you getting any signals early on from other parts of the country that the pandemic was coming?

(56:27) - What have you learned about keeping your staff in tip-top shape to be successful?

(57:55) - The Realities of Being a Franchisee

(58:30) - What’s your goal over the next 5 years?

(1:00:09) - What are the questions you’re now asking to join a brand as a franchisee?

(1:02:37) -  Are there things you would avoid in the restaurant world or things that are very attractive to you?

(1:04:38) - Do you like working with mobile delivery services?

(1:07:34) - Are you thinking about Ghost Kitchens?

(1:09:30) - How do large orders make their way through the system?

(1:10:49) - How does product delivery logistics work?

(1:12:01:) - Is there private equity in this industry?

(1:13:16) - Do you need corporate approval to sell to private equity?

(1:13:59) - What are you seeing in the retail market?

The FORT #108: Brady Wood

(1:17:10) - How do you mitigate the risk of being in a multi-tenant property where your neighbors suck?

(1:18:38) - Do you have a childhood experience that shaped who you are today?

(1:19:43) - What’s the best advice you’ve been given?

(1:21:13) - How do you separate working, parenting, and marriage with your wife?

(1:23:16) - How can people support you?

www.Chickensaladchick.com/Locations

www.JMHosp.com

www.linkedin.com/company/j-m-hospitality/

www.Twitter.com/JohnmSchissler

The FORT with Chris Powers is produced by Straight Up Podcasts

May 20, 2021
#141: James Camp - How to Buy, Operate, Grow, and Flip Websites
01:28:47

James Camp is the founder of Nano Flips, which helps people learn how to buy and sell websites. On this episode, James talks about his young career overseas when he decided to pack up and move to Malaysia, the cannabis industry, and his work in digital strategy before his work in website acquisitions. 

Then, James dives into the world of website flipping. He talks about what kinds of sites stick out to him, how he sources sites to buy, the due diligence process when buying sites, and changes he implements to make his sites more profitable. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

James on Twitter: www.Twitter.com/JamesonCamp

James' Website & Newsletter: www.nanoflips.com

(02:24) - James’ Background and What Led Him to His Current Career

Google Launch Pad 

(06:03) - How did you end up picking Malaysia and what were you doing while overseas?

(08:53) - What does digital strategy for a McKinsey entail?

(10:41) - What’s the state of Cannabis today and how big of an opportunity is it over the next decade?

(14:32) - Do you have any insight as to when it becomes federally legalized?

(15:42) - What do you do in the world of “Website Flipping”?

(19:29) - Can you frame what a really good business looks like to you?

(24:05) - James’ Focus on E-Commerce Businesses

(26:14) - Are you buying the website that facilitates 3-commerce or the business that only operates online?

(30:39) - How do you find the businesses you want to acquire?

Flippa

Empire Flippers

FE International 

Quiet Light

Product Hunt

(33:09) - What does a typical contract look like?

(35:34) - Is there hard earnest money when buying a website?

(37:36) - What’s the due diligence process to get you comfortable with a deal?

(40:29) - If you’re buying a $50k website, how much of your attention is required as the new owner in order to make sure it’s functioning properly?

(43:41) - Is it risky to buy something where the new owner is taking over the content creation?

(45:40) - What’s a dream $100k website for you?

(48:31) - Is there any risk in Google or Amazon deciding to cut revenue unannounced through policy change?

(51:42) - What kind of due diligence needs to be done on the code of these websites you’re buying?

(53:30) - What transfers in terms of ownership beyond the domain name?

(55:19) - In a situation with $1m EBITDA and employees in a 60-day closing period, how do you underwrite the people in a short manner of time and determining their future post-close?

(1:00:14) - Do these companies have founder-like people or does all responsibility fall on the FTEs? (Full-time employees)

ClearCo

(1:03:39) - How do you get your message across to teams in terms of what you want implemented without becoming a day-to-day worker in the business?

(1:06:17) - How are deals being financed?

(1:09:35) - How can the average person find low-hanging fruit to improve the online marketing of a website?

Google Analytics

www.NanoFlips.com

Codie Sanchez 

(1:15:16) - What’s the biggest risk to buying a website at a $100k level with no employees?

(1:23:10) - Media Reccomendations

The Exit - Flippa Podcast

Thrasio

(1:26:20) - Contacting James

Twitter: www.Twitter.com/JamesonCamp

Hi@nanoflips.com

The FORT with Chris Powers is produced by Straight Up Podcasts

May 17, 2021
LIB #140: The Flywheel
08:28

Our second LIB dives into the concept of 'The Flywheel.' Chris reads a short excerpt from Jim Collins' book 'Good to Great', walks through Fort Capital's Flywheel, gives a personal example of flywheels in his life, and a quick challenge for listeners at the end. Enjoy!

Good to Great by Jim Collins

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

The FORT with Chris Powers is produced by Straight Up Podcasts

May 15, 2021
#139: Dr. Julie Gurner - Executive Performance Coach - How The Elite Get Their Mind Right
01:17:26

Dr. Julie Gurner is an Executive Performance Coach who has been compared to Wendy Rhoades of 'Billions' by The Wall Street Journal. Dr. Gurner works with tech giants, real estate executives, and professional athletes to help identify and understand the patterns of behavior, daily decisions, and incremental wins that catapult a small fraction of the population to the very top of their fields.

On this episode, Dr. Gurner discusses her background in psychology and working in the maximum-security prison system before getting into Tech Advising and launching her career as an Executive Coach. Then, Chris and Dr. Gurner discuss what makes the top 1% in their field successful, what her clients are looking for when they work with her, building confidence, curing burnout, and more. They wrap the conversation discussing the industry of executive coaching and how they contribute to some of the largest companies in the world. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Connect with Dr. Gurner: www.drgurner.com/

Follow Dr. Julie Gurner on Twitter: www.twitter.com/drgurner

(02:15) - Dr. Gurner’s Background and Career

(04:15) - When did you know you wanted to be in the psychology field?

(05:26) - What does ‘advising products in Tech’ mean?

(05:57) - Dr. Gurner’s Experience Working with Prisoners

(09:44) - How would you describe Performance Coaching?

(10:47) - Who’s your clientele and target market?

(12:02) - Are people self-selecting to come to you or are folks recommending others go work with you?

(12:47) - What are the top reasons people come to see you?

(14:38) - What do those 3-6 months working with a client look like?

(15:49) - How do you know you’ve succeeded in building a client's confidence?

(17:30) - Do clients ever need to come back and touch up or how often do people re-connect with you?

(18:34) - How does someone successfully bounce back from burning out?

(22:59) - Is there a pattern of thought, behavior, or action that threads the top 1% in their field that can be reverse-engineered?

(25:00) - Characteristics Between Successful Men and Women That are Similar and Different 

(27:38) - Nature vs. Nurture

(28:43) - Do you see successful people having a great network they can be vulnerable with?

(29:38) - Why Money Doesn’t Equal Happiness

(31:20) - How often does ego play a factor in people’s issues?

(32:32) - Do people come to see you to identify blind spots in their life?

(33:57) - Dealing With ‘Yes-People’ and Opening Up Feedback Loops

(34:52) - Do having habits like a morning routine matter for success?

(37:35) - Is there any science or data between people who work early in the morning or late at night?

(39:37) - Making the Most of Your Day and Determining What You’re Best at for Leaders

(41:19) - Do your international clients struggle differently than Americans?

(42:51) - Do people often drift back to old problems?

(44:10) - Do you often see identity crises with folks whose business is their whole life?

(46:08) -  ‘Unwrapping’ Yourself When Your Identity is Your Job

(48:26) - How Brain and Body Functionality Lasts With Age as Folks Continue Working and How It Slows Down When They Stop

(50:18) - How much has social media impacted the population in positive or negative ways?

(52:58) - What can people do to deal with anxiety and decompress?

(54:36) - Do you have clients that are similar to Bobby Axelrod?

(54:53) - How did the Wall Street Journal Comparison to Wendy from Billions change your career?

(56:53) - Do most hedge funds have full-time performance coaches?

(57:54) - How much would someone like that make per year?

(58:34) - What happens if someone confides that they are committing illegal activity during a session?

(1:00:17) - Are there ever situations where you’re working with a risk-averse client that needs to make a specific trade and you have to nudge them to actually do it?

(1:03:13) - Are most successful people competing against themselves or others?

(1:04:30) - Can people change who they are?

(1:06:12) - What do all humans really want?

(1:06:59) - Dr. Gurner’s Weekly Finance Review

(1:10:29) - Are you Bitcoin or no Bitcoin?

(1:11:31) - Has your line of work made you a better investor?

(1:13:27) - Who does a performance coach go to if they need a performance coach?

(1:14:16) - Books to Challenge Yourself

48 Laws of Power by Robert Greene 

The FORT with Chris Powers is produced by Straight Up Podcasts

May 13, 2021
RE #138: Real Estate Syndication 101
01:22:05

On this episode, Chris discusses Real Estate Syndication. He describes the differences between a syndication and a fund, the pros and cons of syndication, breakdowns of GPs and LPs, deal structures, fees, and Twitter questions from listeners. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital

(00:58) - Real Estate Syndication

(01:52) - Syndication vs. a Fund

(03:20) - Syndicating vs. Investing Your Own Capital

(03:43) - How a Syndication Works

(04:24) - General Partners 

(06:14) - Limited Partners

(08:27) - Advantages of Syndicating

(10:17) - Advantages from a GP Perspective

(11:25) - Advantages of Syndicating vs. a Fund

(12:45) - Setting Terms As a GP

(13:59) - Working With Institutional Capital

(15:16) - Disadvantages for General Partners

(16:43) - Disadvantages of Syndicating

(19:09) - What LP’s Should Be Looking For in a General Partner

(20:54) - Questions to Ask Potential General Partners

(25:17) - Best Practices for Finding a Co-GP

(27:59) - Types of Deal Structures and Their Merits

(35:28) - Raising from Multiple Investors

(36:42) - Creating Liquidity for LPs

(43:48) - How Money is Made in the Syndicating Industry

(46:56) - Type of Fees You Might See Out of a Syndicator

(50:40) - How to Keep Alignment Between the GP & LP

(51:50) - How do terms change between acquisitions and a development deal?

(53:24) - Lenders 

(56:35) - The Fort Capital Investor Onboarding Process 

(1:02:54) - Technology Impacts as a Syndicator if You Decide to Use a Software Like Juniper Square

(1:07:23) - Biggest Tailwinds in the Industry

(1:12:15) - Data and Stats on How GPs and LPs are Looking at the World as it Relates to Syndicators

(1:14:28) - Twitter Questions: Adjusting Acquisition and LP Return Criteria Given the Market

(1:16:52) - What part of your structure has changed the most over time?

(1:18:29) - What's the most surprising thing that investors are interested in?

(1:20:25) - Wrap Up & Contact

The FORT with Chris Powers is produced by Straight Up Podcasts

May 10, 2021
LIB #137 - People Can Handle Good & Bad News, But Not Surprises
04:19

Welcome to the first episode in our newest series for The FORT: Lessons in Business (LIB).

Our first LIB will cover communicating effectively in Investor Reporting. People love good news, and they're willing to hear bad news, but they hate surprises. Enjoy! 

If you have any topic you would like us to cover in future LIBs, please tweet them at Chris or email him at thefortpodcast@gmail.com

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital

The FORT with Chris Powers is produced by Straight Up Podcasts

May 08, 2021
RE #136: Nick Farris - Partner at MedCore - Deep-Dive on Healthcare & Senior Living Real Estate
01:26:12

Nick Farris has an extensive background in consulting and market analysis for health care real estate and senior living assets. He has functioned in advisory roles nationally with hundreds of developers, hospitals, health systems, healthcare REITs, and medical operators since 2006. 

On this episode, Nick and Chris deep dive into Health Care Real Estate and how MedCore works with physicians to locate areas to develop medical facilities across the country. They also discuss Nick's work developing Senior living campuses, how they first met in college, what's next for the boomer generation, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Nick on Twitter:

(03:15) - Chris and Nick Meeting in College

(07:04) - Nick’s Career Path After College Leading up to Today

(14:16) - What’s the spectrum of Health Care as it relates to what you do?

(19:16) - Where are you gathering all of the data for physicians?

(23:44) - What’s the lead time between folks approaching you and when they need to find a place?

(25:46) - Are physicians coming to you with a broad brush in mind or specific locations they want to set up a practice?

(30:27) - What room is there for a physician in markets where there’s virtually no insurance coverage?

(32:37) - What’s an orthopedic surgeon looking for?

(35:02) - Data Availability Via Insurance Providers

(35:56) - Are you involved in an ortho’s search for finding physicians to work with in an area they want to go to?

(39:00) - What are the big drivers for how facilities are built?

(41:30) - What is a client in for when they come to you to build a facility?

(44:43) - Are physicians signing leases or joining the ownership group?

(45:54) - How does the organization make money?

(47:14) - How would a deal go south?

(48:15) - Scarcity of Medical Facilities vs. Other Types of Real Estate Leasers

(49:08) - What’s considered Elective Surgery?

(52:22) - What’s a co-morbidity?

(54:24) - Senior Housing

(1:00:11) - How big are these campuses?

(1:01:54) - How do you raise capital?

(1:05:28) - What amenities are you adding to these campuses?

(1:07:19) - Are memberships covered by insurance or private pay?

(1:07:41) - Is the fact that people are living longer good for your business?

(1:09:03) - What’s your reason and process for acquisitions?

(1:10:16) - Does the government offer loans for financing in this area?

(1:10:47) - What’s the next 10 years look like for the boomer generation?

(1:14:22) - Do you have a childhood experience that has shaped who you have become?

(1:19:34) - Do you have a morning routine?

(1:21:46) - What’s the best advice you’ve been given?

The FORT with Chris Powers is produced by Straight Up Podcasts

May 06, 2021
RE #134 BONUS: Ask Me Anything with Chris Powers & Nick Huber
01:02:44

This is a special bonus episode of an AMA that was hosted by Nick Huber featuring Chris Powers on April 22nd, 2021. 

Chris and Nick answered questions from a virtual audience about their real estate experience and thoughts on the industry, questions about getting started in Real Estate and more. Enjoy! 

 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Nick Huber on Twitter: www.Twitter.com/SweatyStartUp

The FORT with Chris Powers is produced by Straight Up Podcasts

May 03, 2021
#135: Chris Koerner - Building a 3PL & Fulfillment Behemoth for Small eCommerce Businesses
01:31:37

Chris Koerner is the Co-Founder and CEO of SendEats.com where they offer 3PL for Ecommerce so that companies can focus on building their brand.

On this episode, Chris starts with a great story about his mission to Hungary for the Church of Latter-Day Saints, his entrepreneurial journey starting and selling E-commerce businesses before starting SendEats at the beginning of the pandemic, and some of the ups and downs they've experienced in their year of operation. Finally, Chris tells an incredible story of partnering with the Crypto giant John McAfee, his passion for crypto, and some parenting stories. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Chris Koerner on Twitter: www.Twitter.com/serialtrep

(03:19) - Chris’ Background

(05:33) - Chris Mission for The Latter-Day Saints in Hungary

(09:22) - What is the goal of the Mission?

(10:39) - How did you know if you were doing a ‘good’ job on your mission?

7 Habits of Highly Effective People 

(13:51) - Were you good at handling rejection before the mission?

(14:11) - The Backstory of Starting Sendeats.com

(20:08) - What's something you missed at the beginning but you’re working on now?

(23:16) - When is someone big enough to outsource their e-commerce?

(23:43) - What does your 80-hour week look like?

(26:19) - Where does the risk lie in your business?

(27:09) - Do you need an insurance policy for each customer?

(27:49) - Partnering with Amazon, Shopify vs. Amazon

(33:04) - What has COVID done for E-commerce adoption?

(34:57) - How are you finding customers?

(35:13) - Is there a customer you won’t take?

(36:37) - How do you bill customers?

(37:21) - What’s the most difficult product you ship right now?

(42:11) - How are FedEx and UPS working to protect themselves from Amazon?

(42:57) - What do you look for in a building?

(43:23) - How well-positioned is DFW from a logistics standpoint?

(45:37) - Is physical location the most important factor in logistics?

(46:32) - How are you receiving products?

(47:05) - What’s the hardest part about the business? How do you tackle these issues?

(48:42) - Are there technology opportunities in this space?

(49:53) - Who are your competitors?

(51:04) - Does Amazon still win?

(51:44) - Does faster shipping change actually change anything on the shipping end?

(53:19) - What value do you get out of Trends?

(54:57) - What’s your plan with this company?

(55:47) - Will you end up taking over the insurance side of this business?

(56:39) - Cardboard Box Supply 

(57:08) - What’s the worst day you’ve had in this business?

(59:38) - Partnering with John McAfee

(1:13:50) - How does 2017 feel vs. now when it comes to Bitcoin?

(1:15:00) - How did you get into Crypto?

(1:16:48) - Why do swaps exist?

(1:18:02) - Whatever happened to John?

(1:19:06) - Are we still early in Crypto?

(1:19:34) - Chris’ Crypto Pyramid Scheme Story

(1:23:03) - What’s something you think about a lot?

(1:24:23) - Was there any experience you had as a child that shaped you?

(1:26:30) - Raising Kids & Screen Time

(1:30:17) - Wrap Up

The FORT with Chris Powers is produced by Straight Up Podcasts

May 03, 2021
RE #133: Andrew Farah - Co-Founder / CEO of Density.io - Building Tech to Analyze How the Built World is Actually Used
01:02:32

Andrew Farah is the CEO of Density, which helps reduce space waste and optimize a building’s occupancy with its combination of people sensors and people counting software.

On this episode, Chris and Andrew talk about space utilization and how Density has built its mission around helping people make the most of their leased spaces. Andrew discusses how the company came about with his 5 other co-founders, what kind of data Density provides its users, thinking of the office as a product, and the future of office work as we leave the pandemic. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Andrew on Twitter: www.twitter.com/andrewfarah

(02:58) - Andrew’s Background and What Lead Him to Density.io

(04:52) - The Dynamics of Having 6 Co-Founders

(08:40) - When was the moment you all decided to turn this into a full-time business?

(13:39) - What are the types of things that cities or building owners would want to know where this tech is applicable? 

(16:55) - The Efficiency Problem of Real Estate

(25:44) - What has Density built to tackle this massive problem?

(27:33) - What types of data are you seeing on the dashboard?

(30:18) - Do Landlords love you or hate you?

(33:07) - How do you get to where you are using a space ‘better’ than it was designed?

(35:25) - How long is the data relevant to the user?

(37:47) - Using Data to Negotiate Leases

(40:31) - Is anyone using this data in real-time or are we looking back on past data?

(43:18) - What are some of the ways that businesses are poorly using space?

(46:36) - What does 38% utilization vs. 100% mean?

(48:25) - Thinking of the Office as a Product and Not a Static Thing

(51:38) - What is the state of the office and have you heard what office will look like over the next couple of years?

(57:34) - Is space utilization just as important for other asset classes?

(1:00:12) - How can people get in touch with you or Density?

www.Density.io

Andrew on Twitter: www.twitter.com/andrewfarah

Andrew on LinkedIn: www.linkedin.com/in/andrewfarah/

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 29, 2021
#132: Lex Sisney - Business Scaling Wizard & Organizational Physics
01:19:38

Lex Sisney is a business scaling expert and a wizard at organizational structure and design. He works with CEOs and leadership teams of expansion-stage companies who are committed to growing their business without compromising their values.

On this episode, Chris and Lex discuss the work that Lex does with executives and teams to facilitate growth with an emphasis on maintaining their people and culture. Lex also dives deep into 'energy drains' in relationships, business leaders, and how to identify them in the moment before they deteriorate your business. Finally, Chris and Lex discuss why Fort Capital brought Lex in to help with their executive plans and problems companies run into when hiring executives. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Learn more about Lex & Organizational Physics: www.Organizationalphysics.com

Books by Lex Sisney:

Organizational Physics

How to Think About Hiring

Ready for Enlightenment?

(01:45) - What’s on your mind right now?

(2:43) - Lex’s Background and What Lead Him to Starting Organizational Physics

(08:48) - What are the usual characteristics of the companies you work with?

(09:55) - How do you know all the management information out there isn’t right?

(12:14) - Success = Integration/Entropy

(17:07) - Pinpointing Energy Drains in Interpersonal Relationships and as Business Leaders

(27:52) - What’s the methodology of re-arranging the playing field if you’re not changing people or culture?

(37:42) - The 4 Quadrants 

  • Do the right things to get customers
  • Do things in the right way for customers
  • Do the right thing for the company
  • Keep the company out of harm

(44:13) - How does a small business capitalize on Quadrant 4 when they may not have the people resources for it in HR?

(46:36) - How do you know that you have the process that’s appropriate for your stage in the business life cycle How do you know when it's deteriorating?

(51:26) - What’s more important to business growth: people or processes?

