The FORT with Chris Powers

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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!!

Chris Powers


    • Sep 27, 2022 LATEST EPISODE
    • weekly NEW EPISODES
    • 1h 7m AVG DURATION
    • 243 EPISODES

    5 from 283 ratings Listeners of The FORT with Chris Powers that love the show mention: fort worth, chris interviews, chris asks, commercial real estate, always finish, keep it up chris, chris does a great job, hidden gem, powers, inspirational stories, chris is a great, great lessons, industries, love chris, founders, business podcast, amazing stories, texas, right questions, well rounded.



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    Latest episodes from The FORT with Chris Powers

    #243: Chris Powers - Incentivizing The Process, Not Just The Outcome

    Play Episode Listen Later Sep 27, 2022 14:01


    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 Chris goes solo to hit hard on a critical aspect of operations that has played so well to the success of Fort Capital: Incentives. On this episode Chris discusses: Why operations are important and how to incentivize them. A relevant scenario to think about when setting incentives. Incentivizing the process, rather than just the outcome. Topics: (1:42) - What is a great operator? (2:38) - Incentivizing the process, not just the outcome The Fort is produced by Johnny Podcasts

    #242: Michael Arrieta - Founder of Garden City - Buying & Growing Great Companies with Permanent Capital

    Play Episode Listen Later Sep 20, 2022 81:52


    Michael currently serves as the Founder and CEO of Garden City, a purpose-driven holding company that buys, grows, and permanently holds family-owned companies. Once acquired, Garden City seeks to grow them through culture, technology, and sales. Most recently, Michael was an early employee & executive at DocuSign, serving as Global Vice President, General Manager, and Chief of Staff to the CEO. DocuSign has now achieved a $30B market cap with 5,000 employees. In 2016, he founded MAV Ventures, a venture capital group that has invested in over 100+ companies and multiple funds. Michael also co-founded New Story, a non-profit that has built 2,000+  homes in developing countries and is recognized for creating the world's first-ever 3D Home Printer. He graduated from the University of Alabama with a Bachelor of Arts degree in Business Management, and he lives in Atlanta with his wife and three children. Mike is a follower of Jesus and seeks to honor God in everything he does. On this episode, Chris and Mike discuss: His story and how he learned to be world-class at sales. (He was the #1 CutCo Knife salesman in the US) How Garden City values and ultimately transacts on businesses. How Garden City creates value for the companies they acquire.  Why he chose a permanent capital structure.  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 Michael on Twitter: https://twitter.com/MikeArrieta Garden City: https://www.joingardencity.com/ (2:10) - Michael's career and background (4:51) - What did you do that made you the top Knife salesman in the country? (9:45) - What can get someone to believe in their product or company? (12:46) - What does a Chief of Staff do? (16:58) - Why do you have an affinity for boring SMB's? (19:50) - What led you to the realization that you wanted to start acquiring businesses? (23:30) - What are you tangibly doing to make people the focus of the businesses you buy? (29:21) - What's your filter for red flags in businesses you look at acquiring? (32:19) - In what capacity do you want the previous owner involved after an acquisition? (33:49) - What do the first 90 days look like post-acquisition? (37:11)  - How do you find the line between letting the business run and being very hands on as owners? (40:20) - When an owner doesn't stay on, how quickly do you have to get on with replacing the CEO? (43:06) - What are most of these SMB's lacking generally from a technology standpoint? (46:17) - How do you find someone who is going to be really accountable for making sure tech is adopted? (48:50) - How do you approach Sales training? (53:45) - Why did you choose to pursue Permanent Capital? (57:01) - How do you think about the platform of being able to help people when you're a business owner? (1:00:58) - Is it possible to instill this mindset in an already existing business? (1:02:33) - How does Permanent Capital work? (1:04:46) - How do you think about cash flowing out of the businesses you own? (1:07:06) - Do you have an example of a Christian Business owner who is killing it in both their career and their faith? Sacred Pace by Terry Looper: https://amzn.to/3qxTMtV (1:10:17) - Why did you consciously decide to slow down? What have been the consequences of that decision? Becoming a King by Morgan Snyder: https://amzn.to/3Lq7GYV The Ruthless Elimination of Hurry by John Mark Comer: https://amzn.to/3ddXrtR The Fort is produced by Johnny Podcasts

