EPISODE #260 In today’s episode, we are joined by Brian Good, the co-founder and CEO of iBorrow. iBorrow is a nationwide real estate lender made by entrepreneurs for entrepreneurs, with an impressive track record of over $1 billion.Brian also founded TenantDirect, the first web-based property management software. Brian has moderated and served on a number of panels during his career, including panels for UCLA, YPO, Bisnow, and IMN. Currently, he sits on the Board of Advisors for the Ziman Center for Real Estate as part of the Anderson School of Business at UCLA.In this episode, we’ll be covering everything from Brian’s backstory and why he moved from equity real estate to debt real estate to how iBorrow underwrites borrowers and how the private lending market has changed going into 2023.Make sure to listen in!Key Takeaways:Intro (00:00)What brought Brian to debt real estate? (01:39)Why did he want to make the switch? (05:46)The difference between iBorrow and other lenders (08:23)What Are Bad-Boy Carve Outs? (10:12)How has the market changed over the last year? (13:14)How should we plan out the year ahead? (29:12)How leasing activity is looking now (43:07)Episode wrap-up (55:36)Additional Resources:➡️ Learn more about Juniper Square here➡️ 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/➡️ Sign Up for our Newsletter: https://newsletter.thefortpod.com/➡️ Subscribe to The FORT on YouTube--The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more.Be sure to follow the podcast, so you never miss an episode!

Brian Good - CEO of iBorrow - How The Lending Market is Changing | The FORT #260

EPISODE #259 After being bailed out of his first company by his dad 15 years ago while in college, Aaron Rubin learned his lesson and founded ShipHero in 2013 as a warehouse management system for e-commerce shippers. Since then, ShipHero has gone on to serve around $8 billion per year in orders from e-commerce stores. In the last 3 years alone, they have opened up 9 warehouses across the country to manage shipping and fulfillment for medium and large businesses including Shopify, Canadian Tire, Glossier and Universal Music Group.Aaron is known for having his finger on the pulse of ShipHero’s major initiatives, He is responsible for planning and executing the overall vision and strategy of the organization. In today’s episode, Aaron sits down to discuss his backstory, how he almost went bankrupt in 2008, taking inspiration from Amazon, and what lies ahead in 2023 for the logistics world.Key Takeaways:Intro (00:00)How Aaron got started (01:30)What is ShipHero? (07:32)The problem with copying Amazon (13:25)Everyone hates logistics (22:51)The state of the market (28:08)What’s going on with supply chains (37:15)Is manufacturing leaving China? (43:33)What’s coming up in 2023 (48:44)The future of the workforce (58:36)Episode wrap-up (1:05:07)Additional Resources:➡️ Learn more about Juniper Square here➡️ 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/➡️ Sign Up for our Newsletter: https://newsletter.thefortpod.com/➡️ Subscribe to The FORT on YouTube--The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more.Be sure to follow the podcast, so you never miss an episode!

Aaron Rubin - Founder & CEO of ShipHero - Building a Better Supply Chain | The FORT #259

EPISODE #258  In today’s episode, Chris Powers and Jason Baxter take a look at the last year for Fort Capital and discuss the biggest wins of the year. How our team and technology have progressed, how we are looking at the market in 2023, what makes Fort Capital so special, and much, much more.At Fort Capital, our mission is to become the best real estate operator in the entire world. We’re always considering how we can operate better, acquire more real estate, improve our credibility and track record, attract top-tier talent, and drive more profit and returns to our investors.So I’m delighted to say that following off the back of an incredible year in 2021, in which we smashed all of the targets we outlined in last year’s Year in Review, we have stretched even further in 2022 to outperform our initial goals in every metric we set out.Today, I'm excited to discuss and hope you can take something from what we’ve achieved in the last 12 months and carry it with you in 2023.Fort Capital's 2022 Annual Report: https://fortcapitallp.com/2022-annual-report/Key Takeaways:Intro (00:00)The background to 2022 (02:24)Our revamped investor reporting process (12:35)Our underwriting import tool (19:48)Our brand-new deal sourcing tool (29:29)How do we effectively work through markets? (36:55)What sets us apart in our industry? (43:01)How our dashboard utilization has improved so rapidly (52:11)Cash management for 2023 and beyond (1:01:36)What we achieved in 2022 (1:09:20)Fort Capital University (1:17:05)Additional Resources:➡️ Learn more about Juniper Square here➡️ 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/➡️ Sign Up for our Newsletter: https://newsletter.thefortpod.com/ ➡️ Subscribe to The FORT on YouTube  --The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more.Be sure to follow the podcast, so you never miss an episode!