(53:41) - What’s Important in a Leadership Team, How a Great Leadership Team is Run, and How to Run a Meeting

(1:02:34) - Proposals 101

(1:05:41) - What falls into a Type 1 decision?

(1:11:00) - Fort Capital’s Problem When They Brought in Lex and Problems Other Companies Face When Hiring Executives

(1:16:36) - Why do you say Jeff Bezos and Larry Ellison got it wrong?

(1:17:20) - What’s one thing you believe in that most people around you don’t?

(1:17:56) - How can people find your business?

www.organizationalphysics.com

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 26, 2021
#131: Kevin Dahlstrom - Disrupting the Banking Industry
01:13:13

Kevin Dahlstrom is the Executive Vice President and Chief Marketing Officer at Central Pacific Bank. Kevin is also an avid rock climber and Fintech thought leader. 

On this episode, Kevin talks about his passion for rock climbing and the importance of having a multi-faceted life. Then, he and Chris discuss the world of banking and Fintech, the differences between them, and how the two can work together to improve the lives of consumers. They also touch on the crypto phenomenon, and Kevin tells a wild story of meeting Masa Son while pitching SoftBank in San Francisco. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

 Follow Kevin on Twitter: www.Twitter.com/camp4

(03:19) - Kevin’s Story Growing Up and What Led Him to Today

(06:30) - How did you execute this plan of picking up your family and moving across the country? How did you get your wife on board?

(09:05) - Kevin’s Passion for Rock Climbing

(11:23) - What's it like having such great friends that don’t even know what you do for a living? 

(13:24) - Being the “Real Estate Guy”

(15:37) - Free Solo Rock Climbing and Alex Honnold

(17:18) - Kevin’s Early Career in Fintech

Elevate

Net Promoter Score

Central Pacific Bank

(24:29) - Kevin’s Article: Your Margin is My Opportunity

(28:33) - Why hasn’t there been any improvement in the banking world?

Square

CashApp

(33:58) - What’s the difference between banks and Fintech?

(36:13) - Could a Fintech company become a bank and vice versa?

(37:51) - How would Wells Fargo defend their lack of innovation?

(41:20) - Kevin’s Take on Cryptocurrency 

(43:11) - What is the ultimate promise of Crypto?

Andy Grove on Inflection Points 

(46:04) - The Value of Twitter

(47:58) - What do 25-50-year-old people wish they had in banking through your research?

(50:33) - Knowing How to Make Money vs. Knowing How to Manage Money

(53:27) - Building a Social Network That Operates Like a Family Office

(56:20) - Kevin’s 'Wild Deal Experience with SoftBank’

(1:03:04) - How do you think Masa treated Adam Newman of WeWork based on your experience with him?

(1:05:33) - What’s one thing that you believe that most people around you don’t?

(1:07:10) - What is your best advice to girl-dads?

(1:08:36) - Do you have any book recommendations?

Comedy Sex God by Pete Holmes

(1:10:30) - How can people engage with you?

Twitter: www.Twitter.com/Camp4

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 22, 2021
RE #130: Scott O'Neill - From Broker to Owning $100M of Multi-Family
01:09:29

Scott O’Neill is a Principal and Co-Founder of FSO Capital Partners. Scott O’Neill specializes in the acquisition, financing, syndication, and development of multifamily properties throughout Arizona. Since entering the Arizona market, Scott has been directly involved as a principal in the acquisition, development, or disposition of over $15,000,000 of multifamily assets.

On this episode, Scott and Chris discuss his career in brokerage before pivoting into principal. Scott details his 100 cold calls per-day strategy to become successful right out of the gate as a broker, the founding of FSO Capital Partners, and his Ice Hockey Career. They also break down what the process of a multifamily deal looks like from acquisition to rehab and management. Scott also gives advice to brokers who are looking to move to the principal side of real estate. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

 Follow Scott on Twitter: www.Twitter.com/Scottyo21

(02:12) - Scott’s Background

(06:07) - How did your father’s experience in the ’08 crisis impact you?

(08:41) - Scott’s Ice Hockey Career

(10:23) - How did you become successful right out of the gate as a broker?

(14:31) - Did you come up with this 100 per-day cold call strategy?

(17:24) - How do you think the pitch has changed from 2010 to 2021 in a market that’s clearly much better?

(19:12) - Is there a reason you were focused on small multi-family deals vs. “Elephant” deals?

(20:25) - What’s an All-Inclusive Trust Deed?

(21:16) - Carnivores, Omnivores & Herbivores

(23:15) - Scott Rounding Out His Broker Journey

(23:55) - Was there a deal in brokerage that you’ll never forget?

(24:50) - Did you ever run into Moses Kagan?

(25:46) - What is the usual ambition toward investing when it came to working with doctors and dentists?

(29:20) - What does FSO Capital Partners do?

(31:41) - What do you do and what do your partners do?

(33:10) - How do you find most of your deals?

(34:54) - What are you looking for to decide whether a deal is worth spending your time on?

(36:55) - How do you create value for a deal?

LIHTC - Low Income Housing Tax Credit

(39:46) - The Seller Perspective 

(40:36) - How do you get really comfortable with getting restrictions removed on a deed?

(42:34) - Why wouldn’t the seller go through this process themselves?

(43:39) - What are you doing with all the money you put into a property?

(45:46) - How long is the rehab taking?

(46:55) - How do you go about re-branding a property? 

(47:48) - Utilizing Bridge Debts and Raising Rents 

(49:54) - What was the interest rate on this deal and were there any covenants?

(51:14) - When do you start engaging with agencies to get a re-finance loan and how long does it take to get the loan?

(53:22) - How do you typically structure your deals?

(54:22) - 3rd-Party vs. Self-Management

(55:37) - How do you select management companies?

(56:24) - How do you think about growth going forward 

(57:34) - How are you set up to hold your 3rd-party property management partners accountable?

(1:01:17) - What excites you about the Phoenix & Arizona market?

(1:04:42) - What advice would you give to brokers who want to get in on the principal side?

(1:05:49) - Book Recommendations

Am I Being Too Subtle? - Sam Zell

Principals - Ray Dalio

Rich Dad Poor Dad - Robert Kiyosaki

Gary Keller - Millionaire Real Estate Agent

The One Thing - Gary Keller

(1:06:27) - What’s the best way for people to find you?

Twitter - www.Twitter.com/Scottyo21

Email -  Scott@fsocap.com

Phone - 310 365 4861

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 19, 2021
#129: Austin Rief - Co-Founder of Morning Brew
01:09:35

Austin Rief is the Co-Founder & COO of Morning Brew, one of the largest business newsletters with over 2.5 million subscribers. 

On this episode, Austin and Chris discuss the journey to founding Morning Brew, how they were able to rapidly acquire subscribers, the process of being acquired by Business Insider, and how they develop content for their readers. They also discuss the current state of decentralization, the future of news and media consumption, BitClout, Austin's rolling fund, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Austin on Twitter: https://twitter.com/austin_rief

(02:53) - Austin’s Background and What Led Him to Start Morning Brew

(04:26) - What was it about Market Corner that caught your eye?

(05:15) - What did you do to add value when you joined there?

(06:01) - Was there a moment in time where you decided investment banking was not the route for you?

(07:29) - When did you know that this had the potential to be a full-time business?

(09:41) - What was your pitch to investors?

(10:25) - How did you determine what content was important in the early days?

Waitbutwhy.com 

(12:49) - What did you do with your capital? 

(14:40) - What was the most effective way to get subscribers for you and is it still the best way today?

(18:15) - Do you have any data as to how much of each newsletter your subscribers consume on each edition?

(19:32) - How have you thought about your sub-brews?

(21:40) - How do you know the content is staying at the same quality as you get more removed from the daily writing?

(23:07) - How do you hire great content writers?

(24:03) - How does the relationship between you and Alex help drive the business today?

(24:58) - How did the acquisition from Business Insider come about?

(25:56) - How long did the deal take from start to finish?

(26:35) - Was there ever a moment where you were mentally committed to selling the business and knew there was no going back? 

(27:52) - Did the acquisition change anything about your operation strategy?

(29:38) - Who were the hirers that were key in taking you to the next level?

(33:02) - Are you fully remote or will you become office-centric as we come out of the pandemic?

(38:30) - How do you think about delivering the truth and not just click-bait?

(44:09) - Have you experienced people coming to MB from these legacy media companies?

(44:57) - What’s your thesis on social capital transferring into financial capital?

(49:05) - What do you think about the de-centralization of the world with things like crypto and BitClout?

(51:45) - Do you think we’re headed toward government regulation as we see people like Elon being able to sway markets with a single tweet?

(53:33) - Was the removal of Donald Trump from the Internet a pivotal moment in this new world of decentralization?

(55:04) - What is the solution when you can’t actually get on the internet after being ‘removed’ at an AWS level?

(57:36) - Has anyone ever tried to cancel MB for something that was written?

(58:30) - How does your rolling fund work and how can people learn more about it?

(1:01:03) - Do you have a childhood experience that shaped who you are today?

(1:02:22) - Is there something that’s weighing heavily on your mind that a lot of other people aren’t thinking about?

(1:07:52) - What’s the best way for people to reach you?

Austin on Twitter

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 15, 2021
RE #128: @SomeHotelGuy - Hotel Industry State of the Market
01:21:06

On this episode, Chris talks with the anonymous "Some Hotel Guy" (www.Twitter.com/SomeHotelGuy) about the hotel industry. SHG details the nuances of owning & operating both independent and branded hotels, the process of working with "The Big 4" Hoteliers, how the industry was affected by COVID-19, and how he sees the industry moving forward. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital

(03:04) - What’s your position within the industry?

(04:00) - Do you operate under one or multiple brands?

(04:49) - What types of hotels are you involved in?

(05:47) - Describe Upper Mid-Scale, Upscale and Upper-Upscale Hotels

(07:26) - Do you have to get approved as an owner/operator to be associated with one of these brands?

(09:26) - Is there ever conflict within owners working under multiple brands?

(10:22) - Scenario: I’ve never owned a hotel, but I own a great piece of land for a hotel and I approach Marriott: How does that conversation go?

(11:53) - How does the payment structure work as an owner?

(13:45) - Do the “Big 4” have a true monopoly over the resources available to hotel owners such as booking software?

(17:15) - What’s the difference between an independent hotel and brand affiliated?

(17:49) - In an independent scenario, is the owner often the operator?

(18:31) - Who’s bearing the risk in a situation of an owner franchising a hotel and hiring an operator?

(22:12) - How do you see the owner/operator relationship changing in light of the last year?

(24:08) - When did you know something was about to happen from a business standpoint in 2020?

(25:51) - What happened from your perspective in April/May for hotel Owners & Operators?

(28:48) - Did the industry suffer a lack of clarity in terms of a uniform response across the country?

(31:17) - Are closures determined on local government mandates or customer demand?

(32:34) - How much do labor markets play into what hotels decide to do?

(34:19) - Is there anything you’re seeing legislation-wise that will be beneficial to the hospitality industry?

(35:10) - What are the Big 4 brands mandating as it comes to cost structures over the next couple of years? Where are you saving money and where do you need to add costs?

(38:19) - Is there anything that keeps you up at night or are you more optimistic as we move forward?

(41:19) - What’s the % of hotel stays that are international vs. domestic in a market like New York?

(42:40) - Is the international issue more that we won’t be letting people in or that they won’t want to come?

(43:34) - Are there hotels that will fare off better than others? Or will everyone recover the same?

(44:49) - Have there been any notable transactions as it pertains to M&A within hotels?

(48:35) - What’s going on at hotels that aren’t open?

(51:26) - What’s the state of capital markets?

(53:49) - Are you having to underwrite differently now?

Twitter Questions

(54:57) - What does the hotel industry think about Airbnb and its place in the industry?

(57:10) - Is Airbnb going to get into the hotel industry?

(59:11) - What are your thoughts on the Kayak hotel opening?

(1:00:21) - If you had $100m, what would you go do in the industry?

(1:01:53) - Do you see the check-in experience changing?

(1:03:02) - Is there any technology that interests you right now?

(1:04:42) - What amenities matter in hotels or things on the horizon people want?

(1:06:35) - Room Service vs. Uber Eats/DoorDash

(1:08:41) - “If I own a 1960’s hotel in Trenton, NJ that is primarily longer stays for low-income folks: Do I sell now and cash out before it’s too late? Or, how long do people with roach motels have before it’s an obsolete asset?”

(1:10:17) - What are some common mistakes independent operators make pre-opening?

(1:11:57) - What are some common mistakes inexperienced operators make?

(1:14:17) - Is there still room for independent boutique hotels in the industry?

(1:15:06) - SomeHotelGuy’s Fear of Heights

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 12, 2021
#127: Rich Jordan - A Masterclass in Buying, Leading, & Operating a SMB Service Business
01:40:11

Rich Jordan is the Owner of Strongpoint Management Group and is a Marine Corps veteran. Strongpoint owns and operates real estate assets and buys small businesses to scale. This episode highlights Garon T Plumbing, an SMB in the Northeast that Rich has grown substantially over the past year.

On this episode, Rich discusses his experience in the Marines and doing his first real estate deal before diving deep into his acquisition of Garon T Plumbing. Rich and Chris talk about the most nuanced parts of Rich's journey, including the buying experience, dealing with sellers and brokers, meeting his new team for the first time, implementing incentive programs for his employees, and the decisions made to radically grow the business. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Rich on Twitter: www.Twitter.com/StrongPointRich

Check out Strongpoint Management: www.RealStrongPoint.com

(02:53) - Rich’s Background in the Marine Corps and What Led Him to His Current Position

(08:49) - Did you always want to be a Marine?

(10:59) - How many Marines do we have in the Middle East?

(11:23) - What did you do with your first RE deal to make it double in value?

(15:30) - What was it like being married for several years but living long distance?

(17:30) - Was it always the plan to buy a small business?

(20:15) - How did you source this deal and how many deals were you looking at?

(32:35) - Was there anything you needed to prove to the broker before they got serious with finding you deals?

(33:22) - What deal terms mattered to the seller in the LOI that was surprising?

(35:12) - How long was it from LOI to closing?

(35:50) - What mattered to you during Due Diligence to get you comfortable with the deal?

(37:58) - How long does it take to get an SBA loan approved?

(39:27) - What was the agreement with the seller in terms of them staying on after the sale?

(41:47) - What was their motivation for selling?

(42:58) - Looking back, is there anything you wish you had done during due diligence?

Gusto Payroll Processing

(48:15) - What was the conversation like meeting your employees as the new owner?

(51:50) - What was the team’s reaction to the sale?

(59:12) - How did you start making your impact on the business? 

(1:04:16) - How did you go through the exercise for setting fixed price changes?

(1:07:24) - Have you implemented any incentives for employees?

Service Titan

(1:19:13) - What’s your ultimate goal for this business?

(1:23:57) - Is this unique to your area or is this something that can be done everywhere?

(1:27:22) - How do we get more people into the blue-collar industry and make it sexy again?

(1:33:00) -  What did the Marines teach you that you couldn’t have learned anywhere else?

(1:35:54) - Do you have a morning routine?

(1:37:31) - How can people reach you?

Twitter: www.Twitter.com/strongpointrich

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 08, 2021
#126: Dan Go - Transforming Your Business & Life Through a Focus on Fitness
01:12:30

Dan Go is the CEO of High Performance Founder, which aims to get high-achieving entrepreneurs into their ideal body with minimal stress.

On this episode, Dan discusses his journey into the world of fitness, diets that work, myths about diets, how the average person can determine what will be best for their health journey, the negatives of having too much body fat, and some great recommendations for maximizing your workouts and sleep. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Dan on Twitter: www.Twitter.com/FitFounder

(02:03) - What lead you to create High Performance Founder?

(07:16) - Why do you think you got ‘hooked’ on fitness and stuck with it? Why don’t most people stick with it?

(10:12) - What matters most in fitness?

(13:33) - Simple vs. Easy

(16:27) - What are ‘real’ foods? What’s your philosophy on diet?

(22:38) - How does the average person learn about what their body requires as far as food?

Macro Calculator 

Dexa Scan

Fat Free Index

If It Fits Your Macros

(28:09) - What are some of the biggest misconceptions you see about health?

(34:18) - What does fat do to your body and how does that affect your ability to work?

(40:15) - What’s the ideal amount of body fat for a person?

(41:43) - Is having excessive fat genetic?

(44:58) - What does alcohol do to the body?

(49:18) - How long does it take to recover from a night of excessive drinking?

(50:59) - When is the best time for someone to get their workout in?

(53:12) - Is there anything you recommend people do before bed that’s helpful for the body?

  • Blue Light Blockers
  • Chamomile Tea 1 Hour Before Bed
  • Read a Fiction Book
  • Eat Last Meal 3+ Hours Before Bed
  • No Alcohol 3-4 hours Before Bed

(58:21) - Going to Masterminds and Seeing Entrepreneurs That are Obese

(1:01:30) - How do you know that you’re in a great spot with health and not constantly in a struggle of getting ‘there’?

(1:05:05) - What’s your take on the state of the fitness industry? What does the future of fitness look like post-COVID?

(1:08:04) - Is there a book you recommend for people?

The Leangains Method - Martin Berkhan

(1:09:20) - If you had a billboard that you could put anything on, what would it say?

“If you wanna change your mood: move your body.”

(1:10:30) - How can people reach you?

www.Twitter.com/FitFounder

www.highperformancefounder.com

The FORT with Chris Powers is produced by Straight Up Podcasts

Apr 05, 2021
#125: Michael Barlow - Founder & CEO of Fernish
01:05:12

Michael Barlow is the Founder and CEO of Fernish, a furniture rental service that will deliver, assemble and arrange your home or apartment. 

On this episode, Michael discusses his journey to founding Fernish, the details of how the service works, his experience hiring, and working with former Amazon standouts. They also discuss the importance of customer obsession, COVID, raising VC money, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Michael on Twitter: www.Twitter.com/mleebarlow

(02:00) - Michaels Background and The Idea for Fernish

(06:12) - What happened from having the idea to putting it into action?

(10:43) - Who are your customers?

(12:45) - How does the contract work with customers?

(15:19) - What’s your relationship like with the multi-family owners and what’s the incentive for them?

(17:34) - How do you conduct the design consultation?

(18:11) - How much is the average person saving on renting furniture vs. buying their own?

(20:19) - Are most people needing fully furnished places or just certain pieces?

(21:47) - How are they choosing pieces?

(22:32) - What did COVID teach you about your business model?

(24:05) - How much furniture do Americans buy each year?

(25:51) - The Recycling Aspect of the Business and Determining What’s Reusable

(28:24) - What are the most common items people rent?

(29:31) - How do you think about growth & entering new markets?

(31:32) - How have Amazon-ians impacted your business?

(35:44) - What does "customer obsession" mean?

(38:36) - What are some interesting data points you’ve learned from the customer?

(41:03) - How do you handle things that you don’t wanna hear?

(42:49) - Is there anything interesting you’ve learned from Jeff Wilke?

(45:26) - Raising Capital

(46:28) - What do your best VCs do for you?

(48:46) - How does the communication dynamic work with VCs?

(49:29) - What do you hope to achieve over the next few years?

(52:27) - What do local logistics mean for the company?

(55:34) - How do you think about the capital intensiveness of buying all this furniture for people?

(57:26) - Do you have a childhood experience that shaped the trajectory of your life?

(59:52) - Do you have a morning routine?

(1:00:45) - Is there a book that’s had a big impact on you?

Against the Gods - Peter Bernstein

(1:02:56) - How can people reach you? 

www.Fernish.com

Email: michael@fernish.com

The FORT with Chris Powers is produced by Johnny Peterson & Straight Up Podcasts

Apr 01, 2021
RE #124 BONUS: Nick Huber Interviews Chris Powers - The Real Estate Entrepreneur's Journey
01:38:24

This special Bonus episode is a livestream Chris did with Nick Huber (www.Twitter.com/SweatyStartup) on March 22nd, 2021. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital

Mar 29, 2021
#123: Stinson Dean - "Lumber Industry 101"
01:45:40

On this episode, Stinson Dean (www.Twitter.com/LumberTrading), the Founder of Deacon Lumber, joins Chris to provide a deep dive into the Lumber industry. Stinson explains his role as a Lumber trader, why most homes in the US are built from Canadian Lumber, the tariff issues between the US and Canada, the Lumber supply chain, and why we are seeing the highest prices ever recorded. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:40) - Stinson’s Journey Into Lumber and What He’s Doing Today

Deacon Lumber

(08:18) - Why are futures under-utilized?

(11:44) - How many people are doing what you do in lumber?

(12:39) - Why do a lot of people not participate in lumber as opposed to other commodities?

(14:43) - Are there government subsidies for lumber?

(16:48) - What’s the shelf life of lumber?

The Business Model for Lumber

(18:11) - Who are you buying from and where are you storing it?

West Fraser Saw Mill

(22:34) - Where does your business fit in the supply chain?