    #241: Tim Ludwig - Partner @ Majority Search - A Deep Dive on Search Funding

    Play Episode Listen Later Sep 13, 2022 103:58


    Tim is a Partner at Majority Search, a private equity firm focused on helping top mid-career professionals pursue entrepreneurship through acquisition (EtA).  He is a veteran search fund investor who has backed over 80 search funds and first-time CEOs since 2007 and purchased three companies directly. Before Tim began investing in search funds, he was an executive at a diversified real estate company, consulted with Arthur Andersen and a middle-market manufacturing company, founded two online publishing companies, and held positions with Dell and a venture-backed start-up. Tim graduated from The College of Wooster, received his MBA from the University of Michigan, and lives in San Diego with his wife and two teenage children. On this episode, Chris and Tim discuss: A deep dive into the search fund industry and how it matured over time. What Tim has learned from interviewing hundreds of CEOs. How Majority Search structures deals that align incentives. Lessons from valuing 1000's of small businesses. 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 Links: Majority Search: https://www.majoritysearch.com/ Tim on Twitter: https://twitter.com/tsludwig SearchFunder.com: https://www.searchfunder.com/ Who by Geoff Smart: https://amzn.to/3x0vQmD The Threat of a Reference Check: https://bit.ly/3ARu9sH Topics: (2:51) -Tim's background and career (17:28) - What is a Search Fund in traditional vs. self-funded? (25:42) - How do deal structures work when you begin a Search? (29:25) - How big is the Search Fund community and how can people get in?  (32:47) - EBITish on Discord (34:08) - What are some characteristics of a successful Searcher? (45:46) - Is there a way to sense if someone has common sense and judgment? Chris now acts as the Searcher for the remainder of the episode (52:40) - What are the best practices for finding businesses to buy? (59:43) - What are some industries or business types that really excite you? (1:03:42) - What does the process look like once we've got an LOI between a Searcher, Search Fund, and Seller? (1:10:11) - Is there any one reason that causes deals to fall apart? (1:12:14) - Do you prefer if the seller stays on in some capacity during the transition to new owners? (1:15:35) - What kind of returns are you looking for to determine if an acquisition was a success?  (1:18:56) - What are some low-hanging fruit new owners can capitalize on to grow a business they've acquired? (1:23:07) - Do you care if owners implement some kind of EOS or other operating systems? (1:24:08) - What should an owner expect to see in their first 30-60 days on the job? (1:27:41) - What does the owner's relationship look like when working with someone like Majority Search?  (1:31:46) - How are returns made throughout the life of an investment? (1:34:23) - What's the balance between the portfolio owner and the CEO creating ideas for growth? (1:35:57)- How do you handle unexpected hyper-growth? (1:39:19) - How do you think about the wave of Baby Boomer business owners headed for retirement? (1:41:46) - Who would you back if they came to you as Searchers: Elon Musk or Jeff Bezos? The Fort is produced by Johnny Podcasts

    #240: Wyatt Smith - Founder of Upsmith - On a Mission to Combat America's Growing Skilled Worker Crisis

    Play Episode Listen Later Sep 8, 2022 76:33


    Wyatt is the founder and CEO of UpSmith, a technology company on a mission to combat America's skilled worker crisis.  UpSmith partners with employers to identify high-demand gaps in their labor force, then sources and screens candidates to fill them. Where necessary, UpSmith connects candidates with affordable, fast, high-quality training to qualify them for placement. Prior to UpSmith, Wyatt led business development for Elevate, Uber's aerial ride-sharing business unit. He served as a consultant with McKinsey & Company and as a corps member with Teach for America, receiving the 2013 Sue Lehmann Award as a national teacher of the year. Wyatt holds an MBA with Distinction from Harvard Business School and a BS in Human & Organizational Development and Political Science from Vanderbilt University, where he served as student body president and as a young alumni trustee on the Board of Trust. On this episode, Chris and Wyatt discuss: An in-depth view of the emerging blue-collar labor crisis in America and how we got here. The benefits of blue-collar work and why it is worthwhile work.  Upsmith's plan to employ more blue-collar workers. Why college isn't for everyone. 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 (2:43) - What is the labor crisis we are facing right now? (7:40) - Was there an inflection point where we changed the way we look at the trades? (9:02) - Is this labor crisis attributed equally across all blue-collar work? (10:40) - Are we losing people in the trades due to a lack of training from small businesses? (15:33) - Why is it not obvious that people should look into the trades for a viable career? (18:39) - Does the federal government offer financial aid to attend a trade school? (19:55) - How much of this is a laziness problem? UpSmith (21:25) - Wyatt's launch of UpSmith (24:27) - How are you pitching high school students to have them consider this vs. College? (34:04) - What are the implications for the families of those who choose to enter the trades? (37:30) - Why are you attracted to the words ‘dignity' and ‘purpose'? (39:57) - Renaming Blue Collar as “The Builder Class” (41:10) - What takes place in the initial 8 weeks of a cohort? (44:13) - What problem is a company having that drives them to UpSmith for candidates? (47:40) - What's the line when it comes to blue-collar work and candidates with criminal records? (50:30) - Other than pay, what are some non-obvious benefits of a career in trades? (53:40) - Is the path for people to eventually own their own business or just have a steady income? (57:50) Is anyone on social media making this work sexy? @BuildersOfInsta Mike Rowe's Dirty Jobs The Make It Movement (1:00:48) - Are city crews looking to UpSmith for help with public infrastructure? (1:01:16) - What does our world look like if we fail to fill these blue-collar positions? HBR Future of Work Initiative (1:05:24) - Where have all these workers gone since Covid? The Mom Project (1:08:41) - Is there a certain characteristic that stands out in high-performers in the trades? (1:09:47) - Where do you envision UpSmith in 5 years? (1:11:40) - What are employers in home health care looking for from UpSmith candidates? (1:13:22) - What's one thing you've never predicted since you started this business? (1:14:46) - How can people get in touch or partner with you? Forge NOW The Fort is produced by Johnny Podcasts