Fort Capital’s 2022 Year in Review | The FORT #258

Kyle started his fixed-income career on a J.P. Morgan trading desk before joining multi-strategy hedge fund Millennium. In 2018, Kyle left Millennium to manage his own capital, emphasizing real estate debt investing. He has experience investing across the real estate capital structure, including first and second-lien mortgages, tax liens, and equity. He holds a Bachelor of Science in mathematics from the University of Maryland.On this episode Chris & Kyle discuss:what he learned from trading at hedge funds on Wall Street and why he eventually decided to start buying crack houseshow to find and buy distressed debtdifferent types of high-yield loans and strategiesforward thoughts on the 2023 real estate marketand more!Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.comFollow 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-keTSQFollow Kyle on Twitter: https://twitter.com/financeguy725Constitutional Lending: https://constlending.com/investTopics:(2:05) - How did you get into Wall St. and where did that transform into buying crackhouses?(5:22) - How do you come up with a trade idea?(9:20) - How often do you need to have an idea?(11:08) - How accurate is the show Billions?(13:09) - Why forces people to stay in the Wall St. world?(15:12) - What code do you write?(16:36) - How would you describe what you do today?(19:25) - What are you seeing in lending right now?(24:34) - How would you predict the lending industry’s future in the short to medium term?(27:12) - What’s happening in Office right now?(30:21) - What happens on your end when someone presents a loan for you to buy?(38:31) - What happens when you take control of an asset?(45:03) - Wanting to own a bank (45:42) - How do you source these non-performing loans?(50:13) - Is your model scalable?(51:40 - What is a Prevent Foreclosure Loan?(54:20 - What’s an Airbnb Loan?(57:02) - Punting assets vs. Running a business(1:00:35) - Do you think sometimes your ability to operate hurts you?(1:03:52) - Will high-yield loans still be 8-12% in ’23?(1:05:06) - What needs to happen for money to start moving again?(1:10:05) - What do you think about in terms of existential risks to your business?(1:12:58) - Ranting about insurance(1:23:07) - Wrapping up

#257: Kyle O'Hehir - Co-Founder of Constitution Lending - Crack Houses, Buying Distressed Debt, & High Yield Loans

Ryan Eisenman is the co-founder and CEO of Arch, a digital solution utilized by over 180 private investment firms to automate the administration and management of tens of $Bs of alternative investments. Ryan is a Houston native, graduated from Vanderbilt University, and now lives in New York City where Arch is headquartered.On this episode Chris and Ryan discuss:the story of how he got the idea to build and execute on Archthe issues behind managing wealth and private investmentshow he raised VC capitalRyan asks Chris several questions about his career Support our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.comFollow 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-keTSQLinks:Ryan on TwitterArchTopics:(2:27) - Ryan’s background and career(3:49) - The Israeli Entrepreneurship scene(6:41) - Ryan’s journey to founding Arch(12:16) - What are you solving with Arch?(14:15) - Who are the customers for Arch?(15:13) - What was your experience raising capital in 2021?(17:14) - What do you lean on VC’s for?(19:20) - How do you break into the VC world and start setting meetings?(20:30) - How long did it take to convince your first major investor?(23:09) - How often do you talk to your investors?(23:25) - What’s “the next stage” of the business?(24:53) - Why was $1mm in revenue the point where you brought in more sales staff?(26:37) - How has your role changed as the company grows?Ryan Interviews Chris(28:17) - Chris’ thoughts on what’s broken in this industry(33:11) - What is and what should your first step be after a major liquidity event?(35:16) - What separates a great advisor from the rest of the pack?(38:27) - Chris’ role as an asset Manager and the purpose of Fort Capital(40:54) - How did you raise your first deals?(42:13) - Where do you see FC in 5 years? 15 years?(43:29) - How is the current market affecting your strategy?(48:43) - Being fearful when others are greedy, and greedy when others are fearful(52:10)- What would you be building if you had to work somewhere else?