(23:49) - How does the full supply chain work starting with the tree?

(34:14) - How long does it take a tree to grow to a point where it can become lumber?

(34:54) - Why are lumber prices skyrocketing right now?

(40:50) - Is there still COVID caution in the market?

(45:21) - Opportunities in an Inefficient Market

(46:15) - Who’s making all the money in a market with historically high prices?

(49:05) - Blue Stain Lumber

(52:33) - Have the tariffs that are in place been the reason for Canadian sawmills buying mills in the US?

(54:53) - Why does Lumber grow better in Canada? Are fires more likely in the US?

(57:49) - How do most of these forest fires start?

(59:32) - Why aren’t mills adding capacity?

(1:00:27) - Is there an opportunity for VC to step in and make a giant change in the industry?

(1:02:35) - Are you betting lumber prices will go higher or lower?

Types of Lumber & Pricing

(1:04:38) - What are the main types of lumber being used?

(1:06:42) - The quality of Lumber Being Used in Custom Homes vs. Production Homes

(1:09:44) - The Price of Multi-Family Lumber vs. Single-Family

(1:12:04) - What % of a typical home is comprised of lumber in single vs. multi-family?

(1:14:28) - What are some tips for a regional/small home builder to better hedge this risk?

(1:19:55) - What’s the current time frame for locking in prices right now?

(1:20:30) - How are smaller builders purchasing their lumber?

(1:22:19) - Is there any interesting technology being created within the industry?

(1:25:50) - What is the biggest risk right now in lumber?

(1:27:38) - How is money made or lost in this industry? What are general risks in your part of the industry?

(1:36:32) - Do you have a childhood experience that shaped who you are today?

(1:40:00) - What’s the best advice you’ve ever been given?

(1:40:27) - What’s your favorite book?

 King of Capital by David Carey

(1:42:55) - How can people reach you?

The FORT with Chris Powers is produced by Straight Up Podcasts

Mar 25, 2021
#122: Kenneth Schlenker - Founder of Opal - Take Back Control Over Your Screentime
43:11

Kenneth Schlenker is the Founder of Opal, an app that was created to give control back to the users of screens. Opal uses a VPN to block access to distracting apps in a way that encourages us to think about the 'why' of what we are doing when we mindlessly pick up our phones. 

On this episode, Kenneth explains how Opal works, data on just how addicted we are to our screens, how the scientists hired by social media giants are designing their apps to keep us online as long as possible and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Kenneth on Twitter: www.Twitter.com/KSchlenker

Check out Opal: www.Opal.so

(03:50) - Kenneth’s Story and Career Leading Up to Opal

(05:45) - What’s the inflection point that people are starting to realize there’s a problem with our addiction to Social Media?

(07:51) - Is there data around how much we don’t know what we’re getting into when we open up social media?

(10:06) - Are we becoming conditioned to pull out our phones on instinct?

(11:32) - What are these scientists you talk about doing that incentivize us to stay on our phones?

Opal on TechCrunch

(13:23) - Well-Timed Notifications

The Social Dilemma 

(19:21) - What data are you seeing with regards to the Zoom'er generation and their usage of social media vs. other age groups?

(22:58) - Was there a moment in time where you felt so convicted that you needed to start Opal?

(25:25) - How does Opal work?

(28:24) - Is there any customer requests you’ve been getting that you didn’t expect?

(30:00) - What was your experience raising a seed round during the pandemic?

(32:27) - How do you think about the incumbents like Facebook who may not be super excited about your entrance?

(34:00) - Is there something you believe that many others don’t?

(35:27) - What’s the best advice you’ve ever received 

(36:06) - What’s the best book you’ve ever read

Indistractable - Nir Eyal

Power of Breath - Swami Saradananda 

(37:31) - How do people grow up differently in French culture vs. American culture?

(40:04) - Which country uses their phones the most?

(41:11) - How can people reach you?

The FORT with Chris Powers is produced by Straight Up Podcasts

Mar 22, 2021
#121: Andrew Wilkinson - Co-Founder of Tiny Capital
01:10:51

Today's episode features the Co-Founder of Tiny Capital, Andrew Wilkinson. Tiny Capital owns 30+ companies and focuses on buying, starting, and investing in internet businesses.

On this episode, Chris and Andrew discuss his childhood creating MetaLab which led him to help design some of the most well known companies like Slack and CoinBase. They also talk about the process of acquiring businesses, Andrew's habit of starting businesses when he's bored, his experience going public with WeCommerce and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Andrew on Twitter: www.Twitter.com/awilkinson

(02:51) - Andrews Background

MetaLab

The Making of an American Capitalist 

(09:50) - How did you think about money at an early age? 

(13:54) - Do you consider yourself a designer? How did you learn this?

(17:17) - Did you have founder’s guilt when it came time to replace yourself?

(19:21) - Doing the Things You Hate Doing in Business

(21:35) - Do you actually like reading a P&L and balance sheets?

(22:16) - What’s an immediate ‘no’ of all the businesses that cross your desk?

(26:00) - Once you’ve agreed to buy a business, what’s the process like going forward to close?

(29:32) - Do you negotiate?

(30:13) - Structuring CEO Comp and What Questions You’re Trying to Answer When Developing a Plan

(32:27) - Will you steer founders to go get a bank loan for a new company project or will you deploy capital?

(34:43) - If you had one hour to talk to each of your CEOs per year, what would you discuss with them?

Tao of Charlie Munger

(36:09) - Twitter Q: What is the key role, or person, to take a company from $500k-1M in revenue to $5-10M?

(38:00) - You speak very highly of your partner Chris. What do you do and what does he do?

(39:03) - Do y’all have a standing meeting or when do you communicate?

(39:51) - WeCommerce 

(43:17) - A Traditional IPO vs. a Reverse Takeover 

(45:20) - When did you decide it was time to go public?

(46:11) - What was your involvement in the Stamped Acquisition?

(47:28) - What have you learned from Bill Ackman and how did you meet him?

CharityBuzz

(51:26) - What's your process like to go from an idea to the launch of a business?

(58:19) - What’s the biggest thing content creators are missing when it comes to monetization?

Joe Rogan Got Ripped Off by Spotify

(1:02:34) - If you were the CEO of Twitter, what would you do to change the company?

(1:06:38) - Is there a childhood experience that shaped where you would go in life? 

(1:07:49) - What’s the best advice you’ve ever been given?

(1:08:57) - How can people get in touch with you?

Twitter: www.twitter.com/awilkinson

Mar 18, 2021
#120: Chris Bakke - Freelancer Economy, Startups, & Venture Capital
01:14:35

Chris Bakke is the co-founder and CEO of Laskie. Previously, he was the co-founder of Interviewed (acquired by Indeed), COO of 42Floors (acquired by Knotel), and managed business development for Zillow and RentJuice (acquired by Zillow).

On this episode, Chris discusses his experiences selling his companies and then working for the acquirers such as Zillow and Indeed during the pandemic. He also discusses the growth of the freelancer economy and how companies are starting to think about their approach to full-time employees vs. contract workers. Finally, they talk about founding Laskie, Twitter and the founders-dilemma of deciding whether to sell when an offer comes by or continuing to build. Enjoy!

(02:18) - Chris’ Background Working for Early Stage and Public Tech Companies

(04:42) - What was it like working at Indeed in the midst of the pandemic?

(07:47) - What is it like to transition from a founder of a company to being an employee after an acquisition?

(10:09) - When you take on the new role do you know what’s required of you from the jump, or is it expected your role might change?

(13:01) - Are there questions that you wish you asked in previous acquisitions to understand what it will be like on the other side?

(15:13) - How did the idea for Laskie come about? How do you describe what y’all do?

(19:02) - How long does it take to get approved as a vendor?

(21:14) - How many times do companies hire full time people when a freelancer would do just fine? Are we entering a world where companies cut down on full time people in exchange for more freelancers?

(24:31) - How do you overcome the issue of freelancer loyalty between competitors?

(28:23) - Personality Testing in Freelancing

(30:40) - Should hirers think about the idea of 1-3 days of working on a project with a potential employee before deciding to hire them?

(36:04) - Has there been anything unique in this COVID era in terms of requested services you’ve seen?

(39:18) - Chris’ Experience Working With the Same Group of Founders for All of His Companies

(40:10) - Are the roles of the group pretty clear each time you start a company together?

(45:31) - Was there someone who told you to stop doing founder-led sales and bring someone on or was it something you had to figure out?

(47:07) - What is “the game” of being a venture-backed company?

(50:19) - Was your goal to be the next billion-dollar company or did you know you wanted in and out in two years?

(53:22) - Do you think there’s a lot of companies that should have sold much earlier but keep pushing for that $10B sale?

(56:42) - What did it do to your psyche when you saw that first offer from a founder's perspective?

(1:01:45) - Why are you bullish on San Francisco/Silicon Valley?

(1:05:47) - If you were CEO of Twitter for the next year, what would you do?

(1:09:17) - Do you have a childhood experience that put you on your life path?

(1:12:20) - If you had a billboard on the busiest highway in Danville, what would it say?

(1:23:43) - How can people reach you?

Twitter: www.Twitter.com/ChrisJBakke

LinkedIn: www.linkedin.com/in/bakk3/

Mar 15, 2021
RE #119: Ray Washburne - Luxury Retail, Tex Mex, Trump, & Texas
01:13:41

Ray Washburne is the owner of the Mi Cocina restaurants, Dallas Highland Park Village, and former President and CEO of the Overseas Private Investment Corporation. 

On this episode, Chris and Ray talk about Ray's career path in real estate and how he developed Highland Park Village in Dallas into nearly $380 million in annual sales. They also talk about Ray starting one of the most popular Tex Mex chains in Texas, his experience working under President Trump, OPIC, and much more. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital

(02:27) - Ray’s Background and Career

(04:14) - How did you get started in real estate?

(05:16) - How do you find operating platforms that you want to back?

(06:58) - How do you think about getting a deal done?

(08:05) - How Chris and Ray Met

(08:42) - How Ray Bought Highland Park Village

(11:50) - Developing the Property

(13:11) - How does it work bringing in super-luxury tenants?

(15:10) - What does ‘Retail is Dead’ mean to you? Why is it wrong?

(16:35) - How do the personal shoppers work in your spaces?

(18:51) - What has Park House done for the center?

(20:55) - Why is Dallas winning so much?

(22:21) - Understanding the Consumer From a Property Management Perspective

(26:00) - The Story of Mi Cocina and Where it is Today

(30:40) - Why do brands not travel well?

(32:04) - What’s the long-term vision for the brand?

(33:20) - What was it like owning a restaurant in 2020?

(38:01) - Are there places where you’re now saving money due to COVID?

(40:43) - How important is it for a restaurant to have a signature drink or dish that people can rally behind?

(43:26) - How do restaurants make money?

(44:36) - Is there anything that you’re seeing that anticipates the next roaring 20’s?

(46:53) - Thinking About National Competition

(48:21) - Are most retailers located in major centers to make money or is it for marketing/branding?

(49:12) - What was it like working for President Trump?

(53:19) - Is there a time or interaction with him that you’ll never forget?

(55:31) - Was the division between Trump and top Democrats just for show or was it real?

(56:31) - What is OPIC and why should private business owners be thinking about it?

(59:52) - How do you determine which companies\countries have the entrepreneurs to drive capital?

(1:01:03) - The Chinese Belt & Road Initiative

(1:01:48) - What’s the coolest project you worked on?

(1:03:19) - Where is the world growing that we in America aren’t thinking about?

(1:04:54) - How are we going to be competitive against China?

(1:05:35) - What’s interesting to you going forward now that you’re out of government?

(1:07:44) - What’s the pitch of Downtown vs. Uptown Dallas?

(1:08:39) - Do you have a childhood experience that shaped the direction of your life?

(1:09:52) - What’s one thing you believe that a lot of people do not?

(1:11:09) - Can we keep a clean government?

(1:11:33) - What’s the best advice you’ve ever been given?

(1:12:02) -  If you owned the biggest billboard in DFW and you could put anything on it, what would it say?

The FORT with Chris Powers is produced by Straight Up Podcasts

Mar 11, 2021
#118: Chris Torres & Vangeli Gelekas - NFTs 101
01:24:36

Chris Torres is an artist and creator of Nyan Cat, one of the most popular memes in internet history. Vangeli Gelekas is currently building the largest NFT (Non-Fungible Tokens) artist community on the web and helping artists leave the constraints of corporate commissions behind through NFTs. 

On this episode, Chris and Van deep dive into NFT's and how the ownership of digital assets is going to change the world as we know it. They talk about the community of artists that currently make up their section of the NFT economy, how the average Joe can get into this world, why transactions are made via cryptocurrency, and more. This is is an episode you may want to listen to more than once, enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Chris Torres on Twitter: www.Twitter.com/PRguitarman

Vangeli Gelekas on Twitter: www.Twitter.com/NetGenius

(02:36) - What is an NFT? (Non-Fungible Token)

(04:35) - How did you get into this space?

(07:29) - Where are the best communities for NFTs?

NBA Top Shot 

(09:21) - Is an NFT only digital or can it be for physical assets?

(10:52) - If everybody has a screenshot of a piece of art, how is it really that valuable? 

(12:37) - What is Nyan Cat?

(14:10) - How can you monetize Nyan Cat & NFTs?

(15:06) - Why Screenshotting the NFT is What We Want 

(18:04) - If I buy Nyan Cat, what do I do with it?

(19:44) - How Much Chris Sold Nyan Cat For

(20:46) - Who’s buying NFTs right now?

(26:18) - How do I join the community?

(28:58) - Is there a leader of this community like Shitoshi in Bitcoin?

(31:07) - How does the average Joe get into this world with respect?

(40:11) - How do you create the NFT and get it on the Blockchain?

(44:13) - If I buy Nyan Cat, can I ask you never to sell another one or how does the ownership work?

(50:06) - Do you have to display the purchased art anywhere to build momentum? What happens if you don’t?

Marketplace: Foundation

(55:45) - Do NFTs only live on ETH?

(58:05) - The Transition from Physical Asset Value to Digital Asset Value

(59:42) - Could we turn this podcast episode into an NFT?

(1:01:21) - Can there be fractional ownership of NFTs?

(1:04:08) - Where can I go look at NFT freak’s art?

(1:05:47) - How did y’all meet each other?

(1:08:25) - Chris, why are you doing this?

(1:14:02) - Wrap-Up: What do you want people to take away from this episode if they came in with zero knowledge about this space?

The FORT with Chris Powers is produced by Straight Up Podcasts

Mar 08, 2021
RE #117: Chris Powers - The Barbell Theory in Real Estate
17:15

On this episode, Chris dives into what is known as the 'Barbell Theory' in real estate. He discusses how he came to learn about the theory and how folks in the industry can capitalize on the theory by getting ahead of the growth of an area before it happens. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(01:00) - How Chris Came to Learn About The Barbell Theory

(01:52) - The Barbell Theory

Google Earth Example of Fort Worth Barbell Theory

(08:25) - Acting on the Barbell Theory/ Buying in Front of the Growth

(13:28) - The Time Horizon for Growth

(15:09) - Wrap Up

The FORT with Chris Powers is produced by Straight Up Podcasts

Mar 04, 2021
#116: Mitchell Baldridge, CFP/CPA - Founder of Baldridge Financial
01:23:40

Mitchell Baldridge is a Certified Public Accountant and Certified Financial Planner with vast experience in corporate accounting, business advisory, and financial planning. His passion is building lifelong relationships with business owners to help them thrive. 

On this episode, Mitchell and Chris discuss the nuances in financial planning for business owners, best practices to take before selling your business, bulletproof ways for normal people to save on taxes, Twitter and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.Linkedin.com/in/chrispowersjr/

Follow Mitchell on Twitter: www.Twitter.com/BaldridgeCPA

(02:51) - Mitchell’s Story and What He Does Today

(05:46) - Knowing How to Make Money vs. Knowing How to Invest Money

(06:40) - Thought Experiment: Family business owner, late in a career, $50 M company w/ three kids & grandkids and no planning. What do you recommend?

(16:02) - Is there a certain dollar amount you need to start thinking about this planning?

(17:03) - Setting up a Giving Plan

(21:10) - The Fractional Family Offices & Creative Planning

(24:32) - What technology are you using right now?

(25:30) - Twitter Q: Why do most CPAs act like they work for the IRS instead of their client?

(28:58) - What’s it like to be so intimately involved with people making incredible amounts of money?

(30:22) - If you’re selling your business, are there best practices to do a few years out?

(32:35) - What’s a Loan Out Corp?

(34:48) - Do they need audited financials years in advance?

(35:34) - What is QSBS? (Qualified Small Business Stock)

(28:25) - How does a SPAC work? (Special Purpose Acquisition Company)

(40:17) - What are some outlandish ways you’ve seen people avoid taxes?

(41:36) - Is there a bulletproof way to save on taxes for the average person?

(42:59) - What’s a cash balance pension plan?

(45:12) - What are the benefits for Multi-Family vs. Commercial asset classes with Cost & Bonus Depreciation?

(54:42) - What pieces of real properties (parking areas, concrete on commercial areas, etc.) are often overlooked for bonus depreciation?

(56:12) - Is the best practice to call your CPA after every deal?

(58:04) - How do you most efficiently structure a holding company with both operating and real estate investments?

(1:00:07) - How do you best structure family businesses that will succeed from one generation to another?

(1:02:34) - What is the coolest way you’ve seen a family set benchmarks for grandkids to actually earn money from a plan?

(1:05:36) - How are you thinking about growing your business going forward?

(1:08:46) - Twitter as a Mode for Growth

(1:12:55) - Nick Huber

(1:16:40) - Do you have a childhood experience that shaped the direction of your life?

(1:18:50) - Is there something you believe that a lot of people around you don’t?

(1:19:38) - What’s the best advice you’ve ever been given?

(1:20:30) - Do you have a book that you love?

Think & Grow Rich by Napoleon Hill

Choose yourself by James Altucher

(1:21:41) - What’s the best way for people to reach you?

The FORT with Chris Powers is produced by Straight Up Podcasts

Mar 01, 2021
#115: James Beshara - Angel Investing, AirBnb, Clubhouse, & Being Content
01:58:58

James Beshara is a full-time Angel Investor & Founder of Magic Mind. He also is the host of the podcast Below the Line. 

In his third appearance on The FORT, James and Chris discuss the origins of their friendship, the concept of lives being made on 12 seconds of courage, and the metrics of their first venture fund. James also details his experience building Tilt, which was acquired by Airbnb in 2017, and the downside of that journey that you won't ever hear from other start-ups in the media. He talks about running out of cash while trying to find a suitable buyer for the business, having to lay-off employees, and taking the news of the acquisition to the team as well as transitioning to Airbnb.

Finally, James and Chris discuss the ego-centric world of tech, what it means to be happy, the philosophy behind building a business, and more. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

James Beshara on Twitter: www.twitter.com/jamesbeshara

James' Podcast: www.belowthelinepod.com

(03:26) - How James and Chris Met

(07:22) - Lives Are Made on 12 Seconds of Courage

(12:15) - Going to South Africa

(16:24) - The Metrics for Chris & James First Fund (Cat Empire)

(24:20) - The Process of Deciding to Start a Venture Fund

(30:02) - The Downside of Building and Exiting Tilt (Acquired by Airbnb)

Below the Line: On Failure 

(36:10) - The Last Few Months of Tilt

(50:03) - Telling the Team About the Acquisition

(59:06) - Initial Experiences at Airbnb

(1:02:10) - What’s the process like getting stock in a pre-IPO company?

(1:05:12) - Being Made to Create

(1:07:20) - Working Alongside AirBnb’s CEO

(1:10:55) - When someone is emerging with a start-up, are they getting executive coaches along the way?

(1:17:04) - Vulnerability is a Strength 

(1:22:33) - Ego in Today’s Society

(1:25:27) - Envy

(1:30:51) - Eastern Philosophy & Starting a Business

(1:33:17) - Wheat does an internal pursuit mean?

(1:36:36) - What does it mean to be content?

Living life backwards by David Gibson

(1:49:08) - Clubhouse and James Being One of the First Investors

The FORT with Chris Powers is produced by Straight Up Podcasts

Feb 25, 2021
#114: Patrick Dossett - Navy SEAL and Founder of Madefor
01:23:10

Patrick Dossett is a Navy SEAL and Co-Founder of Madefor, a ten-month program that applies the principles of modern neuroscience, psychology, and physiology to make your brain and body better.

On this episode, Patrick talks about his journey of becoming a SEAL and the grueling physical and mental process that develops the greatest soldiers on earth. He also talks about his transition out of the SEAL Teams into business school at Wharton and his time working at Google.

Finally, he and Chris discuss launching Madefor right as the pandemic hit, learning from his Co-founder Blake Mycoskie (founder of Tom's Shoes) and how Madefor is aimed to help bring peak potential out of every student. Enjoy!

