The Fort - An Entrepreneurship Podcast cover image

The Fort - An Entrepreneurship Podcast

Latest episodes

undefined
Oct 12, 2021 • 1h 27min

RE #175: Bobby Fijan - Partner @ Form Developers - The Mad Scientist of Floorplans and Complex MF Development

Bobby has been involved in startup companies for nearly his entire career. He left graduate school to start his previous company, Cross Properties, with 3 other partners in the basement of a seminary in 2011. He's worn every hat in real estate from finance, capital markets, fundraising, leasing, late-night maintenance, and semi-professional architect. At Cross, he was the Partner in charge of the Development and Design team and was responsible for every project from an empty lot to stabilized building. In 2019, he left day to day operations at Cross to co-found Tailorbird, a construction technology company, and Form Developers. On this episode, Chris and Bobby break down the science behind floor plans and how Bobby looks at apartment development as products that need perfecting. They discuss value add, efficiencies in the industry, the concept of pre-furnished apartments, how Bobby has built his persona as a floor plan consultant on Twitter and much more. Enjoy! Watch this episode on YouTube: https://youtu.be/Hdt2wr5a_YM Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ (2:11) - Bobby’s Career in Real Estate (4:22) - How did you make floor plans your niche? (8:03) - What’s the main reason floor plans are afterthoughts in the development process? (10:02) - What would make a great 650 Sqft unit and what makes a terrible one? (14:25) - Are there parts of a floor plan that adds value every time and parts that don’t in the data you’ve seen? (17:48) - What would a second use for a bedroom be? (18:56) - Thoughts on Balconies (19:48) - What makes 2br's more or less valuable? (21:52) - How do preferences change between demos of empty-nesters and millennials? (22:57) - Bobby’s disdain for Value add (26:07) - Creating metrics that people aren’t measuring right now (28:55) - Are you met with resistance when trying to present this way of thinking? (32:32) - What would be the opposite view of yours? (32:59) - “Apartments should be designed furnished” (41:31) - Is there any data to suggest people would rent longer in a pre-furnished scenario (41:59) - What’s your favorite feature in a small apartment? (42:38) - Thoughts on efficiencies in apartments (44:58) - Thoughts on Micro-units (46:56) - What are key things you think about when you take over an existing structure? (50:35) - Are there resources developers can utilize early on when it comes to easily design floor plans? (55:37) - What is a complex deal and what have you done to gravitate towards them? (58:30) - What are common things that the average developer overlooks when reviewing rules & regulations and dealing with surrounding communities? (1:01:39) - What do the majority of your reuse deals look like? (1:06:05) - Is it fair to say there’s more adaptive reuse projects in the Northeast? (1:08:12) - Does anything come to mind of things you’ve been able to pull off that most developers wouldn’t have seen? (1:13:52) - When you enter a new area, do you bring on local consultants to help you create relationships in the city or do you have a specific approach? (1:19:25) - Do you have a favorite floor plan you’ve ever seen? And what’s the worst one you’ve ever seen? (1:23:25) - What’s your favorite development? (1:24:33) - How can people find you Twitter: www.Twitter.com/BobbyFijan Email Bfijan@formdevelopers.com The FORT is produced by Johnny Peterson & Straight Up Podcasts     
undefined
Oct 5, 2021 • 1h 26min

