The Fort

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

Aaron Graft, CEO of Triumph Bancorp, shares the story of buying a bank during the GFC. They discuss the trucking industry, factoring technology, and the future of trucker payments. They also explore the challenges of acquiring a bank, removing bad loans, revolutionizing trucking payments, and going public.

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

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

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

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?

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?

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

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

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