(02:31) - Pat’s Story Growing Up

Rogue Warrior by Richard Marcinko

(03:46) - What was it that drove you to want to become a SEAL?

(05:36) - Pat's Journey of Starting at the Naval Academy and Getting to BUD/S

(08:31) - What’s the breakdown of mental vs. physical toughness in being a SEAL?

(13:01) - Hell Week & Focusing on What’s in Front of You

(19:20) - Sleep During Hell Week

(20:36) - Is there a reason why we aren’t taught more about focusing on the little things in front of us? Why do we only look at the 'big wins’?

Growth and Fixed Mindsets - Carol Dweck

(25:30) - Was the Dweck research outcome due to more nature or nurture?

(26:46) - What’s the main reason a SEAL mission fails?

(32:30) - There’s Always an Opportunity to Quit

(37:20) - How was your transition out of the teams? What did business school do for you?

(40:58) - What was the difference in ‘thinking outside the box’ in the SEALS vs. your time working at Google?

(47:25) - How did you get the idea for Madefor?

(52:23) - What have you learned from your co-founder, Blake, that’s made him a great businessman?

(55:24) - What is the product you’ve built? What’s the curriculum?

(1:02:34) - Do people taking the class get to know other students or is there only communication with the company?

(1:04:06) - How many people have gone through the program to date?

(1:05:09) - What happens during a month of the program?

(1:08:35) - What’s the main reason why people show up for this program?

(1:14:29) - What’s one thing you believe that most people don’t?

(1:15:03) - Do you have a morning routine?

(1:18:44) - What’s the best advice you’ve ever been given?

(1:19:26) - How can people get in touch with you?

(1:20:31) - Wrap Up

www.getmadefor.com

Madefor on Instagram: @madefor

Patrick on Instagram: @Madefor_pat

The FORT with Chris Powers is produced by Straight Up Podcasts

Feb 22, 2021
RE #113: Chris Powers - Executing Your First Real Estate Deal
37:11

How would you go about doing your first real estate deal with no experience and no capital? On this episode, Chris answers that question as he walks through the process of executing your first deal. He explains why you need to have immense knowledge of your market, understanding how to approach banks, the process of raising capital, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital

(00:57) - Pick an Asset Class and a Market

The FORT Podcast RE #93: How to get your first job in Real Estate

(02:24) - Get Your Real Estate License

(04:08) - Borrowing From a Bank (FHA Loan)

(07:54) - Get to Know Your Market

(10:01) - Learn How to Underwrite a Property

(16:48) - Raising Money

The FORT Podcast RE #81: How to Underwrite

(20:39) - Setting Terms with Investors

(21:26) - Understanding What a ‘Good Deal’ Looks Like

(23:31) - Cold-Calling Properties & Talking to Brokers

(25:08) - Finding Sub-Contractors

(27:37) - After You Get a Property Under Contract

(29:02) - Property Management

(32:18) - More on FHA Loans & Chris’ First Deal

(33:41) - Wrap Up

The FORT with Chris Powers is produced by Straight Up Podcasts

Feb 18, 2021
RE #112: Nick Huber - Self Storage, Twitter, & Sweat (Part 2)
01:09:32

On this episode, Nick Huber joins Chris for his second appearance on The FORT podcast. Nick is the founder of The Sweaty Startup whose mission is to help people do common things uncommonly well.

Nick and Chris discuss his massive growth on Twitter over the last 6 months and what kind of value that's brought him. They talk self-storage and Nick's 12 properties under contract as well as how he was able to raise the money for those deals. They touch on the importance of providing value and content online, the steps Chris took in his business career to get where he is now, Nick's Real Estate course, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital/ 

Nick Huber:

Bolt Storage

The Sweaty Startup Website

Nick's Real Estate Masterclass

Nick on Twitter

(02:43) - Walk Us Through Selling Your Self-Storage Business and What Y’all Went Through in 2020

(03:54) - Was there a moment when you realized that it was time to sell?

(04:32) - How long did it take you all to sell?

(05:32) - How much has your growth on Twitter changed your world?

(06:25) - How were you able to earn $100k in consulting?

(07:39) - How Chris and Nick Engage with Potential Investors

(10:52) - Nick’s Thread that Was Published on Morning Brew that Led to 30-40k Followers on Twitter

The Thread

(11:52) - Nick and Chris’ Thoughts on Giving Information Away on Twitter and Handling Trolls

(14:38) - How do you meet the really big people on Twitter?

(15:07) - Chris’ Twitter & Podcast Goals

(17:32) - Nick’s Business Goals and The Steps Chris Took to Get to Where He is Now

(22:27) - Thinking of Hiring as an Asset and Not an Expense

(25:40) - Clubhouse

(27:17) - Twitter Q: What would you be doing if you weren’t doing real estate? 

(31:56) - Nick’s Real Estate Course (The Non-Sales Pitch)

(33:58) - Podia

(35:35) - What asset class would you jump into if you couldn’t do self-storage?

(37:04) - How are you underwriting your expected churn?

(38:40) - Why do you continue to focus on the NorthEast?

(40:42) - What’s the most common thing you do to increase value when you take over a property?

(42:44) - Nick’s Advertising Process

(43:09) - Twitter Q: How are you sourcing and getting things under contract so quickly?

(44:37) - Working with Brokers

(49:41) - Cash-Out Refinancing

(51:05) - Demographic Differences Between Rural NE and The Big Cities

(51:50) - Customers Taking Advantage of Customer Service Reps

(54:50) - What type of person are you hiring?

(56:14) - What do the first 2 weeks look like after closing 12 properties?

(58:12) - Twitter Q: Buy and Hold forever vs. Buy and Sell in 5-7 years?

(1:01:28) - Being an LP

(1:05:36) - Wrap Up

The FORT is produced by Straight Up Podcasts

Feb 15, 2021
#111: Tomas Hoyos - Co-Founder & CEO of Airsubs
56:11

Today's episode features Tomas Hoyos, the Co-Founder & CEO of airsubs, a platform launched in the midst of the pandemic that allows creators to connect virtually with their audience to teach classes, host fitness courses and more all while monetizing as digital creators. Tomas also is the founder of Voro, a healthcare social network where people share doctor recommendations with their friends and neighbors, research doctors, and book appointments.

On this episode, Tomas touches on his childhood moving from Venezuela to the United States and the trial his family went through during multiple military coups and the Bay of Pigs. He and Chris also discuss the pivot to launching airsubs during the early days of the pandemic, how COVID affected Voro, and the trend of the creator economy exploding due to the events of the last year. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

 

(02:56) - Tomas’ Story Growing Up and What Led Him to Airsubs

www.airsubs.com

(04:16) - Tomas’ Experience Growing Up in Venezuela

(05:36) - What was the inspiration behind Voro?

www.Voro.com

(10:02) - When did you decide to go all-in with Voro?

(10:56) - Did you bring on a co-founder?

(11:27) - What happened when the pandemic hit?

(16:44) - How do you describe airsubs?

(20:29) - Was Mike Maples the main encourager for y’all to ‘try anything’ in the midst of the world turning upside down?

(22:13) - What was your mandate to the team in the aftermath of that conversation? How long was it until you launched airsubs from that call?

(23:03) - Did you code everything out or go no-code?

(23:38) - What was the genesis of getting your first creator onboard?

(27:13) - What other types of use-cases are you seeing on the platform?

(29:04) - Re-Selling Content

(30:14) - Can you embed your profile into a website or do you drive users to the airsubs website?

(31:00) - Is there a community aspect within airsubs?

(31:41) - What’s the network effect like?

(33:24) - What tools do you offer to the creator?

(36:14) - How are you getting inspiration for new tools to add?

(37:27) - Has there been anything your customers have asked you to build that was surprising?

(38:33) - Is there any reason a creator would go back to in-person events after seeing such success online?

(40:02) - What are your thoughts on Clubhouse and the idea of monetizing conversations?

(43:48) - How many people are working on the business?

(44:48) - Is it fair to say you’ve found Product-Market fit with airsubs?

(46:04) - How are you thinking about financing going forward?

(46:56) - How are you thinking about Voro’s growth amidst airsubs’ success?

(47:58) - Is your team completely remote? How do you think about growing the team?

(48:40) - What have your investors done for you that you didn’t expect?

(50:02) - Did you have a childhood experience that shaped the trajectory of your life?

(52:56) - What’s the best advice you’ve ever received?

(53:37) - What’s the best book you have ever read?

Alexander Hamilton by Ron Chernow

When Breath Becomes Air by Paul Kalanithi

Barbarian Days by William Finnegan

A River Runs Through It by Norman Maclean

(54:30) - What’s the best way for people to reach you or find airsubs?

Twitter: www.Twitter.com/HomasToyos

Instagram: www.Instagram.com/HomasToyos

Tomas@airsubs.com

 

Feb 11, 2021
#110: Matteo Franceschetti - Co-Founder & CEO of Eight Sleep
40:59

Matteo Franceschetti is the Co-Founder and CEO of Eight Sleep, a proprietary technology reinventing the way people sleep. Eight graduated from Y Combinator in the summer 2015 and from Stanford’s StartX program in May 2015.

On this episode, Matteo offers insight into the nuances of how and why we sleep. He touches on how various inputs affect our quality of sleep such as food, caffeine, alcohol and supplements. He also describes various levels of sleep: Light, Deep and REM. Finally, Matteo and Chris talk about Eight Sleep's technology and how it has been able to help people improve their sleep. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(01:42) - Matteo’s Background

(02:30) - How did you get the idea to start Eight Sleep?

(03:34) - What was your experience like going through Y Combinator?

Y Combinator

(04:26) -  Why do you characterize sleep as a form of fitness?

(05:34) - Why do you suggest compressing your sleep from 8 hours to 6 hours?

(06:33) - How do you define light sleep, deep sleep, and REM?

(07:58) - What happens to the body when you’re sleeping? Why do we need sleep?

(09:51) - Does the amount of total time in bed but not asleep benefit you at all?

(10:24) - What effect does alcohol have on sleep?

(12:21) - What effect does eating before bed have on sleep?

(13:29) - How does caffeine impact sleep?

(14:39) - How does exercise and when you exercise affect your sleep?

(16:02) - Does having sex before you go to sleep affect your sleep?

(16:27) - Do you recommend sleep supplements like Melatonin?

(17:35) - What are your thoughts on going to sleep around the same time every day?

(20:43) - How does your mood before going to bed impact your sleep and how you wake up?

(21:56) - Is there data on sleep quality for couples vs. those sleeping alone?

(22:58) - Why do people dream?

(24:17) - Why are some people really heavy sleepers and others light sleepers?

(24:57) - How does age affect sleep?

(26:17) - Does gender affect sleep?

(26:40) - How does sleeping on a mattress for most folks affect sleep vs. people in poverty that have worse sleeping conditions?

(27:40) - How does light and temperature in the room affect sleep?

(28:21) - What is it about the products you offer that make sleep better for people?

(30:00) - How are these mattresses able to control body temperature?

(30:34) - What type of information do the mattress sensors pick up about the user?

(31:53) - Does the mattress differ in terms or softness or firmness? Does it even matter?

(32:50) - Do pillows matter?

(33:16) - What data do customers get in the morning on the Eight Sleep app?

(33:47) - Circulating Water into the Mattress

(34:46) - Can you describe the pods and cover you offer?

(35:58) - What can folks who travel a lot do to make sleeping better?

(36:30) - Is there a childhood experience that shaped the trajectory of your life?

(37:15) - Do you have a morning routine?

(38:05) - What’s the best advice you’ve ever received?

(38:14) - If you had a billboard that was on a major highway, what would you put on it?

(39:08) - How can people reach you?

eightsleep.com

Follow Matteo on Twitter

Feb 08, 2021
#109: Jeff Worn - President & CEO of South Georgia Pecan Company
01:05:57

Jeff Worn is President & CEO of South Georgia Pecan Company, the largest nut-sheller in the world. 

On this episode, Chris and Jeff discuss taking over his family business, growing the company to $300M in revenue, the domestic and global pecan industry, much of the industry nuances that are influenced by a growing market in China, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/


(02:49) - Jeff’s Story Growing Up and What Lead Him to Takeover Southern Georgia Pecan

(07:35) - What did your family business look like when you first entered the picture?

(12:31) - Why aren’t there government subsidies for pecans but there are for other nuts?

(15:34) - What is the dynamic of a contract between you and growers?

(18:46) - Verbal Agreements in a Tight-Knit Industry

(20:22) - What months are considered ‘Pecan Season’?

(24:53) - Is the pecan market relatively new in China?

(26:23) - What happens from the day you pick up the pecans all the way to delivering to the final customers?

(28:05) - How do you measure the quality of a pecan?

(31:25) - How long do they sit in cold storage?

(32:09) - How much of the plant-work is done by machines vs. humans?

(32:39) - What sets the market for pecans? Why does it fluctuate so much?

(34:25) - What causes a bad crop season?

(35:17) - Are y'all making the final product in-house or are you just delivering pecans to folks who will make the ice cream, pies, etc.?

(36:17) - Is there a pecan allergy or is it just peanut allergies?

(37:20) - How long has this business been in your family?

(38:08) - Are there a lot of new entrants into the industry or is it largely family-based?

(39:28) - What were the big leaps you made since starting off in a sales role?

(48:08) - Building a Plant Out in El Paso

(50:33) - When did you become President & CEO?

(53:01) - What are the top things that stood out to you when you went about changing a 100-year old culture?

(56:52) - Do you have an end goal?

(58:20) - What does the institutional capital that’s entering the market look like?

(58:57) - Do you have a childhood experience that shaped the trajectory of your life?

(1:01:26) - What’s the best advice you’ve ever received?

(1:03:08) - If you owned a billboard that you could put anything on, what would it say?

The FORT with Chris Podcast is produced by Straight Up Podcasts

Feb 04, 2021
RE #108: Brady Wood - Founder of Woodhouse "A Hospitality Legend"
01:14:42

Brady Wood is an influencer and innovator in the entertainment concept and real estate development space. He has the proven ability to “see the unseen” which allows him to navigate the complex and nuanced art of concept creation.

On this episode, Brady and Chris discuss his journey from buying bars and restaurants in Dallas to founding Woodhouse and developing major mixed-use projects such as The Star in Frisco facility utilized by The Dallas Cowboys. They also discuss the private membership club industry and how they were able to navigate the pandemic with projects like Park House in Highland Park. Finally, Brady gives his thoughts on concepts like Ghost-kitchens and how to better the relationship between restaurants and leasers to keep these small businesses alive. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:47) - Brady’s Story Owning His First Businesses and Buying Bars in Dallas

(07:53) - Did you end up selling all of those businesses or did you hold onto them?

(09:08) - What was the next step for you after owning bars and restaurants in Dallas?

(13:12) - Can you describe what you do today at Woodhouse?

(16:24) -  Working with Jerry Jones to Develop The Star Facility in Frisco

(18:58) - What did the developers do right when building The Star that others should think about in terms of bringing someone like you into the fold of a project?

(23:13) - When someone like The Cowboys built out The Star, is WoodHouse putting together a plan to present to the family and developing everything once it’s approved?

(25:14) - How do you come up with these concepts and gain inspiration?

(27:32) - Why are great restaurants great? Why do some fail?

(34:17) - Can you describe what a partnership deal between the leaser and the restauranteur looks like?

(37:11) - Why aren’t more folks pursuing these types of partnerships?

(39:24) - Assuming the partnership is in place, why do restaurants still fail or succeed from an operating standpoint?

(43:08) - How did you develop and execute the Park House Club concept in Highland Park, Dallas?

(46:39) - How do you deal with such a long waiting list? (4,100 Currently)

(47:59) - Is there something unique that the space has been used for that you never expected?

(50:07) - Gateway and First-Tier Cities

(53:51) - What is the future of private paid membership clubs?

(55:28) - Should more restaurants think about the Ghost-Kitchen model?

(57:17) - What are some things we should expect in the next year and over the next 5 for hospitality?

(1:01:28) - When can we expect music festivals to come back?

(1:02:40) - What are the economics of a music festival?

(1:04:17) - Do you act as the consultant to the festival or do you own the ones you’re involved with?

(1:04:47) - Could the private membership clubs not exist in small marker cities or do they require a certain demographic?

Common House Club in Charlottesville

(1:06:39) - Do you have a childhood experience that shaped the trajectory of your life?

(1:09:30) - What’s one thing you believe that most people don’t believe?

(1:10:38) - What’s the best book you’ve ever read?

Richard Branson Books

Elon Musk’s Biography

Empire of the Summer Moon

(1:11:43) - If you owned a billboard that you could put anything on, what would it say?

(1:12:14) - What’s the best way for people to get in touch with you?

Brady on LinkedIn

Woodhouse Online

Feb 01, 2021
RE #107: Sean Dalfen - President & CIO of Dalfen Industrial
53:35

Sean Dalfen is the President and Chief Investment Officer of Dalfen Industrial and is responsible for the firm’s investment activities, the origination of new business, and implementation of the last mile investment strategy. Sean is also a member of the firm’s Executive Advisory Committee and the General Partner’s Fund IV Investment Committee.

On this episode, Sean and Chris discuss his journey into the real estate world with his father, his decision to launch a fund business within the organization, why he's bullish on Industrial, Dalfen's Last Mile analysis, and more. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Check out Dalfen Industrial: www.dalfen.com

Find Sean on LinkedIn

(03:15) - Sean’s Story Growing Up and Leading to His Role Today

(05:44) - Is there anything that stands out that your father did with you at a young age to keep you hungry and motivated?

(07:18) - What did the company look like when you first joined?

(08:52) - Why did you decide to launch a fund business?

(11:26) - How large was your first fund?

(12:17) - Can you paint a picture of the benefits of working with institutional capital vs. private capital?

(14:02) - Do you raise institutional funds in-house?

(15:02) - What’s a Top-Up?

(15:23) - What is your role today as President and CIO?

(16:21) - What are the big fundamentals that are appealing to you in looking at the future of Industrial?

(20:58) - Last Mile Analysis

(24:29) - How do you use the analysis to create deals?

(26:02) -  Dalfen’s 4 Buckets (Value-Add, Core, Core-Plus & Development)

(27:27) - What are the fundamentals of a Core vs. Value-Add deal?

(29:03) - How do you think about development?

(31:57) - Do you do any forwards with development?

(33:02) - Do you still participate in Co-GP or JV deals?

(33:47) - Is there a situation that comes to mind where you would get into a JV deal?

(35:02) - Is there a data point that you look for when folks say that Industrial will become over-built?

(38:50) - Is there anything interesting about working with Amazon?

(40:53) - Do you have any insight on the border trade-market?

(43:07) - How are your offices set up across different markets? How do you manage them?

(45:10) - How do you describe a full-team setup?

(46:00) - Are there different rules and guidelines when it comes to ownership in Canada vs. the USA?

(48:01) - Capital Markets for Industrial: where do they sit today vs. pre-COVID?

(49:48) - Do you have a childhood experience that helped shape the trajectory of your life?

(51:01) - What’s the best advice you’ve ever received?

(51:31) - What’s your favorite book?

Man's Search for Meaning - Viktor Frankl

Extreme Ownership - Jocko Willink

The FORT with Chris Powers is produced by Straight Up Podcasts

Jan 28, 2021
RE #106: RE Private Equity - Stay Small or Grow a Platform?
41:07

When starting a career in RE Private Equity, should you stay small or grow a platform? On this episode, Chris answers that question as he walks through the process of growing a real estate company from a one-man band to 25+ people. He explains how your role changes as you do more deals, why hiring is inevitable, the challenges of hiring the right people, implementing processes and operations, and more. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital/

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(01:27) - When You’re in the Early Stages of a Small Business (1-2 People)

(04:03) - Finding and Setting Up Your HQ

(04:41) - Determining the Future of Your Company

(05:13) - Option 1: Doing 1-2 Deals Per Year

Accounting Software - Quickbooks

(13:04) - What happens after closing your first deal and you’re looking for your next deal?

(14:52) - How will your role change as your company grows?

(15:39) - “Doubling” Your Business After Year 1

(17:20) - Hiring a Commercial Loan Assistant

(19:11) - Challenges in Hiring Someone

(22:08) - Hiring Asset Managers in Year 3

(24:01) - Creating Processes

(25:58) - Increasing Your Prices and Preserving Fee Streams

(29:09) - Making the Leap from 5-6 People to 25 people

(37:31) - Wrap Up

The FORT with Chris Powers is produced by Straight Up Podcasts

Jan 25, 2021
RE #105: RE Private Equity w/ "The Real Estate God"
01:02:58

On this episode, Chris talks with the anonymous "Real Estate God" (www.Twitter.com/TheRealEstateG6) about how and why he launched his online persona to tweet about Real Estate. They also discuss his experience working in Private Equity in San Francisco, the future of the office, retail, and hotels post-COVID, and the appeal of multi-family as an asset class.

Finally, they talk about The System, an online course released by The Real Estate God to help both RE newbies and seasoned veterans attain true wealth through real estate. Enjoy!