#256: Ryan Eisenman - Co-Founder of Arch - Building The Digital Admin for Private Investments

Welcome to the Fort Podcast. It's my privilege to share with you the stories, ideas, knowledge, and strategies of our era's greatest business leaders. What started as a podcast focused on only real estate has grown to cover all types of businesses, industry breakdowns, leadership and market insights.Since I was a kid, listening to and exploring the stories, wisdom, and unique perspectives of others has been one of my passions. The Fort is the podcast I always wish I'd had. I can't thank you enough for listening, and my hope is you'll find value that you can go out and share with the rest of the world.Enjoy the show.

Welcome to The Fort

Greg Gordon has a rich history in construction as a third-generation builder with over 25 years of industry experience. He started his career in shell construction and eventually transitioned to commercial interiors before founding Gordon Highlander in 2007. Under Greg’s leadership Gordon Highlander has experienced tremendous growth and received numerous awards as a result. But Greg’s true passion is for people and the relationships developed with both his team and clients. With a servant leadership approach to business, he has built a team of leaders who take ownership and pride in their work. It’s a reflect the organization’s mission of “building a legacy of helping others reach their God-given potential”. Greg attributes Gordon Highlander’s success to this culture model.On this episode Chris and Greg Discuss:a look into the commercial construction industry from 2007-Presentwhat it's like to build for Amazon and how they built a prototype in 6 weekshow Greg views leadership and building a world-class cultureleadership above and beyond "HR"Support our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital Juniper SquareLinks:Gordon HighlanderGreg on LinkedInTopics:(3:22) - Gordo’s experience as 3rd generation in the Construction industry(5:12) - What does Gordon Highlander do?(7:57) - What is a “Gordon Highlander”?(10:03) - How has Industrial Finish-out evolved since ’07?(15:10) - At what point in development does GH get involved?(18:18) - What does a perfect project look like to you?(19:44) - How do you budget a project in this market?(23:45) - Are there any permanent changes to the industry since 2020?(28:00) - What do people need to unlearn?(31:42) - What are you seeing in Industrial innovation?(36:47) - Developing the GH/Amazon relationship(46:25) - How do you think about the final days of a project?(47:15) - What are you seeing in the market?(51:40) - What’s different in building office within industrial and office in a place like Old-Parkland?(54:52) - How do you think about change orders?(56:35) - The headlines vs. reality pertaining to Amazon slowing down development(58:24) - How do you think about legacy, servant leadership and culture?(1:06:51) - Teaching culture at Gordon Highlander(1:11:36) - Advice for young people(1:12:49) - Friendship, business(1:18:00) - Pain distorts your memory(1:19:51) - Treating your employees like people

#255: Greg "Gordo" Gordon - Founder/CEO of Gordon Highlander - A Leader On a Mission To Build Something Different

Sarah has 20 years of experience in office brokerage in the DFW region. Prior to founding Thirty-Four Commercial, she was previously a Principal at Peloton Commercial Real Estate (acquired by JLL in 2019) and an Associate at Transwestern.  Sarah graduated from Miami University before relocating to Dallas, Texas in 2003. Sarah focuses her life on wellness and balance. In 2018, she obtained a 200-hour Yoga Teacher Training Certification.  Sarah enjoys spending time with her husband and children, as well as traveling whenever their schedule allows. On this episode, Chris and Sarah discuss:her career stories and the lessons she learned along the wayher view of the current office environment and where we go from herehow to lease Class A Office buildingshow she leased a Class AA office building from the ground uphow she manages a growing family and businessLinks:Thirty-Four CommercialThe Purpose-Driven Life by Rick WarrenTopics:(3:21) - Sarah’s career & background(30:11) - What did you learn selling gym memberships that translate to any sales position?(33:01) - What does good training look like for people early in their RE career?(37:53) - How do you build trust with owners?(47:50) - How would you describe the office market today?(59:40) - What’s your process of working in development?(1:01:40) - Where do people waste money in office development?(1:07:53) - How do you approach marketing?(1:11:22) - When are you able to start leasing a building?(1:16:36) - Is there a point where you realize a deal isn’t going to get done?(1:18:43) - What’s your role once a new building is fully leased?(1:20:08) - What needs to happen for a lease to turnover?(1:23:05) - How do you balance building a family and a business?