    #239: Mike Vellano - Founder & CEO of Vortex Companies

    Play Episode Listen Later Sep 6, 2022 61:09


    Mike Vellano is the CEO of Vortex Companies – a trenchless technology company focused on water and sewer infrastructure. As CEO and Founder, Mike's primary focus is fulfilling the corporate mission and ensuring Vortex delivers on its promise of being a solutions-focused, cost-effective trenchless products and services provider ranging from consulting and project management services to the delivery of products, training, and installation. Formerly, Mike was Vice President of Sales and Marketing for one of North America's largest privately held trenchless underground contractors. His primary responsibilities included overseeing all business entities' sales, marketing, and product development functions. He was also in charge of forging strategic business alliances as part of the company's vision of providing its customers with the widest selection of environmentally friendly, trenchless underground repair solutions. During his five-year tenure, Mike used his vision and leadership to help measurably grow the company's revenue. From 2001 to 2009, Mike worked for Albany, New York-based Vellano Brothers, where he rose from the ranks from local Branch Manager to Vice President. He helped streamline operations, grow accounts, and increase sales exponentially during his tenure there. Mike resides in Houston, Texas, with his wife Lettie and two daughters. On this episode, Chris and Mike discuss: What trenchless technology is, why it's essential, and what markets the technology serves. A fantastic story of how he built his company, took on private equity, and continued to acquire company after company. Lessons learned from integrating each 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/  Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ Vortex: https://vortexcompanies.com/ (2:36) - Mike's background & career (4:54) - What is the ‘Trenchless' industry? (9:50) - Are your customers government contractors or private companies? (10:54) - How old are some of these pipe systems and how much has their design changed over the years? (14:23) - Is there anything Trenchless can do for a city like Austin? (17:04) - Are there areas in the US where your business typically does better? (21:08) - How did you build Vortex? (29:48) - How did you finance your way to $40mm in Revenue? (32:25) - Do you operate as a Holdco or does every acquisition get rolled up under the Vortex brand? (35:34) - What mattered to you when finding capital partners? (44:44) - What's your playbook for integrating new acquisitions into your company? (49:01) - Do you care if the leaders of an acquired business stay or post-close? (50:27) - How much impact is the Russia-Ukraine situation having on your business in Europe? (52:25) - Does your technology scale well into residential? (53:25) - Why do you think executives have it easy? (54:28) - How do you see the labor market over the next 20 years? (57:56) - Why is family so important to you? The Fort is produced by Johnny Podcasts