You can become your own Private Equity firm here with TREG's course: The System - www.gumroad.com/l/trdbw

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:06) - The Real Estate God’s Background and How He Got to Where He is Today

(02:35) - How did you go about creating your online persona?

(03:22) - Can you describe the type of work being done at the PE firm you’re working for?

(04:24) - What type of office are you investing in?

(05:15) - How do you source deals?

(05:49) - Can you describe from your perspective how office, retail, and hotels were affected in 2020 and their future looking forward? 

(10:36) - What type of retail do you play in?

(11:17) - What’s going on in San Francisco from your perspective?

(14:39) - Are you worried about the tech jobs leaving SF due to WFH?

(15:25) - Why is the government so restrictive there in regards to office?

(17:34) - What’s the leasing activity like in SF right now?

(19:08) - Are employees allowed in the offices in SF right now?

(19:38) - What’s keeping you in SF?

(20:39) - Can you walk us through a recent office deal in this office environment?

(22:53) - Can you describe the seller’s mindset in this situation?

(23:42) - The Methodology of Underwriting an Office Deal

(25:36) - How do you think about mitigating the risk of TI (Tenant Improvement) exposure?

(26:46) - Are the capital markets in office starting to open up?

(27:24) - Is there any tech or software that’s emerging in office?

(27:56) - Can you define Creative Office Building from your point of view?

(28:14) - Are the buildings coming with this 'creative' look or are you making a lot of those changes?

(29:01) - Why is multi-family an appealing asset class to you?

(31:14) - How did your idea for The System come together? How did you go about putting it in motion?

(33:36) -  What do the two structures look like if it's an IRR hurdle vs. a Multiple hurdle? Why is Multiple better?

(36:24) - Can you summarize your view in your course on how you think someone can turn $50,000 into $1 Million? 

(43:06) - How did you go about developing your table of contents for the course?

(44:06) - What was the thesis for the course?

(45:08) - Have there been any cool testimonials or outcomes from those who have bought your course?

(45:40) - Are most of the people buying your course brand new to real estate or is it a seasoned person looking to get more educated?

(46:20) - Changing the Future of Education

(49:34) - How did you find your mentor? How would you advise listeners on finding someone who can change their life through mentorship?

Questions from Twitter:

(54:06) - Mindset & Callicrates

www.Twitter.com/callicrates_ 

(55:39) - Do the people you work with know that you’re The Real Estate God?

(56:11) - Is there something that’s keeping you from starting your own firm?

The FORT with Chris Powers is produced by Straight Up Podcasts

Jan 21, 2021
RE #104 - Fort Capital's 2020 Annual Letter
21:58

This episode features the audio version of Fort Capital's 2020 Annual Letter detailing the decisions we made and the processes we followed throughout an unprecedented year. To read the full-text version, click here.
 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(00:21) - A Year for the Record Books

(02:11) - Remaining Focused in 2020

Jim Collin’s - Good to Great

(02:47) - Fort Capital’s Flywheel

(04:15) - C.O.R.

Episode #65 on COR or read about it here.

(05:03) - A Focus on Class B Industrial

(05:47) - Why We are Focused on Buying and Operating Class B Industrial

(08:56) - Strategies for Creating Value Across Our Investments

Click here to sign up for our Broker Deal Incentive Program

(10:40) - Fort Capital’s Track Record

(11:36) - Investors

If you’re interested in investing with us or would like to see our more detailed track record, please reach out to investors@fort-companies.com or fill out the ‘I want to invest with Fort Capital’ interest form here.

(12:25) - FCP Management

For Property Management inquiries, please contact Steve Bailey at sbailey@fort-companies.com

(14:08) - A Technology-First Mindset

(15:11) - What FOS Does for Our Company

(16:11) - Advantages of FOS

(17:30) - 2021 Outlook

Episode #91 with Spencer Levy of CBRE

(20:04) - A Shameless Ask

If you know anyone that might have an industrial property to sell, we’d love to meet them. Please get in touch with us here.

(20:50) - Get in Touch

If you know of someone who would like to invest in industrial real estate across Texas, we’d love to connect with them. They can email investors@fort-companies.com or fill out the ‘I want to invest with Fort’ interest form here.

Interested in joining our team? Fill out our two-question survey and submit your resume here.

To learn more about our team, check out our portfolio, or read more about how we think.

Connect with us on Social Media to stay in the loop on what we’re up to:

Follow Chris on Twitter

Follow Fort Capital on LinkedIn

Subscribe to The FORT Podcast

Subscribe to our Quarterly Newsletter

Jan 18, 2021
RE #103: Fort Capital's 2020 Year in Review
01:04:34

Fort Capital COO, Jason Baxter, returns to discuss Fort Capital's 2020 'Year in Review'. On this episode, Chris and Jason discuss the processes implemented in 2019 that helped our team through the pandemic in 2020, starting a property management company, doubling down on industrial, key improvements made to the team, the importance of technology & AI for your business, and much more. Click here to read Fort Capital's 2020 Annual Letter. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/


(00:52) - What are the things we did as a company as it relates to COVID? What did we do in 2019 that positioned us for success?

(04:45) - The Flywheel at Fort Capital

Turning the Flywheel by Jim Collins

(10:13) - The First 2 Months of 2020 and Getting Into Property Management

Fort Capital 2018 Year in Review

Fort Capital 2019 Year in Review

(14:22) - Why We Selected Yardi

(16:17) - Onboarding our Properties Pre-COVID and During COVID

(16:57) - Doubling Down on Industrial

(20:39) - COR Improvements in 2020 [Cutting Costs & Managing Data]

(25:33) - Working With the Banks

FORT Episode #59 with James Hill (On Banking)

(29:02) - What are some key things we did to improve the company on a department level?

(34:05) - Improving Investor Reporting

(36:38) - The Importance of Technology to Make Your Business Better

(41:01) - Some of the Tools We’ve Built and How We’re Thinking About Acquisitions in 2021

(45:05) - The Predictability Score

(54:08) - Fort Capital’s Acquisition Consultant Program & Broker Incentive Program

(58:27) - Final Stats for 2020 (Closing, Raising, Investors) and Goals for 2021

(1:00:58) - Our Shameless Ask & What Fort Capital is Looking For

(1:01:40) - Final Thoughts and Goals Looking at 2021

The FORT with Chris Powers is produced by Straight Up Podcasts

Jan 14, 2021
RE #102: Jonathan Wasserstrum - Co-Founder & CEO of SquareFoot
54:22

Jonathan Wasserstrum is CEO and Co-Founder of SquareFoot, a personal commercial real estate assistant. Prior to business school, Wasserstrum worked in the International Capital Group at Jones Lang LaSalle where he advised foreign and domestic clients on more than $3 billion worth of transactions globally.

On this episode, Chris and Jonathan discuss his experience starting his career in capital markets during the financial crash, starting SquareFoot in his parents' attic and the New York office environment through the pandemic. They also discuss the process of raising capital, operating a rolling fund, and the world of Angel Investing. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(02:30) - Jonathan’s Story 

(03:39) - What did the ’07-’08 crisis look like for you as you started your career in real estate?

(04:31) - What was your specialty when you worked in capital markets?

(06:05) - Do you remember any moments during the crash where it hit you how bad it was going to be?

(07:14) - What’s the fulcrum piece of the capital stack?

(09:47) - What was the journey like from business school to launching SquareFoot?

(11:25) - Did you have a co-founder from the jump?

(12:31) - Was the domain name available when you started SquareFoot?

(13:08) - How did you go about purchasing the domain?

(13:43) - What is SquareFoot? How are you all doing things differently?

(16:12) - What’s a management agreement?

(20:04) - Do you have a target customer?

(21:00) - Is this target market trying to lease within a certain amount of time?

(21:56) - What markets are you located in?

(23:10) - What’s the office environment like in New York City right now?

(25:46) - Are you seeing data of new folks moving to New York or is it an internal movement?

(26:39) - What was it like raising capital? How was your experience working with VCs?

(30:46) - How many VCs are there in the country that would be interested in something like SquareFoot?

(31:28) - What are your thoughts on the office in the future? How will it be different and how will it be the same?

(33:36) - Is there a world for the Airbnb home-office?

(34:40) - The WFH vs. Office Debate

(36:18) - How do you find new customers?

(37:20) - What’s the ultimate goal for SquareFoot?

(37:49) - Where are the brokers that you hire coming from?

(39:55) - What technology do you provide your brokers with to give them a leg up?

(41:32) - What was your experience buying PivotDesk?

(43:14) - Jonathan’s Night Hobby as an Investor on AngelList

(43:45) - How does a rolling fund work?

(45:52) - Are you still doing syndicates?

(46:58) - How many investments have you made?

(47:45) - What’s considered a good performing fund?

(49:10) - Do you have a childhood experience that’s shaped who you are today?

(51:04) - What’s a book that’s had an impact on you?

Danny Meyer - Setting the Table

Meditations - Marcus Aurelius 

(52:13) - If you had a billboard that you could put anything on, what would it say?

(52:35) - Contact Jonathan:

SquareFoot.com

PivotDesk.com

Jonathan on LinkedIn: www.linkedin.com/in/jonathan-wasserstrum-8a77533/

Jonathan on Twitter: www.Twitter.com/JMwass

Link to Jonathan's Rolling Fund: www.angel.co/v/back/jonathan-wasserstrum

The FORT with Chris Powers is produced by Straight Up Podcasts

Jan 11, 2021
RE #101: Chris Weekley - Executive Vice President at David Weekley Homes
01:06:22

Chris Weekley is the Executive Vice President at David Weekley Homes, one of the largest privately-held home building firms in the country. On this episode, they discuss the culture at DWH, Weekley's different product types in home building, the challenges and opportunities in home building, markets across the country, what 2020 presented for home builders, and what 2021 looks like. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Connect with Chris Weekley: www.linkedin.com/in/chris-weekley-892960/

(02:13) - Chris’ Story

Acton School of Business | MBA

(06:41) - Growing up, was your father’s work/family separation intentional in light of running a family business?

(07:36) - How is 'The Life of Meaning Class' at Acton structured? How do they get the answer out of you?

(10:05) - Where did you go after you got your MBA?

(12:58) - How does David Weekley Homes's approach to team culture allow it to be able to retain talent for so long?

(17:15) - What is David Weekley University and how did it come about?

(19:43) - What’s the application process to get into DWU?

(20:34) - How many markets are you in? How do you think about moving into new markets?

(23:19) - Where are the hottest markets in the country right now?

(24:52) - What are the 'Encore and Imagination' projects within David Weekley Homes?

(26:36) - Do you focus more on central or suburban living for 'Imagination'?

(28:33) - For the active adult communities you develop, do they have to be empty nesters or are they able to have kids with them?

(29:31) - What are things that the 55+ age people want in a house & community?

(31:17) - Are you anticipating a trend of home-offices being built in light of COVID?

(32:44) - Are the millennials buying later in life? Are they requiring different things in their builds?

(34:44) - How do you think about designing communities and commuting as Uber and self-driving cars continue to become more popular?

(37:20) - How do you think about the growing asset class of single-family rental?

(40:55) - What are the specific differences between the single-family rentals and what you normally build?

(42:22) - How do you raise money to build all these homes if you aren’t public?

(44:04) - How do you think about the year following a sale with home builders having to eat a lot of costs after the fact with different warranties or finishes that arise?

(47:27) - How are you thinking about the high cost of lumber? Are you hedging your bet on that?

(49:50) - What are the biggest challenges that you think about on a day-to-day basis?

(51:53) - Is the USA under-built or over-built?

(53:01) - Is there any technology on the horizon that will have a dramatic impact on the speed of building or cost of homes?

(55:01) - Is there any silver bullet to combat the increased difficulty of working with cities?

(57:23) - Do you have a childhood experience that has changed the direction of your life?

Boy Scouts

Outward Bound

Amigos De Las Americas

(58:57) - What’s the best advice you’ve ever received?

(1:00:16) - Are there any books that have had an impact on you?

Clive Cussler - The Dirk Pitt Adventures

Grit - Angela Duckworth

Shoe Dog - Phil Knight

Adam Grant books

The Dichotomy of Leadership - Jocko Willink

(1:01:37) - Chris’ Book Club w/ His Management Team

The FORT with Chris Powers is produced by Straight Up Podcasts

Jan 07, 2021
#100: Tommy McGuire - President of Echo Evironmental
01:16:42

Tommy McGuire is the President of Echo Environmental, which specializes in electronic recycling, IT asset management, and scrap metal purchasing. Echo Environmental has raised the bar and redefined what it means to be an end-of-life recycler. 

On this episode, Chris and Tommy discuss the world of scrap and how Echo has been able to recycle hundreds of thousands of pounds of technology per day to be used again in the American supply chain. They'll talk about what actually happens when these products end up in landfills, the importance of taking initiative when bringing new ideas to leadership, Tommy's meteoric rise at Echo, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.Linkedin.com/in/chrispowersjr/

(02:25) - Introduction & Tommy’s Story

(04:02) - Tommy’s Experience Working in Insurance & Being a Natural Salesman

(05:47) - What did the world of scrap look like in 2012 and what was your role?

(07:31) - Where does scrap come from? How do you define it?

(08:54) - How much scrap is created in America each year?

(10:30) - Who are your typical customers?

(11:05) - What do you do when all of this material arrives at your facility?

(13:15) - Are you usually getting the same amount of material out of each charter box?

(14:15) - What happens to the materials once you’re done processing it all?

(15:03) - Is copper pulled from a circuit board still as useful as the first time it was used?

(16:31) - What was the process of growth like going from 50-pound sales in 2012 to 100K+ pounds per day now?

(18:04) - Are there any other business components besides Echo and ITAD?

(19:08) - Do you need licenses to do all of this or could I just start this in my garage?

Watch: 60 Minutes Episode of Town in China With Mountains of Old Electronics

(23:20) - What actually happens when these products end up in landfills? How does it affect the Earth?

(26:29) - How would an individual dispose of these electronics?

(28:01) - Is contaminating the groundwater the biggest risk from all of this?

(30:06) - Thoughts on ESG

(33:19) - Is there any innovation going on that's working against you in technology?

(35:32) - Are hard drives ever really wiped?

(38:06) - Is there a business to be created that offers a ‘seal of approval’ that something is truly wiped?

(42:39) - Is it really cleared in consumer products when an individual does a factory reset?

(43:01) - What about smashing a phone? Can that data be retrieved?

(44:19) - Has COVID helped your business?

(47:10) - How have you managed to make such a progression in your career in going from salesman to President? What’s your playbook?

(55:10) - Innovating by Presenting Ideas & Taking Initiative

(57:58) - Re-Using Company Products to Make Really Cool Things

(1:01:48) - Why did you go to business school? Was it a value-add? 

Read: Reed Hastings - Your Company Is Not a Family

(1:08:43) - Is there a childhood experience that formed who you are today?

(1:10:12) - Do you have a morning routine?

(1:11:27) - What’s the best advice you’ve ever been given?

(1:12:45) - If you had a billboard that you could put anything on, what would it say?

Learn more about Echo Environmental: www.echoenvironmental.com

Follow Tommy on LinkedIn

The FORT with Chris Powers is produced by Straight Up Podcasts

Jan 04, 2021
#99: Abraham Shafi - Co-Founder & CEO of IRL
01:11:37

Abraham Shafi is the Co-Founder and CEO of www.IRL.com, one of the fastest growing social networking apps in the world.  IRL was founded along with Henry Khachatryan and PayPal’s first board member Scott Banister. "IRL: Do More Together" has raised a total of $11 million in funding, with five investors backing up the company. The company's goal is to provide a place to discover events and allow users to do those things with other people.

On this episode, Chris and Abraham discuss his rise in the tech world after dropping out of college, his previous venture being acquired by Dice, organic growth best practices, working with venture capitalists, how COVID has impacted IRL, and much more. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(02:19) - Abe’s Story

(08:38) - When did you formulate the plan for IRL and take the leap?

(12:21) - Did you raise VC for IRL? Are you a technical or non-technical founder?

(14:18) - What impact did your co-founder Scott have on the company?

(17:04) - Are there best practices that come to mind when talking about organic growth?

(19:41) - What is IRL? How would you describe it to someone about to download the app?

(21:44) - How do you publish events on the platform?

(25:05) - How would this be different from something like Twitch?

(26:03) - Is there anything that stands out about how people have used the product differently than you imagined?

(27:37) - How has COVID impacted you & IRL either positively or negatively?

(30:40) - Is there data showing pent-up demand for people to get back into the world?

(32:28) - How does your college ambassador program work? Why did you implement it?

(36:39) - Is there a unique way someone has used the platform during COVID that was really inspiring?

(37:37) - What was your experience raising a series-B during 2020 given the unique challenges of the year?

(38:42) - What makes a great Venture Capitalist?

(40:59) - How is leadership considered when different VC’s lead different rounds of funding? 

(43:00) - What would you tell first-time founders as they deliberate who to approach for raising funds?

(44:40) - What is your opinion on the state of social media? How do you think we can get back to it being a positive thing?

(52:07) - Do you have a childhood experience that’s shaped who you are today?

(57:26) - Do you have a morning routine?

(58:16) - Are some of San Francisco’s brightest days ahead?

(1:00:51) - What’s the best advice you’ve ever received?

(1:03:16) - What's the best book you’ve ever read?

The Art of Power by Thich Nhat Hanh

(1:06:54) - If you had a billboard that you could put anything on, what would it say?

(1:09:12) - How can people find you?

www.IRL.com

www.Twitter.com/Abrashafi


The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 31, 2020
RE #98: How To Assemble & Entitle Urban Land
54:28

On today's episode, Chris is joined by Jason Baxter, President and COO of Fort Capital to discuss the ways in which they think about the process around assembling and entitling land. They break down the due diligence work needed, why you need to know the end-user, what it's like entering under contract, and the importance of getting people on your side through zoning. 

We’re planning on doing more episodes like these in 2021. If you have any questions on how we operate at Fort Capital, email us at thefortpodcast@gmail.com and we may just make an episode dedicated to it!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Learn more about Chris Powers & Fort Capital: www.FortCapitallp.com

(01:59) - What do Entitlements mean?

(02:44) - What is the due diligence process we do before buying a property we want to entitle?

(04:30) - Which city official do you try to set a meeting with to learn the future plan for an area?

(06:10) - Easements in Due Diligence

(08:17) - Environmental Issues

VCP- Voluntary Clean-Up Process

(12:18) - Determining Your Price to Pay and Value

(15:37) - Knowing Your End-User

(16:58) - Making an Offer that Can Close Quickly and Making Plans to Approach Sellers

(27:07) - Moving Quickly to Avoid the Word Getting Out to Other Real Estate Investors

(30:14) - Be Willing to Put in the Effort

(32:13) - Factors like NextDoor and Your City’s Vision

(35:26) - What We Do Once We’ve Bought a Property and What it's Like to Enter into a Contract

(38:22) - What do future developers need to be able to close? What does a typical contract look like so expectations are met by both parties?

(42:57) - Getting Plans Ready for a Permit & Zoning

(45:05) - Getting People on Your Side When Going Through the Zoning Process

(52:48) - Wrap Up


The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 28, 2020
RE #97: How Fort Capital Performs DD, Onboarding, & Business Plan Execution on Assets
01:05:36

On today's episode, Chris is joined by Corey Price, Director of Asset Management, and Steve Bailey, Director of Property Management & Construction for Fort Capital. They'll discuss how they think about due diligence, onboarding, and execution in the first year of purchasing an asset. They also discuss their roles, the nuances of their day-to-day operations, some of the mistakes they've made, and how they’ve improved. 

We’re planning on doing more of these episodes in 2021. If you have any questions on how we operate at Fort Capital, email us at thefortpodcast@gmail.com and we may just make an episode dedicated to it!


Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Learn more about Chris Powers & Fort Capital: www.FortCapitallp.com

(01:21) - A High-Level Overview of Steve’s Role in Property Management in Construction

(02:01) - Corey’s Role in Asset Management

(03:43) - What happens in each of your worlds from “we’re buying this asset” to the day it actually closes in a multi-tenant industrial deal?

(05:07) - How do we continuously keep leveling up and identify red flags as we gain more data about the asset?

(06:10) - When we underwrite and put together a Cap-ex plan, how do you think about the projected Cap-ex and build a budget?

(07:41) - Are there other things you do during due diligence that fall under the asset management responsibility?

(08:46) - How do asset management and property management work together during the due diligence phase?

(10:13) - How are things different after bringing property management in-house? What are the advantages of doing so?

(12:08) - What are we doing on each side in terms of our due-diligence checklist?

(14:06) - Why is it so critical to review each lease individually?

(16:51) - Are we interviewing every single tenant with each property?

(17:32) - What happens on our team during onboarding now that we own the asset?

(19:03) - Do you have any experiences where tenants are much happier after Fort Capital has taken over as property managers?

(20:41) - What does day 1 look like for asset management after closing on a property?