#254: Sarah Kennington - Founder of Thirty-Four Commercial - The Queen of Office Leasing

Anthony “Pomp” Pompliano is an entrepreneur and technology investor. He has built and sold numerous companies, ran Product & Growth teams at Facebook, and manages a portfolio valued at more than $500 million in early-stage tech companies.  He currently runs his family office, which makes private investments and owns majority stakes in several operating businesses. Anthony also hosts popular conversations on “The Pomp Podcast,” which has been downloaded over 50 million times. Pomp also writes a letter that more than 225,000 investors read each morning. Lastly, Pomp’s interests lie at the intersection of finance, technology, entrepreneurship, and economics, which he tweets about extensively to his more than 1.6 million followers.On this episode, Chris & Pomp discuss:lessons Pomp learned from serving in the army and running product/growth teams at Facebookthe benefits and downsides of being a public figure with large social followingwhat is bitcoin and why is it important and his understanding of current crypto marketwhat happened with FTX and its implications on crypto marketLearn more about Chris Powers and Fort Capital: www.FortCapitalLP.comFollow 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-keTSQSupport our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital Links:Pomp on TwitterPompLetter.comThe Pomp Podcast(3:40) - Pomp’s time in the Army and lessons learned(9:18) - Experiences working at Facebook(12:31) - Tech company bloat(15:49) - Elon vs. Apple and if there’s a “they” out there(23:53) - How did you build your online presence?(28:19) - Have you self-censored since growing this massive audience?(32:39) - Pomp on shutting down The Best Business Show(35:47) - Is there a pathway that gets us to an internet that doesn’t incentivize ridiculousness?(37:49) - How did crypto enter your life?(41:02) - What is Bitcoin?(47:43) - Is there any version of the “promise” of Bitcoin that is playing out right now?(49:30) - Is there a point where the volatility of Bitcoin stops?(54:32) - Cryptocurrencies and Governments(1:00:13) - How would you pitch Bitcoin to governments?(1:08:05) - Breaking down the FTX fiasco(1:16:59) - Pomp’s experience at a LIV Golf Event

#253: Anthony "Pomp" Pompliano - Founder of Pomp Investments

Jon Altschuler is the founder of Altschuler and Company and has been involved in all phases of the firm’s development since its founding in 2009. He started his career with Trammell Crow Company and was the president of Stream Realty Partners. Jon is the chairman of the SMU Dedman College executive board.Jon is a graduate of Southern Methodist University where he was elected Phi Beta Kappa. Jon earned his MBA from the University of California, Berkeley. On this episode, Chris and John discuss: The current state of the office market and forward-looking thoughts. Best practices for building a successful career in real estate.Future of co-working and office leases.What will happen to Class B office properties?Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.comFollow 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-keTSQSupport our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital Links:Jon on LinkedInAltschuler + Co.Topics:(3:18) - Introducing Jon(4:50) - What is it about Trammel Crowe that creates so many all-start caliber RE people?(6:36) - Jon’s career in RE(8:25) - What was your perspective on the GFC?(10:41) - What does Altschuler + Co. do?(11:20) - What was the narrative back in ’07 vs. ’09 from the building-owner perspective?(14:09) - How would you describe the current market for Office?(18:37) - Tech-Giant Sub-leases(20:39) - Stranded Buildings(22:26) - Do you have any insight on the mounting developer debt?(23:33) - What do you predict for development?(24:23) - What are we experiencing in DFW?(26:21) - What does a great future for Office look like?(27:11) - Are you seeing any clustering of businesses similar to Old Parkland?(28:05) - Thoughts on co-working(30:02) - What’s the difference between a great leasing agent and a terrible one?(32:47) - What should tenants with 2 years on their lease left be thinking about?(34:46) - Are there any new amenities that are making buildings more competitive?(36:08) - What markets pique your interest?(37:10) - How does your job change as the tenant gets larger?(38:57) - How are tenants thinking about risk of leasing spaces that aren’t ready?(41:05) - What are you seeing in capital markets for Office?(41:45) - What’s the narrative for Dallas?(42:49) - What would you tell new people in the industry as we stare at a potential downturn?(44:02) - Who developed your marketing strategy?(45:14) - How are you preparing your team for the next 2-3 years?(45:52) - How did you develop your knack to outwork everyone?(48:28) - Becoming a Global Citizen(55:11) - What can Fort Worth do better to attract businesses?