RE #174: Laird Sparks - Sr. Managing Director, Development at Greystar

Laird Sparks is a Senior Managing Director for Greystar Development and Construction Services, with responsibility for multifamily development in the Central North Region. He joined Greystar in 1998, holding various positions across multiple disciplines prior to joining the development team. Laird has been involved in all aspects of the Greystar business, including third-party property management, development, renovation, acquisitions, refinance and dispositions, and the asset management of approximately 20,000 apartment units with a capitalized value of approximately $2.5 billion. On this episode, Chris and Laird discuss the behemoth that is Greystar, their work in Texas, conventional multifamily age-restricted developments, the explosion of Single-Family Rentals, student housing, Industrial, and much more. Enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ (03:56) -  Laird’s Career Story and How Greystar Has Evolved Since Being There in 1998 (05:47) - How is Greystar set up from the national level to the regional level? (06:53) -  What does your office do and what’s your role? (07:37) - What’s changed about development over the past 14 years? (09:35) - Are there amenities that are becoming obsolete? (10:41) - Did you primarily do deals in the core during this cycle? (11:37) - What markets do you play in? (12:46) - Are entitlements in suburban markets tougher to get? (14:25) - What are the differences between urban and suburban facilities? (15:48) - Workforce Housing (16:56) - Is there anything from a cost perspective on the horizon that excites you? (20:24) -  What makes up the bulk of cost increases? (21:07) - What are the factors in labor cost increases? (22:09) - What’s driving the massive jump in rents since Covid? (24:53) - Are we anywhere close to meeting demand in apartment developments for DFW? (25:37) -  How much do property taxes impact deals? (27:02) -  Is there anything different about this cycle from the others you’ve experienced?  (28:56) - Are there any permanent changes you're making in your products in light of the pandemic? (30:19) - Why is SFR so hot right now? (34:00) - Is there anyone doing luxury SFR? (36:35) - SFR Tenant Demographics (37:17) - Leasing Factors (37:49) - How are capital markets looking at SFR? (39:36) - Is there talk about not taking the merchant developer route with SFR’s? (42:33) -  How do you define age-restricted deals? (47:13) -  Student Housing (49:38) - Senior vs. Student Demand in Regards To Capital Markets (51:47) - Thoughts on Industrial (56:01) - Is the data you have across different asset classes helpful or is it pretty siloed? (58:55) - How is Texas positioned vs. the rest of the country? (1:00:37) -  Getting a Deal Done in CA vs. TX (1:02:45) - What metrics matter most to you when underwriting a deal? (1:04:41) - Have the basis point spreads between what you’re building to and what you’re exiting on changed drastically? (1:06:30) - How are 10-year hold deals structured if you’re underwriting a Merchant Development deal?  (1:08:20) - Thoughts on Opportunity Zones (1:10:03) - Property Management (1:15:52) - Is there anything that keeps you up at night or risks in the market? (1:17:41) - Has Social Media been a major player in making the developer a ‘villain’? (1:22:09) - Is crowdsourcing the future? The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Sep 28, 2021 • 1h 31min

#173: Andrew Gazdecki - Founder & CEO of Microacquire

Andrew Gazdecki is the Founder of Microacquire, an online startup acquisition marketplace. Andrew is also the former CEO & Founder of Bizness Apps and Altcoin (both acquired). On this episode, Chris and Andrew discuss the early days of founding Bizness Apps and Altcoin before his jump into Microacquire. They break down the process of how Microacquire works, what types of companies are on the platform, how they engage with potential buyers and advice for founders to be successful in selling their businesses. Finally, Andrew discusses why VC isn't right for everyone, his Bootstrappers platform and much more. Enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ (02:43) - Andrew’s Career Background Leading into Microacquire (15:31) - Why Andrew Regrets Starting an Ethereum Transaction Company (18:43) - What is MicroAcquire and what are you trying to achieve? (21:05) - How do you make money? (24:03) - What is the range of sellers you’re seeing on the platform? (26:48) - Does the seller have to put the price they want on the platform? (29:08) - What’s the vetting process for sellers to get on? (30:47) - What’s the range of buyers you see on the platform? (32:28) - What do you mean by Corp Dev licenses? (33:24) - Have you had any first-time buyers who just looking to get into entrepreneurship? (35:03) - What would a $10,000 per year revenue business vs. an $8mm company look like on Microacquire? (38:43) - Are you providing resources for new buyers or how do they learn how to acquire businesses? (42:00) - What are the things sellers need to check off the list in order to sell quickly online? (44:49) - Is something like the founder wanting to exit immediately listed on Microacquire or does that only come up in conversations with buyers? (46:56) - Does Microacquire cut out intermediaries like investment bankers? (49:36) - How does the buyer and seller communicate with each other? Do they need to use platform-approved legal templates? (56:15) - How are the smaller buyers financing deals? (59:44) - How are you going to crack the code to get $100+ MM companies onto the platform and do you plan to bring non-traditional companies on to sell? (1:03:44) - Dealing with Team Members Either Knowing or Not Knowing the Business They Work For Is Up For Sale When It’s Listed on Microacquire (1:06:29) - Launching Bootstrappers.com & Beefing with Tech Crunch (1:12:15) - How does a company know if they should go raise from a VC or not? (1:16:57) - The #1 Reason For Start Up Success TED Talk: The Single Biggest Reason why Start Ups succeed (1:18:12) - Why did you choose to build in public and what have been some positives/negatives of the experience? (1:20:01) - How do you build a ‘fun’ company? (1:23:46) - Is it harder to build a fun company when you’re fully remote? (1:26:11) - Is a hotdog a sandwich? (1:26:49) - What’s the best advice you’ve ever been given? (1:28:44) - How can people find you or Microacquire Website: www.microacquire.com  Email: Andrew@microacquire.com Twitter: www.Twitter.com/agazdecki The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Sep 21, 2021 • 1h 20min