(22:00) - How do you determine who will be leasing our assets?

(23:16) - What is our process for how we continue the relationship with leasing brokers once we acquire an asset?

(24:40) - How does information about tenants that won’t re-up their lease flow from leasing broker to asset & property management?

(28:20) - Is having knowledge 90 days out before a tenant is leaving a requirement in the lease?

(29:53) - Why are we able to lease things that prior owners weren’t able to?

(31:33) - Are our TI costs pretty consistent across our portfolio?

(33:25) - Is anyone ever putting money into warehouse spaces beyond clean up or is it mostly allocated to office?

(34:11) - What is the re-forecasting process like? Why is it valuable?

(36:40) - Is it cost-prohibitive for small tenants in an environment where we see 10-15% rent jumps?

(38:17) - How do you attempt to stabilize an asset from a tenant perspective?

(39:53) - How do you think about creating a budget for the year after purchasing?

(41:02) - How valuable is the massive amount of data available to us since bringing these operations in-house?

(42:12) - What do our lenders require from us throughout the year?

(44:43) - How have you taken your experience from home building and property management to think about how we can do things differently from everyone else?

(46:28) - FCP Management’s ‘2-24/7’ Expectations

(46:58) - Where do the majority of tenant inquiries/complaints come from?

(47:59) - How do you think about vendor management?

(49:32) - How does having a large portfolio help us land great leasing agents?

(50:25) - FOS Dashboards: Leasing Activity

(54:12) - Merrick Park -  An Example of ‘How the Sausage is Made’ Between the Property & Asset Management Teams

(56:30) - How would this asset process have gone with a third party group?

(58:36) - Do we tell our tenants during DD about our plans for the building or do we wait until we close?

(59:24) - How do you think about the 9 months after the first 90 days are under our belt? Does anything change?

(1:00:45) - What have you learned after 9 months of bringing property management in-house?

(1:02:26) - What breakthroughs have we made in Asset Management?

The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 24, 2020
RE #96: Sam Sawyer - Founder & CEO of Archetape - Cloud Brokerage for RE Agents
01:14:17

Sam Sawyer is the Founder & CEO of Archetape, a full-service cloud brokerage for real estate agents. Before founding Archetape, Sam worked for the Y Combinator graduate and venture-backed start-up ZeroDown in Silicon Valley as their VP of Real Estate Operations. 

On this episode, Chris and Sam discuss the issues facing real estate agents and how Archetape is working to transform their experiences. They also discuss Sam's vast experience in real estate and tech, trends in home buying, major players like OpenDoor & Zillow, the process of building a remote company during COVID. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(02:15) - Sam’s Story and Career

(03:54) - What was the acquisition from Compass like?

(06:05) - What was your experience like working for a PropTech company ZeroDown in Silicon Valley?

(08:07) - What was it like going through Y Combinator?

(09:26) - As the only one in the field, were you bringing back all of your experiences and data to share with the software teams to build out necessary widgets?

(10:14) - At what point did you realize you needed to go and start your own deal?

(11:44) - Was there a co-founder involved?

(12:33) - Did you raise any funding?

(13:21) - What is Archetape? What’s the spin on brokerage?

(16:48) - What software are you building that would make an agent want to come work for your company?

(22:03) - Technology Partnerships at Archetape

(24:55) - How do you identify what partnerships are needed? How do you vet suitors?

(26:53) - Is there any training involved for new agents?

(30:47) - Do you use any software to gather Net Promoter Scores?

(31:40) - How do you find new agents?

(32:51) - Are you looking to recruit seasoned agents or newcomers?

(35:35) - What advice would you give to folks looking to become agents?

(37:38) - Building Smaller Teams Within Archetape

(38:44) - When was the first transaction at Archetape?

(39:16) - How are you ending the year as opposed to what you thought it would be like? What’s it like launching a company in the middle of a pandemic?

(41:59) - Deeper Dive into the Compass Experience

(44:05) - Why would agents be more likely to use the software that's used at Archetape if they generally aren’t open to changing their software habits?

(45:49) - How are you thinking about growth?

(48:32) - How are you partnering with lenders?

(50:25) - How do you use a startup mindset without getting distracted from your core product?

(53:12) - What are some trends that you’re seeing in home-buying?

(55:33) - What are the top reasons someone buys a home besides location & affordability?

(56:46) - What is iBuying?

(58:24) - What do OpenDoor and Zillow do when they buy a home?

(1:00:10) - Is OpenDoor a direct competitor to you?

(1:01:03) - Is the open house experience going to die?

(1:01:56) - Did you know that you’d be building your company on the back of platforms like Slack?

(1:05:07) - How do you build strong relationships with a fully remote company?

(1:06:49) - Do you have a morning routine?

(1:07:55) - What’s the best advice you’ve ever received?

Book - Ruthless Elimination of Hurry

(1:10:01) - What’s a great book you’ve enjoyed?

Built to Sell - John Warrilow

Elon Musk Biography

(1:12:26) - How can people find you and Archetape?

Medium Article - Gatekeeper to Superhero

archetape.com

Email: Sam@archetape.com

Subscribe to Sam's Newsletter here

Sam's Twitter

The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 21, 2020
#95: Michael Girdley - The One-Man Venture Studio
01:01:17

Michael Girdley (www.Twitter.com/Girdley) is a serial entrepreneur and investor based in San Antonio. He is the chairman and co-founder of Dura Software, owner of Codeup, Toro Coffee, Alamo Fireworks, and the tech-venture fund Geekdom. 

On this episode, Chris and Michael discuss Michael's experience moving to San Francisco during the late '90s and what it was like in the 'tech bubble', and then leaving the tech world to take over his father's firework business where technology was almost non-existent. Michael discusses the process of helping found and scale his various companies and implementing executive teams so he can step away from their day to day operations. 

They also dive into the workings of Michael's various companies, the pitch for the future of San Antonio, and much more. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(02:30) - Michael’s Background and What Led Him to Today

(04:00) - What is cryptography?

(04:35) - How did you get into your passion for computer technology?

(06:11) - When did you move out to the Bay Area?

(06:30) - What was Silicon Valley before the Dotcom bust? What was it like going through that bust?

(08:12) - Did people see the crash coming or did it come out of nowhere?

(09:55) - Was revenue actually growing when the stock price jumped or was it all part of just the bubble?

(11:28) - Were most of these businesses VC-backed before they went public?

(12:02) - What was the culture shift like going from Silicon Valley to running a family firework business?

(13:57) - What was the transition like when taking the business over from your father?

(16:03) - Did you already have an executive team in place or was that a process to implement before you transitioned out?

(16:46) - What was the process like of finding a CEO?

(17:43) - How do you set up a compensation system to incentivize those who aren’t the owners in a family business?

(19:28) - How does the current CEO communicate business strategy with you?

(20:43) - What are you accountable for as a semi-active owner?

(21:41) - Do you have some type of control in terms of a threshold of a certain cost that needs to be approved by you?

(22:36) - Can you sell year-round or do you expect a lumpy cycle around the 4th of July?

(23:29) - Is there a leading indicator that it will be a high selling year?

(24:31) - What do you do for the other 350 days of the year?

(25:19) - What is a 'one-man venture studio’?

(28:14) - Did you have the idea for the kiosk coffee chain? What were the steps to build and scale the business?

(29:52) - How do you find the right people to bring into the business?

(31:11) - What were your roles in getting the business off the ground if you weren’t going to be involved in the day-to-day?

(34:08) - Is this a business that will require funding to scale quickly or do you want to go the self-funded route?

(35:08) - What is Codeup?

(36:24) - How do you define ‘not getting a job’ in terms of Codeup’s policy to refund the student?

(38:23) - What’s the process of education in Codeup?

(39:23) - How long is the process and how much does it cost?

(40:02) - Is it a full-time job or can students work while they’re in the courses?

(40:36) - Is there always going to be a need for code in a world where no-code is a growing movement?

(41:53) - What is Dura Software?

(43:44) - Is this similar to a Berkshire model?

(44:50) - What’s the difference between vertical and horizontal market software?

(46:15) - Are you designing the third phase of your career where you can keep adding businesses or is there a limit?

(47:02) - What does Culture Index mean to you? How has it impacted your career?

(49:14) - Do you require the companies you buy to adopt Culture Index?

(52:05) - What’s your 2-minute pitch for the city of San Antonio?

(53:45) - How has the growth of Austin impacted San Antonio?

(54:59) - Do you have a morning routine?

(55:43) - What’s the best advice you’ve ever received?

(56:38) - If you owned a billboard and could put anything on it, what would it be?

(59:24) - How can people get in touch with you?

Follow Michael on Twitter: www.Twitter.com/Girdley

Learn more about Michael Girdley here www.Girdley.com


The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 17, 2020
#94: Milo Ramirez - Building an Empire. 1 Taco at a Time.
01:08:43

Today's guest is Milo Ramirez, the Founder & Owner of Salsa Limon, a quick service Taqueria serving some of the best Mexican food in Texas. Milo's Oaxacan roots and upbringing of farm-to-table Hispanic cuisine led him to found Salsa Limon after an unbelievably successful career in media and advertising where his clientele included McDonald's and GM. 

In this episode, Milo tells the story of how his unique experience inspired Salsa Limon, his career before becoming a restauranteur, the immense amount of work that goes into creating a successful brand, finding your target customer, and more. Milo and Chris will also touch on how COVID has affected the service industry, the government response, and the downside of food delivery apps. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(02:30) - Milo’s Story and What Led to Salsa Limon

(24:22) - How much time passed between meeting with Andrew Segal to opening the first Salsa Limon?

(26:38) - What are the things you did right when planning a restaurant? What were some of your early mistakes?

(29:29) - What makes a great restaurant location?

(32:27) - How can business owners become really fine-tuned into who their target customer is?

(36:20) - The ‘Pizza’ Pie Chart Concept of Food Margins

(40:22) - The 4 Step Process for Salsa Employees

(43:39) - What makes the best restaurant operators so great? (4-4-9)

(50:33) - Is there truth to the idea that beverages are where you make all your money?

(51:46) - How do you keep your recipes proprietary?

(52:49) - What has it been like owning 7 restaurants during a pandemic? What did you do right?

(55:53) - Do you think the government has left the service industry out to dry in all of this?

(1:00:21) - Is there any kind of stimulus that’s just for the service industry?

(1:01:35) - Do the food delivery apps help or hurt you?

(1:03:47) - What’s your favorite restaurant in the US?

(1:05:01) - What’s the best advice you’ve ever received?

(1:05:21) - If you had a billboard on a major highway that you could put anything on, what would it say?

(1:07:03) - How can people reach you?

Visit Salsa Limon: www.salsalimon.com

Connect with Milo on Instagram: www.Instagram.com/milo17ramirez 

The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 14, 2020
RE #93: Chris Powers - How to Get Your First Job In Real Estate
01:12:30

Fort Capital CEO Chris Powers discusses the ins and outs of finding a job in the real estate industry for those graduating college. He discusses the top 3 things people should know when looking for a job, the importance of networking, what to look for in companies when you start to narrow your search, preparing for the interview, big vs. small company experiences, and much more. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(01:56) - Disclaimer to College Students

(02:29) - The 3 Things College Graduates Should Know When Looking for a Job

(03:59) - #1 Picking the Right Asset Class to Work In

(05:24) - #2 Pick a Market You Want to Be In

(06:45) - #3 Picking a Line of Work

(14:58) - Proptech

(18:01) - Networking and Honing in on Places to Work

(21:00) - Reaching Out to Folks You May Want to Work With/For

(25:32) - Things to Think About When Analyzing Potential Companies You May Work For

(28:41) - Find Out How a Company is Using Technology

(31:28) - What are some red flags in employers?

(33:51) - Getting a Masters Degree vs. Work Experience

(36:11) - Things to Be Prepared for in an Interview Situation

(37:07) - Things that Catch our Eye for New Hires Coming Out of College

(42:26) - Big Company vs. small company: Which do you join?

(51:49) - What is an entry-level position that gives you the most optionality as you move through your career?

(1:02:36) - Other Things to Think About

(1:02:51) - Internships for Current Students, Argus Course, Utilizing Free Online Resources, Getting a Real Estate License

(1:04:14) - Sitting in on City Hall Developer Meetings and Zoning Commissions

(1:04:43) - Find Physical Places that are Interesting to You

(1:08:00) - Wrap Up

Did this help you find a job, or maybe you have a question that wasn’t answered? Email Chris at thefortpodcast@gmail.com

The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 10, 2020
#92 Cody Campbell: Co-CEO of Double Eagle Energy Holdings III
01:07:45

Cody Campbell is Co-Chief Executive Officer of Double Eagle Energy Holdings III LLC, a partnership formed with Apollo Global Management and co-founder of Double Eagle Development.

Campbell began his business career as a student at Texas Tech University, where he and John Sellers founded a successful commercial real estate development firm. He graduated with honors with a Bachelor’s in finance and economics and a master’s in finance. After graduation, he played offensive guard for the Indianapolis Colts.

On this episode, Chris and Cody discuss the early days of building Double Eagle, the state of oil & gas and its opportunities and challenges ahead, what things might look like under a Biden administration, how they were able to partner with Apollo, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(02:15) - Cody’s Background and Business Career to Date

(11:12) - What’s an option of a lease?

(13:45) - How long would you anticipate you’d have to sit on a lease before it sells?

(15:57) - When did you formalize that Double Eagle would be your full-time job?

(18:39) - When did you partner with Apollo? How did that relationship start?

(23:31) - What was it like working with Aubrey McClendon?

(25:45) - Was Double Eagle #2 similar to Double Eagle #1?

(28:00) - How long did Double Eagle #2 take from start to finish?

(28:50) - When were you able to get away from the scrutiny of being able to purchase deals?

(29:43) - Why did you choose the Midland over the Delaware? Are there major differences between them?

(31:09) - How many transactions does it take to put together 70,000 acres in the Midland?

(31:55) - When you’re buying thousands of leases, how often are you committing to a lease that you know still needs some work?

(33:47) - What’s the minimum amount of acreage needed to be able to drill?

(35:01) - You’ve sold Double Eagle #2, so what does Double Eagle #3 look like?

(37:32) - With today’s technology, how many drilling sites could you have? How much oil can you get from these 96,000 acres?

(39:06) - Do you hedge your oil? Are you able to decide that or does Apollo choose?

(39:42) - Do you put the hedge in before you drill a well or during?

(40:29) - How big is your team now?

(40:48) - How do you see where we are today vs. previous downturns? What's different this time?

(41:47) - What gives people a reason to think that the industry wouldn’t exist in the future?

(43:35) - What does ESG mean?

(50:40) - Is there any light at the end of the tunnel to get us past this?

(52:50) - Is it a good thing for oil prices to go back up?

(55:25) - Do you have any comments on our relationship with other oil-producing countries?

(56:03) - What happens if we don’t keep drilling?

(57:36) - Have we found all the energy in the world?

(58:06) - Is there any technology on the horizon to get more out of the ground?

(58:51) - What are your thoughts on the new presidential administration's impact on the industry?

(1:00:21) - How long is a drilling permit good for?

(1:01:22) - Why is the Permian Basin the most prolific in the country?

(1:02:02) - How are things valued deal to deal?

(1:02:46) - What was it like to host POTUS at one of your wells?

The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 07, 2020
RE #91: Spencer Levy - Chairman of Americas Research & Senior Economic Advisor for CBRE
50:51

Spencer Levy is Chairman of Americas Research and Senior Economic Advisor for CBRE. He plays an integral role in the development and implementation of the global research strategy and business plan.

On this episode, Spencer and Chris discuss what COVID has done across multiple asset classes and markets and why he's bullish on cities like New York, San Francisco, and Los Angeles. They also talk office and retail, Spencer's 2021 predictions, interest rate environments, technologies that are coming in the near future that will massively impact real estate, and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com


(02:28) - Spencer’s Background and Business Career

(03:44) - How does research funnel up at CBRE?

(05:33) - Were you seeing COVID and its implications before the rest of the USA? Did something, in particular, stand out to you?

(07:21) - As it stands today, what pops out at you in your research that we should be thinking about in the US in terms of opportunities and challenges?

(09:22) - COVID Vaccines and Their Effect on Short Term Thinking

(10:23) - Is there an indicator that people are heading back to the office?

(13:32) - What stands out to you in retail?

(16:01) - Is there any hope for the regional mall?

(17:52) - Are you expecting to see a distressed market or will we skip it entirely?

(20:22) - What does your research tell you about the supposed exodus of major cities like LA, NYC, and SF?

(22:14) - Does any of this exodus have to do with the extremism of governmental response to COVID?

(24:52) - What are some overlooked markets across the US that will be robust cities in the near future?

(27:39) - Is there a technology we will see over the next decade that will be transformational?

(29:27) - What are the impacts of self-driving cars when it comes to real estate values?

(31:04) - How do they affect parking garages in downtown areas?

(32:45) - What are some of the major impacts the new white house administration will have on CRE?

(34:48) - Are we going to be in a low rate environment for quite a while?

(36:42) - What are some data points to look at when scoping the viability of a new market?

(40:00) - Do you have any comments on data centers and their demand?

(42:48) - What does responsive real estate mean?

(44:30) - What are your predictions for 2021?

(45:33) - Do you have a morning routine?

(46:38) - What is the best advice you’ve ever received?

(47:48) - Is there a book that has had a significant impact on you?

(49:08) - Places to Learn More About CBRE

CBRE Website

The Weekly Take Podcast

Interested in investing with Fort Capital? Contact us here.

The FORT with Chris Powers is produced by Straight Up Podcasts

Dec 03, 2020
RE #90: Evan Kasper - Founder of ELK Development - Co-Living Pioneer
01:11:45

Evan Kasper, Founder/CEO of ELK Development, is an established leader in the furnished rental sector. Before starting ELK Development, Evan was the co-founder of the Medici Group, the largest co-living company globally with thousands of units under management. In 2016, he launched Medici Group’s US division and grew it to a $100MM operating business. 

On this episode, Chris and Evan dive into the world of co-living real estate. Evan describes the three pillars of co-living: affordability, flexibility, and convenience. Evan also touches on how co-living has been affected by the pandemic, and then Evan breaks down the pros and cons of the three structural practices in this space: master leasing, management partnerships & owner-operators. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

(01:18) - Evan’s Background

(03:47) - Evan’s First Experience in Co-Living Spaces

Quarters.com

(06:33) - How did you cut a billion dollars of the GSA from the government? Was it easy?

(08:19) - How long were you at Medici and when did you leave to start ELK?

(09:48) - At Medici, would you master lease a developed building, or would you go into apartments and convert them into co-living spaces?

(10:41) - How many buildings were empty and simply ready to be occupied?

(12:00) - In general, how do you define co-living? How does that relate to what you’re doing at ELK?

(15:04) - Three Pillars of Co-Living: Affordability, Flexibility, Convenience

(17:03) - How big is a micro-unit or co-living unit?

(18:14) - What are the advantages of owning this kind of real estate as an operator? How would each party make money if they’re separate (owners and operators)?

(20:38) - As the operator/owner, are you signing a master lease to yourself to provide this flexibility or is it done lease by lease? 

(20:57) - Are you designing these units to be able to furnish them with the demand in each lease?

(21:56) - The Difference Between Micro-Units and Co-Living Spaces

(22:56) - What's the percentage of people requesting furnished vs not furnished? Has that changed at all through COVID?

(24:08) - Are you renting the furniture provided in units or purchasing it?

(24:18) - What amenities do you see in co-living that you don’t see in a traditional multifamily community?

(27:08) - Is the sharing economy still an amenity in 2020?

(29:01) - How are these assets financed? How did the lenders look at it?

(32:07) - Why would you be getting less in rent if you’re converting these into bigger units?

(33:04) - When you’re going to the banks, are there nuances in things you underwrite co-living spaces?

(34:30) - Is micro-unit rent inclusive of utilities?

(36:32) - The Strengths, Weaknesses, and Responsibilities of Each Model (Master Lease, Management, Owner-Operator)

(46:48) - Can you get a Fanny or Freddy Loan in each of these 3 scenarios?

(47:21) - Depending on each model, do you get more value on the exit cap from a seller perspective?

(49:13) - Have there been a lot of sales transactions in co-living properties?

(51:04) - Has COVID had an impact on strangers not wanting to live with strangers?

(52:28) - How often do tenants require a room switch?

(54:17) - How is cleaning implemented in common areas vs individual bedrooms?

(54:50) - How do you think about the potential for discrimination lawsuits or fair housing issues as it relates to curating a unit mix?

(56:42) - Is there any personality profiling to help see who would be good fits together? (Similar to dorm room housing in college)

(57:42) - What are your thoughts on the DC co-living project that doesn’t have locks on bedroom doors to create more trust?

(58:37) - What questions should an owner or developer be asking when deciding between a master lease or management agreement? How do you detect their financial strength?

(1:00:35) - Are there best practices for converting existing units into co-living?