#252: Jon Altschuler - Founder of Altschuler + Co - Dallas Office Market Past vs. Current vs. Future & 20+ years of lessons learned

Kevin Lackey is the President and CEO of Freedom Powersports, a dealership group based out of Fort Worth, Texas with 13 locations spanning three states. His career in the powersports industry started in 1998 where he worked his way up from a porter to manager to general manager and now owner and operator. Through strong leadership skills, dedication to operational excellence, and commitment to the industry he helped grow Freedom Powersports from $34.8M in sales in 2012 to a project of $157M in sales for 2021. Outside of Freedom Powersports, Kevin is on the Board of Directors for First Financial Bank, Motorcycle Industry Council, Yamaha Financial Services Council, BRP Dealer Advisory Council, Yamaha Financial Services Dealer Council, Texas Motorcycle Dealers Association, YPO Fort Worth Chapter Member and is on the Advisory Board for National Center for Middle Market. In 2019 Kevin was named the Entrepreneur of Excellence for the category of retail for Fort Worth Inc. Magazine and in 2016 he was named to the 40 under 40 by the Fort Worth Business Press. With continued growth on his mind, he has also become an active member of his community in Aledo, TX, started a podcast, and is always looking for the next opportunity. On this episode Chris and Kevin discuss: Deepdive into powersports industry since COVID. Best practices learned over the years that helped build a great team and business.What he’s glad he did for the business so that it was easier to sell. (Sold to Rumble On.)Why Kevin has built a life that balances his family life with a demanding work schedule.Links:Kevin on LinkedInEpisode #4 of The Fort with Kevin LackeyThe House that  Built Me by Miranda LambertSupport our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital Topics:(3:25) - Reminiscing(4:54) - How would you describe your business?(6:02) - What happened to Powersports during Covid?(9:20) - Why does focus matter so much?(12:05) - The power of EOS(17:15) - How did you navigate the Pandemic? (30:23) - Is there anything you learned in the early months that will serve you the rest of your life?(32:58) - When did you start to consider the process of selling the business?(45:29) - What are the things you’re happy you did to get the business ready for a successful sale?(49:27) - How did you delegate duties to your CFO?(51:34) - Net Working Capital(1:02:16) - Are there things you wish you’d done to get the business ready for a successful sale?(1:04:22) - The experience of closing on the sale(1:09:09) - The importance of Fatherhood

#251: Kevin Lackey - President of Freedom Powersports - Selling Freedom, Market Overview since COVID, and prioritizing what's important.

David Senra is the Founder of Founders Podcast. David has devoted his career to learning from history's greatest entrepreneurs. David is on a mission to document the best ideas from the life and work of history’s most formidable people —and share those lessons through his podcast so others can benefit. He lives in Miami with his wife and two children. On this episode, Chris and David discuss:His story and the challenges he faced growing up that shaped who he is today.Building his pod – a peak inside what an average week looks like.A deep dive discussion on founder characteristics and everything he's learned from reading hundreds of auto-biographies on the world's most extraordinary founders.A discussion on the economics and business of podcasting.Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.comFollow 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-keTSQSupport our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital More on David Senra:David on TwitterListen to Founders PodcastLinks to Books, Apps, Websites, etc. Mentioned on this episode:Sam Walton Autobiography Paul Graham essaysJocko PodcastThe Everything StoreKanye West Netflix documentaryMichael Arrieta on The Fort (Garden City)Trader Joe’s AutobiographyReadwise AppBecoming Steve JobsCharles Kettering BiographyA Man For All MarketsDark Genius of Wall StreetTopics:(3:58) - Introducing David(6:11) - David’s background(15:32) - David’s passion for reading(17:00) - Reflecting on how we are shaped by our past(22:37) - Do you think it’s possible to build a generational business without childhood trauma?(30:20) - What led to you starting the podcast?(43:36) - What kept you going during your first 2 years when the show wasn’t profitable?(1:06:55) - What does a week in the life of David Senra look like?(1:15:07) - What was it about your appearance on ‘Invest like the Best’ that exploded the show?(1:20:09) - How big is the opportunity for podcasting?(1:50:46)- Of everyone you have studied, who is the #1 person in your eyes?The Fort is produced by Johnny Podcasts 