RE #172: Vince Knipp - Senior MD Investments at Marcus Millichap - Single Tenant NNN Retail Assets 101

Vincent Knipp is a Senior Managing Director of Investments in Marcus & Millichap’s Dallas office, where he specializes in net lease investment sales across the United States. Knipp has been the #1 Net Lease Agent in Texas and consistently ranks in the Top 10 Nationally within Marcus & Millichap’s National Retail Group. Over the course of his career, he has closed more than 350 transactions totaling nearly $1 billion in volume in 29 states. On this episode, Chris and Vince discuss the market for single-tenant NNN assets, 1031's, what makes a good investment in this asset class, what makes a great broker, and a lot more. Enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ (02:14) - Vince’s Upbringing and Early Career (05:11) - What were your first years as a broker like? (07:06) - What’s the mythical ‘database’ that all Marcus agents build? (08:20) - What did Marcus teach you about making your first calls as a broker? (10:19) - What makes great retail? (12:47) - Why do you put all the multi-tenant buildings with your partner? (15:33) - Who are the typical sellers you work with? (19:56) - Who are the typical buyers you work with? (21:32) - How do you value a property in a major metro vs. a smaller town? (24:14) - In markets where rents are growing quickly, are there a lot of buyers who will buy on a 2 cap and wait it out? (27:01) - Ground Leases vs. Fee Simple Deals (29:04) - What usually happens when a tenant leaves their building? (30:33) - Are all of these leases pretty much the same? (32:51) - Percentage Rent Clauses (33:54) - Rent-to-Sales Ratios (36:44) - Why do people leave? (38:02) - What other factors are there in leases that are desirable? (39:54) - Why do sales go down and is it usually tenant-specific? (41:33) - How much do you pay attention to the specific products your tenants sell? (42:29) - Are there ever demands from tenants that they’ll only sign unless you agree to not sell the building? (43:40) - How much does access matter to you, tenants and customers? (43:35) - All-for-One, One-for-All Scenarios of Tenants (46:26) - What are tenants requesting now that we’ve been through Covid? (48:39) - Has the upsurge in drive-through changed things permanently? (51:52) - Are cosmetic upgrades usually on the operator and not the landlord? (53:24) - What do you tell people in a transaction that costs 2x more than replacement costs?  (54:40) - Are there any up-and-coming tenants you have your eye on? (56:05) - How do you conduct due diligence without ever seeing the property in person? (57:48) - Do ghost kitchens make you nervous? (58:51) - What’s your favorite deal you’ve ever done? (1:01:51) - Will you do deals anywhere or are you only based in Texas? (1:02:32) - Is there a reason you’ve stayed with Marcus for so long? (1:04:17) - Is there a way to share information across all of Marcus’ agents? (1:05:45) - Is there anything in the industry that still really excites you after being in it for 15 years? (1:07:20) - Underwriting Deals with a Franchisee vs. a Franchiser (1:09:16) - What can go wrong once you’re under contract? (1:11:34) - How much volume are you expecting for the rest of 2021? The Knipp Group Mailing list (1:13:20) - How do you sell a ‘party center’ deal? (1:15:31) - What advice would you give to people getting into the industry today? The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Sep 14, 2021 • 2h 1min