(1:02:15) - Are there any zoning challenges that come up within these conversions?

(1:03:32) - Why did you choose the LA market?

The Weekly Take Podcast with Spencer levy

(1:07:39) - What’s the best advice you’ve ever received?

(1:08:24) - Is there a book you would recommend?

Principals: Ray Dalio

(1:08:54) - If you owned a billboard, what would you put on it?

(1:09:56) - How to Contact Evan

Evan on LinkedIn

Website

Email: Info@ElkDevelopment.com


The FORT with Chris Powers is produced by Straight Up Podcasts

Nov 30, 2020
#89: Trent and Tyler Leon - Co-Founders of Tilden Capital - "Mineral Business 101"
01:04:53

On today's episode of The FORT, Chris is joined by Trent and Tyler Leon, Co-Founders of Tilden Capital, which was formed to acquire mineral & royalty assets across the United States. Since its inception, they have acquired 160,000 net royalty acres. Tyler and Trent are also former professional golfers and have been as close as brothers with Chris for nearly a decade. Today they'll discuss their journey into the mineral business, evaluating the worth of minerals, vertical and horizontal drilling, leasing vs. buying minerals, the oil and gas industry in light of the election and COVID, and much more! Enjoy. 

 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitallp.com

(02:45) - Tyler and Trent’s Story

(06:13) - Were oil and gas always part of your life?

(07:06) - Was there a moment that The Eagleford came up on your radar as something that would be important?

(09:19) - Did you start in the Permian Basin?

(10:14) - What triggered you to be in the Delaware Basin?

(12:32) - Why was no one else seeing what you were seeing?

(13:41) - How do you evaluate what a mineral is worth?

(14:32) - How do you find out if and when something will be drilled?

(15:56) - Why doesn't it matter to the mineral owner how much it costs to drill?

(16:49) - Why can you drill so much more in some areas than others?

(17:48) - Do you shoot for things that produce more oil or more gas?

(19:56) - What’s the differences between the Permian and Delaware basin? Why do people prefer one over the other?

(21:00) - What are the main reasons people will sell their minerals?

(24:20) - Do you think Vertical Drilling will make a comeback?

(25:20) - Leasing vs. Buying Minerals

(27:00) - Three Ways to Make Money in Minerals

(28:17) - What happens legally when a person passes away without a plan to transfer ownership of minerals?

(29:09) - What’s the difference in buying between Texas and New Mexico?

(31:00) - What does the change in The White House mean for the industry?

(33:51) - Is there a rush of operators getting a permit to beat the inauguration?

(34:13) - How did your partnership with EnCap impact your career?

(35:48) - What have you learned since working with one of the best oil and gas PE firms in the world?

(37:16) - How has your strategy evolved since 2015?

(38:06) - What amount of oil are you getting when you drill?

(39:18) - If you’re going to sell, is it better before the first well is drilled or after a year when 80% of the oil is taken out?

(41:16) - If you get someone to sell, how do you get the deal to closing?

(43:54) - How do you confirm you get every drop of oil that you deserve?

(46:58) - What do you think the industry for mineral owners will be going forward beyond ‘buy it, flip it’?

(48:33) - Is it fair to say Royalty Trusts have not out-performed in the public markets?

(49:43) - What gets capital flowing back into the industry again?

(52:09) - Is Wall Street out of touch with how this industry impacts the world?

(52:40) - Does it bode well for oil prices that there's a hampering of drilling?

(53:29) - What was the peak rig count vs. today?

(54:26) - What’s one of the biggest misnomers about the industry?

(57:11) - What does ESG mean and why is it a big thing to talk about?

(59:01) - Is there a new revolution coming to get more oil out of the ground?

(1:00:51) - How has golf impacted your career?

(1:03:08) - What’s the best advice you’ve ever received?


The FORT with Chris Powers is produced by Straight Up Podcasts

Nov 26, 2020
RE #88: Chris Jackson - President of Stream Realty
59:11

Chris Jackson serves as President for Stream Realty. He oversees the company’s business units and is responsible for the growth and expansion of Stream’s businesses nationally. With twelve regional operating platforms nationwide, over 200,000,000 square feet of commercial buildings under leasing and/or management, and $2.9 billion in transaction volume annually, Stream is one of the fastest-growing commercial real estate firms in the country.

On this episode, Chris and Chris discuss the Industrial Real Estate Market, the growth of Stream since Chris J. joined, Stream's process of expanding into new markets, market intelligence, and the explosive growth of data centers. Enjoy.

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

 

(01:24) - Chris’ Story and Career

(02:31) - What was it about Trammell Crow that created inspiration for the next generation of businesses?

(03:39) - What's the difference between the industrial market in the 90’s vs. today? 

(05:22) - Are you seeing these big bombers being built in the center city or a smaller product being developed?

(6:23) - Is it safe to say the industrial market is better in a post-COVID world vs. in Jan and Feb?

(07:37) - Where did you go after leaving Trammell Crow?

(09:15) - Why do you think Robert Lynn always comes up in conversation as a fantastic Junior Program?

(10:08) - What was your first day like at Stream?

(11:36) - What has Stream grown to offer since you joined?

(12:13) - What markets are you in today and what’s your job like now as President?

(13:39) - Where is the hub located?

(14:02) - How often do you open in a new market?

(14:53) - How do you know it's time to get into a new market?

(16:04) - Does each city have its own ownership or do they report back to Dallas?

(17:20) - Do you hire from within to expand to keep culture aligned?

(19:36) - What does Market Intelligence mean?

(21:56) - How would you tell a recent grad to learn a market?

(24:19) - What type of technology are you using to get the tons of information you have access to out to people that need it?

(26:09) - Were you early to the game in developing Data Centers? How did you get into it?

(27:36) - How big of a business is it now?

(27:55) - Is it fair to say the anticipated demand for data centers is endless right now?

(28:36) -  What makes a great ownership group? What do they all have in common?

(29:41) - What do you think about the nationwide real estate industry? How do you manage all of the data you have?

(31:47) - The Industrial Business for Stream

(33:08) - What will happen to office from your perspective?

(35:50) - Are you seeing leasing activity pick up at all or are is it all still on pause for the moment?

(37:33) - Comments on Retail

(40:19) - Is there any market in the US that people aren't aware could potentially boom?

(41:32) - When you’re developing industrial across the country, is it easiest to accomplish in Texas?

(42:27) - Development Fees for Markets with Long Lead Times

(43:51) - Are you seeing any multi-level projects go up?

(44:27) - Cold-Storage Development

(46:45) - How big is your marketing team? When did it become apparent how important marketing was for Stream?

(48:54) - How do you think about the consolidation of the industry?

(51:30) - What did your world look like when COVID hit?

(55:57) - Do you have a morning routine?

(56:50) - What is the best advice you’ve ever received?

(57:50) - If you owned a billboard, what would you put on it?


The FORT with Chris Powers is produced by Straight Up Podcasts

Nov 23, 2020
#87: Sam Parr - Hiring a CEO, Trends.co, and the Future of Media
52:26

Sam Parr, Co-Founder and CEO of The Hustle, joins Chris for round 2 on The FORT. (Listen to Part 1 here) On this episode, Sam explains the process of hiring a new CEO to replace himself, what his role at The Hustle and Trends.co will be going forward, his exodus from San Francisco, the Austin real estate market, the impact of the Trends community and the future of media through the lens of the public's distrust of mainstream news. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(01:52) - Why did you replace yourself as CEO?

(03:31) - How long between having this realization and actually pulling the trigger?

(03:57) - How many people did you interview along the way?

(04:39) - Starting vs. Scaling

(05:13) - What is the CEO you’re hiring going to do differently than you?

(06:20) - What are your growth expectations from a new CEO?

(07:20) - In those 14 interviews, how many times did you talk to the person you ultimately hired?

(07:41) - Was there a silver bullet that told you this was the one?

(08:18) - Who on your team was involved in the process?

(08:52) - How is the business structured now?

(10:06) - Who reports to who?

(10:56) - What would this person say their expectation is of you?

(12:19) - When will this hire go public?

(12:38) - Can you give any insight as to how you’re paying this person?

(13:33) - How do you describe what Trends is?

(15:12) - What’s your position within this community?

(16:42) - How can people get the most value out of Trends?

(18:16) - Is there anything that comes to mind that you didn’t expect to grow out of Trends?

(19:38) - Are people pitching deals there or are they just meeting online and then making deals outside of it?

(19:51) - The Importance of Facebook Groups & Communities

(21:37) - Are you permanently out of SF?

(22:18) - Would you consider yourself a remote company?

(22:42) - Do you enjoy the new way things are structured?

(23:25) - What’s your opinion on the future of SF?

(26:10) - Austin & Real Estate

(28:59) - Sam’s Spontaneity

(30:30) - Sam's Wife

(34:00) - The Newsletter Industry

(37:20) - How expensive is it to acquire a customer today?

(37:39) - Is there anything that keeps you up at night as to what could make the business fail?

(39:02) - What do you think about the decline of trust in news media as it pertains to your operation?

(47:17) -   Are we about to enter a new wave of media?

(48:59) - Is it even possible to build a news station that only puts out good, positive news?

Sam’s Twitter


The FORT with Chris Powers is produced by Straight Up Podcasts

 

Nov 19, 2020
RE #86: Brandon Laughridge - Owner of North Terrace Property Management
58:11

Today Chris chats with Brandon Laughridge, President of North Terrace Property Management (NTPM) located in Kansas City. Brandon is accountable for doubling the business' units since acquiring the business in 2017. On this episode, he and Chris discuss Brandon's background working in SEO, starting a digital marketing firm, his process of acquiring NTPM, the explosive growth of Kansas City, and some property management horror stories. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com


(02:39) - Brandon’s Background

(05:27) - Did you have any SEO experience walking into that first job?

(06:00) - When you left in 2009, did you start your own company or move into another job?

(08:03) - How did you come to the decision that it was right to walk away from the business at such a young age?

(09:00) - What was Spread Effect?

(10:25) - How long after you stepped away from the business did you decide to sell?

(11:16) - What did you learn from that experience?

(13:21) - Why did you decide to buy a property management company?

(20:32) - How big was the business at the time you bought it? How did you value it when deciding what to pay?

(22:32) - What was the first day like after you purchased the business and stepped in as the operator?

(25:06) - What was it like surprising everyone as the true undercover boss? How were you able to smooth things over with folks who might've been resentful?

(26:40) - Did the owner have an earn-out of any kind?

(26:56) - Was the previous owner engaged for those last 9 months? How did that relationship pan out?

(28:18) - What is the size of the business today?

(28:25) - Why is managing a single-family home harder than managing multi-family units?

(29:37) - Has it been organic growth or was there a strategy in place?

(31:15) - Are most of your clients professional investors or would they be 'mom and pop' style?

(32:02) - Do you take a long-term approach when buying?

(34:30) - Is there any technology you’ve implemented that is making the business more profitable?

(37:28) - Is there anything that COVID has presented that forced you to either temporarily or permanently shift?

(40:38) - How do you think about the business for the next ten years?

(42:34) - Do you have a property management horror story?

(45:11) - Are you on the Kansas or Missouri side of KC?

(45:54) - Why do people choose to live on one side or the other?

(46:37) - Why is Kansas City experiencing the success that it has lately?

(50:00) - Is there a main industry that is the draw to that city?

(51:23) - Do you have a morning routine?

(53:10) - What’s the best advice you’ve ever received?

(55:38) - Do you have a book you’d recommend?

Book: King of Cash - Christopher Winans

(56:33) - What's the best way to contact you? 

Brandon's Twitter 

 

Nov 16, 2020
#85: John Owen - President & CEO of Airshare - Private Aviation
01:09:01

John joined Airshare as CFO in 2016 and became President and CEO in March 2018. He originally fine-tuned his consultative skills and financial acumen working in progressively higher roles at State Street, Accenture, and KPMG. On this episode, Chris and John discuss the industry of private aviation, misnomers about flying private, aviation throughout COVID, what the next ten years might look like, technology making aviation more affordable and safer, and John's career path. Enjoy!


Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com


(02:07) - John's Story

(05:58) - What was your life like in the consulting role?

(06:28) - Why do you have a passion for the organizational and operational side of business?

(07:07) - What was the series of events that landed you in the CEO role?

(07:51) - How would you describe AirShare?

(10:07) - What are the advantages of a JetCard?

(11:03) - What are some advantages to fractional ownership?

(12:08) - What are the ongoing costs once you’ve bought a fraction of a plane?

(14:50) - How did you choose the Phenom 100 & 300?

(16:19) - Do pilot licenses allow you to fly multiple types of planes?

(16:50) - How many jets do you have?

(17:09) - Do plane owners that allow you to manage their aircraft let you lease it out to shareowners?

(17:36) - If I owned 100% of a Phenom 300, what does it cost to maintain it per year?

(18:18) - What are the most common maintenance issues aircraft owners will run into?

(19:14) - How are you set up around the country with where you can land and store planes?

(20:04) - How many customers do you have? 

(20:57) - What do you tell someone not located in density that wants to be a customer?

(21:19) - What’s the market like for a private pilot? What are their rates?

(21:46) - Where are your pilots coming from?

(22:34) - When is a good time for a business owner to consider private aviation?

(26:33) - How long do you keep a plane in the fleet?

(27:13) - Who’s the typical buyer on the way out?

(28:05) - What’s your ownership structure at AirShare?

(28:48) - How do you think about growth?

(30:59) - Do you host customer events?

(31:57) - Having Patrick Mahomes as a Client

(32:49) - Can you charter something by the day for a larger group?

(33:53) - What's the difference between AirShare and Warren Buffet’s NetJets?

(36:04) - What were the first few months of COVID like for the private air industry?

(38:02) - Is there a permanent shift of people flying private?

(40:03) - Are there states that are harder to fly into than others right now?

(40:33) - Is there anything you’re watching for economically that will give people hope in the coming months?

(41:57) - Is a COVID vaccine the key to opening everything back up?

(42:39) - What’s usually the most common reason for a crash?

(44:12) - What are some simple questions people can ask to find out if they’re flying on a good plane with a good pilot?

(46:03) - Do planes actually ‘fly themselves’?

(47:35) - Is there new tech that’s coming down the pipeline for this industry?

(48:08) - Are planes being built at the same rate as they were pre-COVID?

(48:24) - What do you think the industry will look like in 10 years?

(50:34) - What do your gas contracts look like?

(51:00) - How much fuel do you buy per year?

(51:24) - Are there any other risks you look out for besides a crash?

(52:36) - What’s your day to day like as the CEO of a private aviation company?

(56:33) - Who are the biggest names in this industry?

(58:54) - When you purchase fractional ownership of a plane that has a 15-year life-span, is that a one-time purchase, or do you re-buy multiple times?

(59:51) - Is getting involved with planes one of the first things someone will do if they come into a lot of cash?

(1:00:46) - Do you have a morning routine?

(1:01:43) - What's the best advice you have ever been given?

(1:02:54) - Do you plan on being part of the consolidation of the industry?

(1:05:18) - How does a Maintenance Contract work?

(1:05:55) - Reading Habits

(1:06:35) - If you could put anything up on a billboard, what would you say?

Contact John at www.flyairshare.com

Nov 11, 2020
RE #84: Jonathan Brinsden - CEO of Midway & Chairman of ULI Americas
01:04:09

As CEO of Midway, Jonathan Brinsden guides the overall business strategy and operations which have led to the company’s creation of a $2B portfolio of core mixed-use assets. On this episode, Jonathan and Chris talk about Jonathan's journey up to joining Midway, they discuss the Houston market as it navigates the COVID crisis, where retail and hospitality will go in the future, and Jonathan's experience with ULI and the Midway Foundation. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(02:50) - Jonathan’s Background and Journey to Midway

(06:54) - Can you describe how the Town & Country Village deal came about and what the last 15 years of working on that project have been like?

(10:29) - What was the draw to this property back in 2004?

(12:12) - When you bought it, did you have to force the tenants out or let their leases run dry?

(14:00) - How do you arrive at a 'final plan’ with a deal that big? 

(17:11) - Where do you stand today with Town & Country Village?

(17:51) - How do you program the experiential factor of your properties?

(20:55) - What makes an amenity have longevity?

(22:34) - How is Houston holding up in a post-COVID world?

(24:03) - Is Houston as dependent on oil and gas today as it was 20 years ago?

(24:54) - Is it ultimately a good thing for developers that the city of Houston doesn’t have a lot of zoning Laws?

(26:37) - What are you seeing in retail now and how has it progressed since March?

(28:56) - The Hospitality Side of Retail

(30:08) - Are tenants out in the market or is everything just dead?

(31:18)  - Is there anything you’re seeing in lease proposals that you hadn’t seen before?

(32:36) - Are Houston office tenants going back? Is there permanent damage to office usage with the realization of WFH?

(38:09) - Is there anything in terms of new technology that will make things safer for the next few years?

(39:55) - Will you be aggressively looking to acquire if the opportunity presents itself?

(41:57) - What's the state of new development for retail and hospitality projects?

(42:52) - Are your developments public/private or just private?

(45:35) - In a public/private partnership, which side is the first to approach a project and present to the other side for consideration?

(49:00) - Do you have any opinion on the rising property taxes in TX?

(51:05) - What has ULI meant to you and why do you think it’s important?

(53:41) - What’s the Midway Foundation?

(57:48) - Do you have a morning routine?

(59:43) - What's the best advice you’ve ever been given?

(1:02:25) - If you could put any message on a billboard, what would it be?

The FORT with Chris Powers is produced by Straight Up Podcasts

Nov 04, 2020
#83 : Stanton Williams - Using Data To Put The Right People in The Right Seats
01:19:19

Chris sits down with Stanton Williams, Executive Advisor at Culture Index, a personality profiling system and process that allows leaders to determine where their staff is best suited within an organization as well as hiring the best possible people for a role. On this episode, Chris and Stanton break down every aspect of the Culture Index, Chris elaborates on how much this has helped him personally as well as the Fort Capital team, some experiences Stanton has had in helping organizations move from the 'Start' phase into the 'Scale' phase, and what kind of traits are among folks who are elected to high political office. Enjoy! 

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitallp.com

(04:19) - Stanton's Background

(11:38) - What is the Culture Index?

(13:20) - Who created the Culture Index?

(16:44) - Breaking Down the 7 Traits Measured in the Culture Index

(17:07) - Autonomy

(18:26) - Sociability

(19:59) - Pace

(22:21) - Conformity

(24:15) - Energy Units

(24:54) - Logic

(25:49) - Ingenuity

(26:43) - The Culture Index Survey

(28:04) - The Combinations of Traits and Patterns

(28:37) - The 4 Types of People

(28:51) - Visionaries

(29:36) - Technical People

(30:25) - Social People

(31:15) - Organizational People

(31:53) - Complementary People that Should Surround You and What Buckets Pair Up Well Together

(33:22) - When you meet with a company for the first time and they hire you, what happens from there?

(35:12) - What do you say if people say you’re full of shit?

(37:30) - How often do you see people that have reverse polarity?

(38:53) - Do you ever see patterns with someone being in the same role in multiple companies and yet they still fall under reverse polarity?

(40:03) - Assuming a company is able to scale but stays small, are there common themes that serve as the reason they stay small?

(42:06) - What category do inventors typically fall in?

(43:44) - What do you tell the person who’s able to start the company but doesn't realize they can't scale it?

(45:40)  - Do most small businesses even know what they want?

(47:27) - The two types of CEOs: The Starter and The Scaler

(49:31) - When does The Starter know that their time is up?

(51:33) - The “C Job”

(56:18) - The Cost of Turnover

(57:26) - Do you have any Culture Index success stories?

Book: The Dichotomy of Leadership by Jocko Wilink

(1:03:20) - The Personality Traits of a Politician

(1:07:55) - Why don’t companies use this?

(1:10:35) - Is there really no way for people to change who they are?

(1:13:39) - What would you tell someone who says they want to change?

(1:14:50) - Do you have a morning routine?

(1:16:03) - What's the best advice you’ve ever been given?

(1:16:29) - If you had a billboard that you could put anything on, what would it say?

(1:17:40) - What is the best way for people to contact you?

Email Stanton: swilliams@cultureindex.com

The FORT with Chris Powers is produced by Straight Up Podcasts

Oct 28, 2020
RE #82: Zach Aarons & Aaron Block - Co-Founders of MetaProp VC
01:06:38

Zach Aarons & Aaron Block are the Co-Founders of MetaProp VC, the most active early-stage real estate and PropTech investor globally with 125+ investments under their portfolio. On this episode, Chris talks with Aaron and Zach about their journey to becoming partners, the NYC venture capital world, the emergence of PropTech as an investable asset class, their processes for investing in companies, what early-stage founders do well when raising capital, and much more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(02:44) - Zach’s Background 

(09:52) - Why do you say you weren’t capable of building and scaling a tech company?

(13:21) - Aaron’s Background

(16:48) - What ultimately led you to raise capital and start a fund?