#250: David Senra - Founders Podcast - The DNA of a Founder

Cody Campbell is the Co-Chief Executive Officer of Double Eagle Energy Holdings III LLC, a partnership formed with Apollo Global Management, and co-founder of Double Eagle Development. Campbell began his business career at Texas Tech University, where he and John Sellers founded a successful commercial real estate development firm. He graduated with honors with a Bachelor’s in finance and economics and a master’s in finance. After graduation, he played offensive guard for the Indianapolis Colts.Campbell is a member of YPO (Young Presidents’ Organization), serves on the Advisory Council for the Rawls College of Business at Texas Tech, and serves as a Board Member of the Texas Higher Education Coordinating Board. He lives in Fort Worth with his wife and four children.On this episode, Chris and Cody discuss:The story of their $6.4B sale to Pioneer.Discussion on current energy markets and policy.Why we need to change the narrative on oil & gas to attract more labor into the industry.We talk about the NCAA & NIL programs and how Texas Tech has built The Matador Club to support athletes.Support our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital Juniper SquareLearn more about Chris Powers and Fort Capital: www.FortCapitalLP.comFollow 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-keTSQTopics:(4:31) - Selling Double Eagle 3 to Pioneer(8:33) - Why was the industry valuing on a price per acre vs. EBITDA?(10:21) - What do “bits & pieces” mean and how are you able to do it at scale?(13:12) - Have there been 2 types of oil businesses that emerged since the shale revolution?(14:01) - Was there ever a moment during the pandemic when you considered not drilling?(15:00) - When did it become clear that selling was the best option?(19:20) - What blows up a deal like this?(20:13) - Starting back up again(22:02) - What are you seeing in the current state of the energy market?(30:24) - Is there any shift in the capital markets?(32:29) - Why has the Biden Admin shifted its stance on domestic production?(34:49) - How much of an impact does the Russia/Ukraine conflict have?(36:42) - What are you seeing in the labor market for Energy and Oil & Gas?(38:57) - How can the industry change its marketing efforts to encourage people to work in this field?(40:30) - How does this industry bring the rest of the world out of poverty?(43:21) - What’s happening outside of the US as we globally see energy prices spike?(44:47) - Even if we all flipped to a pro-oil stance instantly, how deep are we in the hole already?(47:19) - What are the different acreage tiers in oil fields?(50:16) - If oil is at $92 today, what’s the rate of return for drilling a well?(51:50) - Is there any technology on the horizon that will make it e

#249: Cody Campbell - Co-CEO of Double Eagle Energy IV - A $6.4B Transaction, Energy Markets & Policy, NCAA / NIL

