The Fort

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!

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 houses how to find and buy distressed debt different types of high-yield loans and strategies forward thoughts on the 2023 real estate market and 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

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 Arch the issues behind managing wealth and private investments how he raised VC capital Ryan 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?

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.

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-Present what it's like to build for Amazon and how they built a prototype in 6 weeks how Greg views leadership and building a world-class culture leadership 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

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 way her view of the current office environment and where we go from here how to lease Class A Office buildings how she leased a Class AA office building from the ground up how she manages a growing family and business Links: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?

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 Facebook the benefits and downsides of being a public figure with large social following what is bitcoin and why is it important and his understanding of current crypto market what happened with FTX and its implications on crypto market 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: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

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?

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

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