(18:08) - How large was the first fund? What are some things looking back that you didn’t expect?

(20:48) - Did Zak Schwarzman have a VC background or institutional money experience?

(24:23) - How large was your second fund?

(24:28) - How much is being invested in PropTech globally?

(25:02) - How many deals do you see per year vs. how many you ultimately invest in?

(25:52) - Which things within deals jump out to you that immediately cause you to say 'no'?

(29:50) - What are good founders doing well while they’re raising money?

(34:17) - Do you require founders to have a co-founder?

(36:10) - Do you care if the founder has a real estate background?

(39:42) - What would a founder say is the value given to you from MetaProp post-funding?

(41:56) -  How often do you communicate with the founders you work with?

(46:59) - What's the difference between leading a round vs. just participating in a round?

(50:12) - What does a typical project look like for your consulting and advisory side of the business?

(51:27) - Is there a certain asset type that is getting more investment than others?

(54:02) - What kind of technology is around single-family and multi-family?

(55:35) - Is PropTech aiding in the effort to get people back into the office or the WFH situation?

(56:33) - Do you think the idea of COVID Cleaning & thermal scanning could be seen as short-sighted?

(59:55) - Do you have a crazy 5-10 year prediction?

(1:00:49) - Do you have a crazy investment that got away?

(1:03:29) - Do you have a morning routine?

(1:04:03) - If you owned a billboard on a major highway and could put whatever you wanted on there, what would it say?

(1:04:48) - How can people reach you?

Email Zach: zaarons@metaprop.vc

Book: PropTech101


The FORT with Chris Powers is produced by Straight Up Podcasts

Oct 22, 2020
RE #81: Chris Powers - How to Underwrite an Industrial Deal & Create Investment Memos LP’s Love
36:01

On this episode, Fort Capital CEO Chris Powers outlines the underwriting process on industrial deals from start to finish making it simple to understand whether you’re green or a seasoned veteran. This episode will provide an outline for how these deals get done and the mistakes that a lot of people make along the way so you can deal smarter in the future.  Enjoy! 

For more on Underwriting, visit the Fort Capital website here

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitallp.com

(01:07) - What is Underwriting?

(02:14) - Variables that Contribute to the Value in Underwriting

(02:40) - Market, Demographic and their Respective Trends

(03:50) - Purchase Price

(04:15) - Expenses

(05:04) - Modeling Expenses Out in a 5-Year Model

(05:21) - Taxes & Insurance

(06:15) - Tenants

(07:03) - Where Rent is Today vs. the Market Rate

(07:59) - Tenant Renewal Probability

(09:55) - Current Vacancies

(10:42) - Capital Expenditure Requirements

(11:44) - Tenant Improvement Costs

(12:26) - Underwriting the Capital Structure & Refinance Scenarios

(13:49) - What does an exit scenario look like?

(15:15) - Things People Miss and Mistakes We’ve Missed Along the Way

(18:45) - How Fort Capital Thinks About the Process of Doing a Deal

(19:59) - How Long the Underwriting Process Should Take

(20:42) - Where We Get Most of Our Data

(21:12) - Where does information live when underwriting? How is it communicated to the team & non-team?

(22:58) - Final Thoughts on Underwriting

(23:58) - Writing an Investment Memo

(25:10) - What We Think about Presenting in Our Memos

(26:12) - Reasons to Acquire

(26:38) - Location Overview

(27:09) - The Property Itself

(27:35) - Tenant Overview

(28:10) - Sources and Uses of Funds

(29:02) - Financial Summary & What Investors Can Expect in Return

(30:22) - Partnership Terms

(31:48) - Models & Return Summary

(32:17) - Property Photos & Market Map

(33:02) - Conclusion & Free Resources from Fort Capital


The FORT with Chris Powers is produced by Straight up Podcasts

Oct 21, 2020
#80: Barry Davis - CEO & Chairman of EnLink Midstream
50:55

Barry Davis is the CEO of EnLink Midstream, one of the largest midstream energy companies in the United States. On this episode, he and Chris discuss an emphasis on hard work and relationships in business, the state of oil & gas in 2020, the Better Man organization, as well as the importance of faith in business leadership. Enjoy! 


Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitallp.com


(02:17) - Barry’s Story

(05:14) - How did that early emphasis on hard work and relationships influence your teen years and intro into the business world?

(06:22) - How did you go from being a landman to starting your first company?

(09:09) - Was there a certain opportunity or experience that made you to take the leap?

(10:01) - How would you describe the Midstream business in 2020?

(11:08) - What was the outside capital environment? What did the first day in the office look like?

(12:32) -  Can you paint a picture of where the company is today?

(14:10) - What’s life like as a private CEO vs. a public CEO?

(16:25) - Do things like strategy and vision evolve when you go from 50 employees to 1,000+?

(17:48) - What's the state of oil & gas today and is this different from cycles in the past?

(22:09) - What are the businesses that will survive COVID doing right now?

(23:26) - How do you view ESG? (Environmental, Social & Corporate Governance)

(25:54) - How Chris and Barry Met and the Significance of this Episode

(26:59) - How did thinking about a balanced life and doing things differently from others in business captivate you?

(29:25) - How are you able to incorporate faith with business leadership?

(32:04) - Are there certain things someone in their 30's can do that will set them up for their 2nd half of life?

(34:18) - What is the Better Man organization?

(37:52) - What is biblical manhood vs. how manhood is defined by today’s culture?

(39:16) - What’s the experience like in the curriculum?

(40:54) - When did you get involved with the Halftime Institute and how has it impacted you?

(43:17) - How do you plan on spending the 2nd half of your life?

(44:38) - Do you have a morning routine?

(45:41) - What does ‘do the right thing and you’ll always be able to go back to where you’ve been’ mean?

(47:06) - What’s a book you’ve read that has had an impact on you?

The Bible
Halftime by Bob Beuford
7 Habits of Highly Effective People - Stephen Covey
Every Good Endeavor by Tim Keller

(48:53) - If you had a billboard that you could put anything on for the world to see, what would you put?


The FORT with Chris Powers is produced by Straight Up Podcasts

Oct 15, 2020
#79: Rayne Austin - Cattle Business 101
01:33:52

Chris sits down with his longtime friend Rayne Austin, the VP of Stronghold Resource Partners, to do a deep dive into the Cattle Business. Rayne walks Chris through the multiple phases of the life cycle for cattle, how each phase makes money, the "Big 4" packers, and how COVID-19 exposed a major bottleneck in the industry. Enjoy! 


Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

 

(03:46) - Rayne’s Background

(05:43) - What are the phases of a cow's life and how do you move from one to the next?

(08:42) - Do the calves only live off of their mother’s milk or are they consuming feed in the first phase?

(09:52) - Do cows sell for less if they haven’t been weened?

(10:14) - How much money are people trying to get from selling in the calf/cow phase?

(10:57) - How do you transfer 10,000 calves to the stockyard?

(12:05) - How many calves fit in a truckload?

(12:24) -  What’s the purpose of the stockyard?

(14:00) - How big are you trying to get the cows to become in the stock phase?

(14:20) - What’s the pricing model for cattle?

(16:40) - What do cows look like at the end of the stocker phase? What happens when they move to the feed yard?

(17:50) - How long do they stay in the feed yard?

(18:06) - Where does all that feed come from?

(18:41) - Do they go to slaughter from the feed yard?

(19:05) - Why don’t folks complete all three phases under one roof?

(20:22) - What are the biggest risks in the industry?

(21:33 ) - What are the biggest upsides to the business?

(22:31) - Why were the packing houses doing well but not the cattle ranchers during COVID?

(24:08) - What happens when you have cattle ready to leave the feed yard but packers not willing to take them?

(25:28) - Can a cow get ‘too big’ to where it affects the meat?

(26:19) - How is veal made?

(27:25) - Rayne’s Experience Working at the Largest Virtual Auctioneering House

(29:34) - Does everyone buy in the business hedge or is it case by case?

(30:41) - Why are calves who haven’t been weened high risk?

(31:36) - Why do some people hedge and some don’t?

(33:04) - How is the majority of this business made up from an ownership perspective?

(37:39) - Does the climate and location of feed yards change what the cow will look like?

(39:56) - Are the majority of these legacy companies just growing to a point where the barrier to entry is more difficult?

(41:41) - What’s the day to day like for someone like your grandfather working in the field 7 days a week?

(44:35) - How many cattle are there per acre in America?

(45:30) - How many cattle are there in America?

(46:23) - Who’s the largest cattle rancher in the country?

(46:56) - Have genetics improved vastly over time?

(48:06) - What about cattle genetics has improved?

(48:58) - What’s the rating system for cattle?

(51:06) - Why would someone go through you for doing deals?

(52:22) - What’s a shrink and slide?

(54:28) - Why do cuts like Wagyu and Kobe sell for so much more? What about grass-fed beef?

(55:50) - Why are Midland steaks so much better than other companies?

(57:00) - How long does a cow live and how often can they give birth?

(58:58) - What are the different breeds of cattle?

(1:01:02) - Is the fake meat industry putting a dent into the business?

(1:02:27) - The Cow Fart Narrative

(1:04:06) - Are there other false narratives that folks should know about in the cattle industry?

(1:05:03) - How has technology progressed in this industry to create better margins?

(1:07:44) - Have numbers shown that people will pay more for the meat of a cow that’s lived a ‘better life’?

(1:09:03) - 1031-ing in the Cattle Business

(1:11:02) - The JBS Cattle Company

(1:11:31) - Who are the Big 4 in Cattle?

(1:11:58) - What did the government do for cattle ranchers during COVID?

(1:13:10) - How far out can you hedge?

(1:14:26) - Since you’ve been around, what’s been the best year to be in this business?

(1:15:58) - Do the major packers dominate the industry or does it revolve around the cattle rancher?

(1:16:35) - How would you value a cattle operation?

(1:18:44) - The U.S. Beef Trade Deal with China

(1:19:49) - If you had 100 million dollars and you had to invest in the cattle business, where would you put it?

(1:21:45) - What is a day like for a ranch hand?

(1:24:01) - What does it cost to lease land to put your cattle on?

(1:26:25) - We’ve found ways to make food for cheaper and less. At what point have we gone too far and we’re just making bad beef?

(1:28:02) - Do cattle ranchers pay insurance on the cattle?

(1:29:58) - How far are we from a point in time where there are not enough people in the industry?

(1:30:42) - What’s your favorite cut of beef?

(1:31:01) - What’s the best advice you’ve ever received?


The FORT with Chris Powers is produced by Straight Up Podcasts

Oct 14, 2020
RE #78: Antonia Botero - Founder & Principal at MADD Project
01:11:56

On today's episode, Antonia Botero, the Founder and Principal at MADD Project, joins Chris to discuss her experience in large scale multi-family conversions and ground-up development construction in Manhattan. They'll discuss project & construction management in the real estate industry, how to hire a General Contractor, how to make a great contract, early things to do to make a project more successful, ways to save on project costs, holding contractors accountable, negotiating and much more. Enjoy!


Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

 

(02:35) - How did you become a wizard in project & construction management?

(06:31) - What does studying architecture mean from your perspective and do you recommend others do the same?

(09:57) -  How has technology opened the ecosystem for people to quickly study architecture?

(11:45) - What does ‘getting into the field’ mean to you? Why were you drawn to it?

(12:37) - Designing Feasible Buildings vs. Buildings that Simply Look Good in a Rendering

(15:29) - What is MADD Project?

(15:57) - Why is having an owner's rep useful?

(19:45) - When is the best time to hire an owner’s rep in a project?

(22:35) - What is it like getting a project done in a mega-city like New York and dealing with community boards?

(27:32) - What’s the difference in breakdowns on the consulting side of MADD Project?

(30:53) - What’s the best way to hold contractors accountable to their timeline?

(33:29) - What are three things that make for a really strong contract?

(35:32) - Are you usually the GC on a project or do you help hire a GC? 

(38:25) - What does bonding mean?

(39:29) - Which incentive structures work best with contractors?

(42:42) - What is a GMP?  (Guaranteed Maximum Price)

(45:20) - When entering a brand new market, what are things you want to hear from a GC before doing business with them?

(47:08) - What do drawings look like in a good place vs. a bad place?

(48:40) - How do you know who’s worked on a certain project when talking to GCs?

(49:25) - Have you learned any major lessons following big mistakes?

(58:07) - How do you deal with change orders if there’s ambiguity in the contract?

(1:00:12) - What next-gen construction form do you see having the most viable cost savings over the next 5-10 years?

(1:02:41) - Are you seeing signs that construction costs will come down?

(1:04:30) - Do you have a morning routine?

(1:06:03) - What’s the best advice you’ve received?

(1:06:22) - What is the best book you’ve read recently?
The Art of Asking - Amanda Palmer

(1:07:05) - How has twitter impacted you and your business?

(1:09:14) - If you owned a billboard on the side of the road, what would you put on it for the world to see?

(1:10:12) - Antonia's Contact Information
Antonia's Twitter


The FORT with Chris Powers is produced by Straight Up Podcasts

Oct 08, 2020
RE #77: Sce Pike - Founder & CEO of IOTAS - Smart Home Technology
52:56

Sce Pike is the Founder and CEO of IOTAS, a complete smart apartment ecosystem with simple installation giving residents the best user experience for their Smart Apartments. On this episode, she and Chris talk about the early days of the startup, the importance of getting right in front of your customers, how IOTAS is helping users at the property management level, Sce's experience during the DotCom Bubble, and much more. Enjoy!


Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers & Fort Capital: www.FortCapital.com

(01:42) - Sce’s Story

(03:40) - What did IOTAS look like early on as a startup?

(05:49) - Are there things about IOTAS that might have been different if you hadn’t started the company in an actual apartment?

(08:19) -  Can you explain the IOTAS product from a software perspective and how it integrates with hardware?

(10:33) - Are you a better fit for someone building brand new units or are you able to integrate with an already established apartment?

(12:14) - For fully operating complexes, what is IOTAS' process for coming in and integrating everything?

(13:28) - What are the most common ways that tenants are using the product?

(15:08) - What does it look like at the property management level?

(16:37) - Is there data on the average savings amount you’ll present to potential customers?

(17:17) - Do you provide reports on efficiencies?

(17:59) - What’s the long term vision for how the IOTAS set up works?

(18:36) - Is there anything that the IOTAS product is doing that you didn't expect?

(22:42) - What are the biggest bottlenecks for your ability to scale?

(24:50) - How did the partnership with Amazon come about and why did you choose them?

(28:46) - What’s the difference between using Alexa without linking their account and actually linking it?

(29:31) - When are potential tenants interacting with Alexa?

(30:36) - Is this an exclusive partnership with Amazon?

(30:52) - What’s it like working with Amazon?

(31:51) - Is Apple trying to get into this space?

(32:26) - What does an exit look like in this space?

(33:26) - What’s the definition of a TelCo from your perspective?

(33:55) - How did you get into this industry?

(35:46) - What was your web design business like in college?

(36:19) - What was the DotCom Bubble like in the early 2000s?

(37:18) - What was it that ended the company you were employed with during the bust?

(40:00) - What is "creative destruction"?

(41:18) - How were you able to create self-guided tours and have them ready in 4 weeks?

(43:07) - How does the self-guided tour work?

(44:52) - Where have you learned your leadership style?

(45:45) - What’s the reality of Portland right now?

(47:54) - Do you have a morning routine?

(49:19) - What’s the best advice someone’s ever given you?

(49:59) - Any books that have inspired you?

The Hard Thing About Hard Things - Ben Horrowitz
Measure What Matters - John Doerr

(50:53) - If there was a billboard that you could put anything on for the world to see, what would it show?

(51:14) - What's the best way to reach you or find IOTAS?


The FORT with Chris Powers is produced by Straight Up Podcasts

Oct 05, 2020
RE #76: Mark Duclos - Co-Founder/President at Sentry Commercial & President of SIOR
46:09

Mark Duclos is the Co-founder & President of Sentry Commercial and the President of the Society of Industrial and Office Realtors (SIOR). Sentry focuses on brokerage, property management, and construction management based in the Hartford and Western Massachusetts area. On this episode, they discuss the future of the office, working on deals with massive companies like Amazon, technology in real estate, Mark's experience in SIOR, and much more. Enjoy! 


Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com

(01:58) - Mark’s Story

(07:26) - Which markets are you focused on and where are they located?

(08:55) - What’s going on in the Western Mass/Connecticut market right now within the asset classes you work in?

(12:50) - Are people that are leaving Connecticut staying in New England or are they leaving the area completely?

(13:39) - What’s your take on office in the next 12 months?

(16:51) - Do you think that NYC will come back stronger than ever or is there more permanent damage that people are overlooking?

(18:14) -  Are you seeing an influx of demand for E-commerce?

(19:56) - Is there anything different about working with Amazon compared to other clients?

(21:36) - Is the 3.8 million square feet all under one roof or how is that broken out?

(22:45) - Are you involved in any of the Amazon moves to purchase defunct malls, JC Penny, Sears, etc.?

(23:40) - What is SIOR and why did you become so involved?

(26:02) - How do you become a member of SIOR?

(26:57) - What kind of insights does SIOR provide its members?

(28:11) - What is your role as president of SIOR?

(30:24) - What have you learned in this leadership role through the past year?

(32:16) - How does your business use technology and why is it so important as we move forward?

(36:27) - Why did you decide to get into Residential & then into Multi-Family?

(37:44) - Do you have a morning routine?

(40:10) - What’s the best advice you’ve ever received?

(41:46) - Is there a book that has had an impact on you?

- Never Eat Alone by Keith Ferrazzi
- Feedly: The News Aggregator

(42:44) - If there was a billboard you could put anything on for the world to see, what would you put?

(44:09) - How can people contact you?

The FORT with Chris Powers is produced by Straight Up Podcasts

 

Sep 30, 2020
#75: Stacey Relton - Co-Owner & Managing Partner at Strait Capital
01:16:35

Chris had a chance to talk with Stacey Relton, Managing Partner at Strait Capital, whose efforts have elevated the firm to a global brand. Stacey has increased the Strait Capital's revenue by 500% and spearheaded major firm initiatives to position the firm’s infrastructure for accelerated growth and scalability.

On this episode, Stacey and Chris discuss the world of private equity and hedge funds, the importance of building a culture in your organization, and how Stacey went above and beyond for her team during the pandemic. Enjoy! 


Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com


(01:35) - Stacey’s Career Prior to Working at Strait Capital

(03:36) - How did you get this reputation of being able to ‘make shit happen'?

(05:32) - What started your growth trajectory of almost 500% in 4 years?

(08:18) - Did you have people making intros for you in New York or was it straight cold calling?

(11:22) - How’d you kill your first elephant?

(12:45) - What is Strait Capital? What does a fund administrator do?

(14:38) - If someone starts a hedge fund with an endowment, does the endowment state that Strait Capital has to be involved?

(15:05) - Do you hire the fund administration attorney?

(15:35) - Is it usually the hedge fund manager that hires you or the investor?

(17:20) - When do hedge funds begin to involve you?

(18:23) - Do most people starting a new fund using placement agents to raise money or is that done internally?

(20:11) - What is considered a large client?

(21:18)  - Why is Strait Capital better than its competitors? 

(23:33) - Building a Culture

(26:12) - At what size does compliance change or are there multiple tiers where things change?

(28:48) - How would you know if someone was doing insider-trading?

(29:49) - What happens when your fund hits $150 Million?

(31:19) - If I raise a fund and suddenly its worth $150m in two years, am I now in that SEC category?

(31:51) - Who values private stuff?

(33:03) - Is there another tier beyond $150 million?

(34:59) - Could a Blackstone ($20B fund) have hundreds of SPV’s that are folding into the big fund?

(35:35) - Would someone like Blackstone outsource their administration?

(36:02) - What are some things that separate great managers from the run of the mill folks?

(39:16) - Have you ever caught anything such as fraud through email monitoring? What happens if you catch it?

(40:58) - Is it always intentional when people are running Ponzi schemes?

(41:26) - How do you think Bernie Madoff was able to get away with what he did?

(43:18) - Are you starting to see a lot of distressed funds being raised?

(45:43) - How long does it take to raise a fund?

(47:58) - What is a hybrid fund?

(49:41) - Do you ever work with public companies? Will you ever touch a SPAC? [Special Purpose Acquisition Company]

(52:49) - Does one raise a fund every 2-3 years?

(53:30 - When did you shift from rainmaker to building processes and systems? What has it been like as the captain of your ship for the last 6 months?

(1:03:36) - Do you have a morning routine?

(1:05:04) - What would you tell people graduating right now in this environment?

(1:08:38) - What’s the best advice you’ve ever received?

(1:10:13) - What’s the best book you’ve ever read?
Lean In by Sheryl Sandberg
Patrick Lencioni Books

(1:14:31) - How can people reach you & Strait Capital?
Stacey's LinkedIn


The FORT with Chris Powers is produced by Straight Up Podcasts

Sep 23, 2020