    #238: Wolf of Franchises (Twitter Anon) - Breakdown of the Franchise Industry

    Play Episode Listen Later Aug 30, 2022 73:50


    Twitter Anon "The Wolf of Franchises" aka @franchisewolf on Twitter, is an expert in the franchise industry. The Wolf of Franchises is a franchise industry professional who has helped match top franchise brands with competent owners and operators and source emerging franchisors for investment opportunities. The Wolf is currently building a media organization via Workweek; an Austin-based media startup focused on empowering individual creators. Through The Wolf's newsletter, podcast, and website, he aims to be the most trusted and transparent (as well as entertaining) resource for information on franchises. On this episode, Chris and Wolf discuss: An in-depth analysis of how franchising works What makes a great franchise business How to create a franchise Years of lessons learned from the franchise industry 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 Wolf of Franchises on Twitter WolfOfFranchises.com WorkWeek Franchise Empires Podcast - On Apple - On Spotify Spaulding Decon American Family Care The Joint In N Out on Expanding East of Texas Sun Holdings The Flynn Group (1:13) - Building an anonymous Twitter account (4:19) - How are you building a business around your Twitter account? (6:27) - What is a franchise? (9:03)- How does a business owner convert their model to a franchise? (11:19) - Is there a certain level of stores you need to have before a franchise makes sense? (12:29) - How long does it take to put the business on paper that's ready to franchise? (13:26)  - What big questions should franchisees be thinking about as they go through the process? (16:20) - Are a lot of the people applying to be franchisee's first-time operators? (21:05) - How would you structure a franchise deal? (24:13) - Is it upon the franchisor to determine the size of an operator's territory? (25:43) - The Subway Franchise Model (27:43) -How do Franchisors vet potential franchisees? (30:46) - Is there any data on the franchisee being a passive owner vs. working in the business? (33:46)- How do you typically finance a new franchise? (35:40) - How do you do due diligence on a franchisor? (38:30) - How long is the typical franchise agreement? (39:47) - What does the agreement look like when a franchisee approaches a franchisor with a buyer for their locations? (44:23) - What franchises do you love if you were going to go buy a franchise? (50:59) - Are there any tips for finding the right location for a customer-facing franchise? (52:30) -What would you stay away from? (55:08) - What's the craziest business you've seen become a franchise? (55:58) - What's the best healthcare franchise? (57:53) - Does Real Estate play into someone's decision to get into franchising? (59:34) - How does an operator get a franchise into a new state? (1:02:37) - Why wouldn't franchises with cult followings like In-N-Out be in every state? (1:04:16) - Is the nightmare scenario a Franchisee is doing really well but a Franchisor is screwing it up? (1:08:46) - What's the best way to buy out a franchisee? (1:10:34) - Who's the largest franchisee in the country? The Fort is produced by Johnny Podcasts

    #237: M. Stanfield (Twitter Anon) - Investing in America's Most Challenging Affordable Housing

    Play Episode Listen Later Aug 23, 2022 82:53


    Twitter Anon M. Stanfield aka @mu2myoc on Twitter is an expert in affordable housing.  Over the past 18 months, his firm has acquired $200M+ in affordable housing projects in Texas. They buy distressed value-add deals and spend a pile on CapEx. Before launching his own fund two years ago, he had developed over 3,000 units of affordable housing in multiple states. Prior to that, he was an affordable housing broker. On this episode, Chris and M. Stanfield discuss: An in-depth analysis of the affordable housing industry and how it operates. Stories as a landlord of some of America's toughest affordable housing communities. How his firm creates value and win/win situations for all involved. 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 M. Stanfield on Twitter M. Stanfield's Newsletter (1:47) - The culture around people living in low-income housing (13:06) - What are you buying and what issues are you walking into when looking at a deal? (17:26) - Low Income Housing Tax Credit process (22:18) - Thoughts on Section 8 housing  (32:30) - What drives you to work in this asset class? (39:41) - Serendipitous opportunity vs. “working for it”  (43:59) - How do you turn these properties around from a physical perspective and a resident perspective? (54:58) - Is there any real solution to helping low-income housing? (59:40) - Re-tenanting a property Twitter Questions (1:09:20) - What 2-3 levers can you pull that drive 95% of returns? (1:16:07) - What's your take on the market right now?  The Fort is produced by Johnny Podcasts