Zamir Kazi started his career in Real Estate in 2013 after attending Florida State University buying and flipping duplexes. He formed Berkshire Property Holdings in 2014 (later rebranded to ZMR Capital) to acquire and redevelop multifamily Real Estate. In the past 9 years, as CEO of ZMR Capital, Zamir has acquired over $1.5B of multifamily assets.He has been the recipient of Globe Streets 50 under 40 and is an active investor and board member of multiple early-stage companies. Zamir also contributes significant time and resources to several charities.On this episode Chris and Zamir discuss:How he started his career in real estate.How ZMR Capital creates value in the assets they acquire.How ZMR selects markets to invest in.Current state of the multi-family market.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-keTSQFollow The Fort on Instagram: www.Instagram.com/TheFortPodcastSupport our Sponsors:Frank Kent CadillacCRE Daily Newsletter Fort Capital CRE ModelsJuniper SquareLinks:Zamir on LinkedInZMR CapitalTopics:(3:52) - Zamir’s background and career(7:05) - What is it about Indian culture that wants their children to become doctors?(9:17) - How were you financing as you began to do bigger deals and turn this into a firm with employees?(11:22) - Did you manage properties yourself?(12:12) - How did you convince people to give you a deal without a track record?(15:09) - How were sourcing deals and why did you choose the markets you’re in?(16:40) - Have you stayed 3rd party on Property Management?(22:47) - What is an ideal Class A or B deal and how do you add value?(26:02) - Do you outsource construction & asset management?(27:24) - Do you send PM’s the same chart of accounts or do they each account differently?(28:15) - Do you have a 90-day game plan after closing a deal?(29:29) - How do you raise capital today?(30:25) - How are you thinking about the market right now?(32:52) - Is bridge debt still in the mix for you on deals you’re doing right now?(34:29) - Are rents still moving fast?(37:08) - Is there anything you’re seeing that could cause a major correction in MF pricing?(41:10) - Why are people selling right now given market conditions?(42:30) - How are you thinking about the tailwind given to MF by high mortgage interest rates?(43:50) - What do you see for your business over the next decade?The Fort is produced by Johnny Podcasts

#248: Zamir Kazi - Founder & CEO of ZMR Capital - $0 to 1.7B of Multifamily Assets in 9 years

Will Churchill is the Owner of Frank Kent Motor Company.  Frank Kent Cadillac has been awarded GM Dealer of the Year for 2012 – 2014, an honor given to only the top 2% of GM dealers throughout the country. On this episode, Chris and Will discuss:  A deep dive on the auto industry. The current state of the auto industry. What the future of buying cars looks like. DTC, EV cars, Hydrogen?! And more!  Support our Sponsors: Frank Kent Cadillac CRE Daily Newsletter  Fort Capital  More Info: 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 Links: The Fort #50 with Will Churchill Email Will: willc@fk1935.com Topics: (3:18) - Introducing Will (4:51) - Will’s background in the auto business (7:06) - What’s happened in auto over the past two years? (11:16) - Where are we now with the chip shortage? (13:10) - Thoughts on pricing strategies in the industry (17:53) - Where do people get auto loans from? (20:18) - Is there anything that changed through Covid that will be permanent? (22:37) - Moving the car buying experience online (27:43) - Thoughts on Carvana  (31:36) - Focusing on the Wholesale market (34:45) - What do most people do when they’re owing way more than the car is worth? (36:25) - What warranty do people really need? (41:23) - At what point can a car not get a warranty? (42:58) - Why is there a need for car dealerships in the future? (44:41) - Why doesn’t Tesla’s model work for everyone else? (47:03) - Will the Car Dealership look the way it does now in 10 years? (48:50) - What happens if Wall Street moves to a profitability model? (50:23) - Buick’s buyout of their dealers (51:39) - Who dictates investing in a dealership? (53:31) - The process of opening a new dealership (56:33) - What’s the pathway to becoming a dealer? (1:02:25) - Thoughts on the EV revolution (1:08:12) - What happens to the new cars that got wrecked from the recent hurricane in Florida? (1:10:09) - Where do cars go to die? (1:11:29) - Do you see the industry moving to cars-as-a-service rather than traditional ownership model? (1:12:52) - How are auto loans performing right now? (1:13:35) - How many catalytic converters have been stolen from you and are manufacturers looking to fix this? (1:14:33) - How’s the auction market looking right now? (1:15:16) - What’s the single most impactful thing a dealer can do to improve the car buying experience? (1:17:13) - How has ride-share impacted the auto world? (1:18:43)  - Final thoughts The Fort is produced by Johnny Podcasts

#247: Will Churchill - Owner of Frank Kent Motor Company - Current State of Auto Industry and the Future of Car Dealerships