    #236: Jilliene Helman - CEO of RealtyMogul - Real Estate Crowdfunding

    Play Episode Listen Later Aug 16, 2022 40:11


    Jilliene Helman is the Founder and CEO of RealtyMogul, an online real estate marketplace that gives everyday investors access to institutional-quality commercial real estate deals in dozens of markets across the country. Since 2012, RealtyMogul members have collectively invested over $850 million into $4.7 billion of real estate nationwide (as of March 31, 2022). Jilliene holds Series 7, 24, and 63 investment licenses and is a Certified Wealth Strategist. She's been featured as an expert on startups and real estate investing on Bloomberg, CNBC, The New York Times, Yahoo! Finance, and Entrepreneur. On this episode, Chris and Jilliene discuss: A 10-year overview of how crowdfunding has evolved and the tailwinds driving it Building a two-sided marketplace with sponsors and LP's. How crowdfunding works from a high level What to expect from the crowdfunding industry over the next decade. 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 (2:02) - Jilliene's career and background (4:48) - What did crowdfunding in the RE space look like when you got started in your career? (8:29) - If you had to go start a new 2-sided marketplace today, would it be harder to do? (11:47) - Was there an inflection point in the industry where crowdfunding became more mainstream? (15:07) - How distributed is the money coming from crowdfunding? Are there ever a couple of individuals that carry the bulk of a fund? (17:20) - What's the path forward to become a top brand name over the next decade? (20:12) - Is there any agreement that states the LP needs to go to you instead of the GP for questions or investments? (21:39) - How do you approve and vet sponsors? (24:57) - Have you seen institutional or family office capital get into crowdfunding? (25:55) - How do your REITs work? (29:09) - Is the push to have a more built out secondary market for LP's something on your radar? (30:55) - How do you approach Capital Call situations? (33:24) - What data are you looking at to prove the massive tailwinds for crowdfunding? (35:33) - Do you have to own a controlling position in the LP stack? (36:17) - How are you seeing most people show up in a deal? (37:44) - What's something you think deeply about that you want to see in the industry? The Fort is produced by Johnny Podcasts

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

    Play Episode Listen Later Aug 9, 2022 77:33


    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

    #234: Ryan Broderick - Co-Founder of Darwin Homes - Building the Amazon of Single-Family Property Management

    Play Episode Listen Later Aug 2, 2022 112:31


    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

    #233: Josh Young - Founder & CIO @ Bison Interests - The Macro Implications & Big Picture for Energy Markets - A Bull Case for Oil & Gas

    Play Episode Listen Later Jul 28, 2022 87:16


    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

    #232: Apurva Mehta - Managing Partner of Summit Peak Investments - Deep Dive Into Current Venture Capital Landscape

    Play Episode Listen Later Jul 26, 2022 68:21


    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

    #231: Brad Hargreaves - Founder & CEO of Common - Making housing more affordable through co-living and best-in-class property management

    Play Episode Listen Later Jul 19, 2022 63:57


    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

    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.

    Play Episode Listen Later Jul 14, 2022 95:29


    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

    #229: Wes Mabry - Cost Segregation Studies in RE and why they're a beautiful thing

    Play Episode Listen Later Jul 12, 2022 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

    #228: Beth Azor - CEO of Azor Advisory - The Shopping Center Canvassing, Prospecting, and Leasing Queen!

    Play Episode Listen Later Jul 5, 2022 90:29


    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

    #227: Mike Boyd - Going Deep on the Business of Family and How Families Can Achieve Multi-Generational Success

    Play Episode Listen Later Jun 28, 2022 84:11


    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

    #226: Barrett Linburg - Founder of Savoy Equity Partners - Real Estate Opportunity Zones 101

    Play Episode Listen Later Jun 21, 2022 76:40


    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 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 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

    #225: Rob Chadwick - Founder of Holdfast Security Group - Best practices for protecting yourself & loved ones

    Play Episode Listen Later Jun 16, 2022 81:01


    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  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 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

    #224: Nick Huber + Chris Powers Vol. 2

    Play Episode Listen Later Jun 14, 2022 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/ 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 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

    #223: Robert Prather - Founder of Vision Research - A Masterclass in Shorting E

    Play Episode Listen Later Jun 9, 2022 94:27


    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.   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 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

    #222: Student Rental Pro - The Mad Scientist of Student Housing

    Play Episode Listen Later Jun 7, 2022 91:09


    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 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 Student Rental Pro on Twitter: https://twitter.com/StudentRentPro Support our Sponsors: Juniper Square: https://www.junipersquare.com/ Lex Markets Corp: https://www.lex-markets.com/fort (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

    #221: Lloyd Reeb - Co-Founder of Halftime Institute - Success to Significance

    Play Episode Listen Later May 31, 2022 84:04


    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  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 Support our Sponsors: www.FortCapitalLP.com (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

    #220: Connor Haley - Founder of Alta Fox Capital Management

    Play Episode Listen Later May 26, 2022 93:46


    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  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 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

    #219: Stephen Bailey- Senior Managing Director @ JLL - DFW Industrial Market Update

    Play Episode Listen Later May 24, 2022 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/ 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 (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

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

    Play Episode Listen Later May 19, 2022 87:10


    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  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 (01:14) - 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

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

    Play Episode Listen Later May 17, 2022 79:47


    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 Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast Support our sponsors: 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

    #216: Alex Epstein - The Future is Fossil Fuels

    Play Episode Listen Later May 12, 2022 67:41


    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  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 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

    RE #215: Chris Powers on Incentives in Real Estate

    Play Episode Listen Later May 10, 2022 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/  Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast Support our Sponsors: www.FortCapitalLp.com/connect www.JuniperSquare.com www.Lex-markets.com/fort www.CREmodels.com (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

    #214: @CarDealershipGuy - Used Car Business 101

    Play Episode Listen Later May 5, 2022 86:34


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

    RE #213: Bo Aughtry - Deep Dive into Hotel Development and Lessons Learned Through Many Cycles

    Play Episode Listen Later May 3, 2022 71:39


    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/ 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   (02:03) - 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?

    #212: Craig Fuller - Founder of FreightWaves - AN ABSOLUTE MASTERCLASS ON GLOBAL SUPPLY CHAIN & TRANSPORTATION

    Play Episode Listen Later Apr 28, 2022 93:24


    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  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 (01:23) - 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

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

    Play Episode Listen Later Apr 26, 2022 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 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 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

    #210: Robin Sharma - Global Leader of Leaders and Personal Mastery Expert

    Play Episode Listen Later Apr 21, 2022 60:35


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

    RE #209: Nick Huber + Chris Powers Vol. 1

    Play Episode Listen Later Apr 19, 2022 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 Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast 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

    #208: Brom Rector - Founder of Empath Ventures - Psychedelics 101 and Why They're One of the Fastest Growing Industries in the World

    Play Episode Listen Later Apr 14, 2022 67:13


    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  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 (01:56) - 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

    RE #207: How Investor Relations works at Fort Capital

    Play Episode Listen Later Apr 12, 2022 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

    RE #206: Scott Everett - Founder of S2 Capital - 0 to 38,000 MF Units by 32 y/o

    Play Episode Listen Later Apr 5, 2022 101:46


    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

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

    Play Episode Listen Later Mar 31, 2022 65:11


    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

    RE #204: Steve Radom - Founder of Radom Capital - Best in Class Urban Infill Developer

    Play Episode Listen Later Mar 29, 2022 61:44


    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

    RE #203: Jeff Gleiberman - Managing Director at MG Properties - 33,000 Units and counting...

    Play Episode Listen Later Mar 22, 2022 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

    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

    Play Episode Listen Later Mar 15, 2022 97:03


    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

    #201: Conrad Gibbins - Managing Director at Jefferies - Energy Investment Banking - Deep Dive Into Current Energy Markets

    Play Episode Listen Later Mar 10, 2022 64:27


    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

    #200: Chris Powers - 200th Episode - Observations About the World Today

    Play Episode Listen Later Mar 8, 2022 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

    RE #199: Nick Huber - Co-Founder of Bolt Storage - 0-34 self-storage properties in 4 years, Cancel Culture, Remote Labor, Sweaty Startups!

    Play Episode Listen Later Mar 1, 2022 71:48


    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: 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

    RE #198: Eric Weatherholtz - Partner at Healy Weatherholtz Properties - "Simple little things compound into big things and everybody wins."

    Play Episode Listen Later Feb 22, 2022 79:42


    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

    RE #197: John Marsh - Co-Founder of Marsh Collective - Finding Opportunity in the Broken & Undone

    Play Episode Listen Later Feb 15, 2022 77:35


    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

    RE #196: Marc Gilbert - Managing Partner of Twin Oaks - Seeking Deep Value that most overlook.

    Play Episode Listen Later Feb 8, 2022 73:09


    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

    RE #195: Nathan Lenahan - A story of working at WeWork until original IPO, His new HVAC roll-up strategy with game-changing tech component

    Play Episode Listen Later Feb 1, 2022 81:16


    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/ Watch this episode on YouTube: (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

    RE #194: Chris Powers & Jason Baxter Talk Fort Capital's 2021 Year in Review

    Play Episode Listen Later Jan 25, 2022 91:58


    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 (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

    #193: Chris Pate - Managing Director of True North Advisors - A Masterclass in Capital Allocation

    Play Episode Listen Later Jan 20, 2022 87:58


    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

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