Holt Lunsford is the Founder & CEO of Holt Lunsford Commercial, a Dallas-based full-service commercial real estate company. They talk about luck in business, the process of finding and hiring great people, and Holt's advice for fathers. Enjoy!   Support Our Sponsors:    Juniper Square: https://www.junipersquare.com/    Frank Kent Cadillac: https://www.frankkentcadillac.com/  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 (3:08) - Holt’s background and career (5:30) - The Great Trammel Crowe generation of Texas Real Estate Operators (19:26) - How much of business success is luck and how much are things that you can control?  (21:28) - Holt’s Growth standards  (24:22) - How long was the business going until you started making hires  (25:24) - What were things you weren’t doing well that people could learn from?  (28:55) - Holt on building relationships with the people he works with and loyalty  (31:21) - Holt on the culture of people moving jobs constantly and attracting the next generation of employees  (36:21)- What within Real Estate has changed dramatically since starting in ’86?  (38:33) - Chris and Holt on life balance   (43:02) - What did you give your kids for their 18th birthday?  (46:19) - What advice would you give your 21-year-old self  

#246: Holt Lunsford - Founder & CEO of Holt Lunsford Commercial

On this episode Chris talks about the fundamentals that drive Class B Industrial:  Growing demand and no new supply?  Could that be?! The types of tenants that occupy Class B Industrial How we think about Cap Ex & TI. And more!  Support Our Sponsors: Juniper Square: https://www.junipersquare.com/ Frank Kent Cadillac: https://www.frankkentcadillac.com/ 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 Topics: (2:52) - What is Class B Industrial? (4:59) - They aren’t building more of this stuff (7:07) - Serving the function of a business (9:43) - The asset class in 2022 (11:57) - Tenants in Class B Industrial (14:05) - Being close to the customer (15:33) - Predictability of Expenses (16:31) - Class B as Covered Land Plays (17:22) - Leasing (19:58) - Final thoughts on Class B Industrial The Fort is produced by Johnny Podcasts  

#245: Chris Powers - Rant on Fundamentals That Drive Class B Industrial

Chris sits down with his longtime friend Rayne Austin, to do a deep dive into the Cattle Business. Rayne walks Chris through the multiple phases of the life cycle for cattle, how each phase makes money, the "Big 4" packers, and how the pandemic exposed a major bottleneck in the industry. 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 (3:11) - Rayne’s Background (5:08) - What are the phases of a cow's life and how do you move from one to the next? (8:07) - Do the calves only live off of their mother’s milk or are they consuming feed in the first phase? (9:17) - Do cows sell for less if they haven’t been weened? (9:39) - How much money are people trying to get from selling in the calf/cow phase? (10:22) - How do you transfer 10,000 calves to the stockyard? (11:30) - How many calves fit in a truckload? (11:49) -  What’s the purpose of the stockyard? (13:25)  - How big are you trying to get the cows to become in the stock phase? (13:45)  - What’s the pricing model for cattle? (16:05) - What do cows look like at the end of the stocker phase? What happens when they move to the feed yard? (17:16) - How long do they stay in the feed yard? (17:31) - Where does all that feed come from? (18:06) - Do they go to slaughter from the feed yard? (18:30) - Why don’t folks complete all three phases under one roof? (19:48) - What are the biggest risks in the industry? (20:59) - What are the biggest upsides to the business? (21:57) - Why were the packing houses doing well but not the cattle ranchers during COVID? (23:33) - What happens when you have cattle ready to leave the feed yard but packers not willing to take them? (24:53) - Can a cow get ‘too big’ to where it affects the meat? (25:44) - How is veal made? (26:50) - Rayne’s Experience Working at the Largest Virtual Auctioneering House (28:59) - Does everyone buy in the business hedge or is it case by case? (30:07) - Why are calves who haven’t been weened high risk? (31:01) - Why do some people hedge and some don’t? (32:29) - How is the majority of this business made up from an ownership perspective? (37:05) - Does the climate and location of feed yards change what the cow will look like? (39:20) - Are the majority of these legacy companies just growing to a point where the barrier to entry is more difficult? (41:06) - What’s the day to day like for someone like your grandfather working in the field 7 days a week? (44:00) - How many cattle are there per acre in America? (44:56) - How many cattle are there in America? (45:49) - Who’s the largest cattle rancher in the country? (46:21) - Have genetics improved vastly over time? (47:31) - What about cattle genetics has improved

#244: Rayne Austin - Cattle Business 101

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

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

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

The FORT with Chris Powers

The FORT with Chris Powers

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