#171: Chris Bloomstran - President & CIO at Semper Augustus - Finding Value in the Public Markets

Christopher P. Bloomstran, CFA, is the President and Chief Investment Officer of Semper Augustus Investments Group LLC. Chris has three decades of professional investment experience with a disciplined, value-driven approach to fundamental equity and industry research. Semper Augustus manages concentrated global equity portfolios of well-run, well-capitalized businesses with share prices trading below conservative appraisals of intrinsic value.  On this episode, Chris dives deep into his journey of founding Semper Augustus and his vast knowledge of Berkshire Hathaway. They also discuss his 2020 investor letter, what he thinks about the current market, value investing, and much more. Enjoy! (03:10) - Chris’ Background & Career at Semper Augustus  (08:07) - Was it a no-brainer to take over this family capital or did you have reservations about it? (14:06) - Has your investment strategy been set by the initial family capital at Semper Augustus? (21:19) - What does ‘fundamental, value-driven investor’ mean to you? (27:55) - What did you mean in your 2020 letter when you said it’s the point of no return? 2020 SAI Letter - The Point of no Return (40:48) - If you were elected to be the Fed Chairman, what would you do? (49:26) - How do you get inspiration for new ideas and how much time do you spend about adding new things to your portfolio vs. thinking about what you already own? (54:39) - How do you help your analysts ‘clean up the universe’? (1:00:42) - Does China’s direction worry you? (1:05:41) - How do you determine whether an org is practicing accounting integrity? (1:16:30) - Is there anything that more people should understand about Berkshire that is often overlooked? (1:24:53) - Is there something you think Warren should be doing with the cash on his balance sheet? (1:33:39) - Are you pleased with how Berkshire handled their covid situation? (1:41:36) - How do you think about a Berkshire without Warren Buffet? (1:51:31) -   What is one business that you wouldn’t invest in, but that you also wouldn’t short? (1:56:47) - How can people follow you and find your business? The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Sep 7, 2021 • 1h 26min

#170: Molson Hart - Founder of VIAHART - ECommerce Mastermind, Selling on Amazon, and Toys

Molson Hart is the founder and CEO of VIAHART, an educational toy company, and a co-founder of Edison, an intellectual property-focused litigation financing firm. On this episode, Chris and Molson dive deep into the process of selling on Amazon. They talk about Molson's journey to China and how he was able to learn the manufacturing process and implement that into a successful Amazon store. They also discuss the difference between American and Chinese Business culture, how he chooses products to sell, the good and bad of Amazon, how to know if you're making a 'great' product & more. Enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ (02:47) - Molson’s Story Leading Up to VIAHART and Different Companies He’s Been Involved With (05:10) - Molson’s Experience Going to China to Work With Manufacturers  (14:03) - Was VIAHART launched at this point or were you just a guy selling a few products? (15:00) - Chinese vs. American Business Culture (17:50) - Do you gain more leverage in China the longer you’re there or are you always one step away from being screwed? (19:34) - When did you make the shift away from brick & mortar and into e-commerce? (23:07) - How did you know which products would be most profitable like glassware and towels? (26:35) - What’s the process for ‘launching’ a product on Amazon at scale? (32:15) - What’s your goal for Brain Flakes in terms of growth? (34:42) - How do you add to your roster of 300 products and how do you do that with only 8 people? (37:26) - Why is it a smart business decision to sell plush animals? (39:26) - Is there a reason why you play in the toy category? (40:23) - How do you fight copycats? (43:15) - Is there anything going on in China that the average person getting into e-commerce isn’t thinking about? (45:17) - Molson’s 8-person Distributed Team and How They’re Managed (47:51) - How are your overseas employees different? (49:08) - What’s the process of selling on Amazon? (50:18) - What’s the good & bad about working with Amazon today? (54:47) - Do you worry about Amazon copying your products? (55:56) - Molson’s Story Getting Suspended from Amazon (57:40) - Molson Going to Speak In Front of Congress (59:05) - Are there Amazon alternatives that interest you? (1:01:43) - What’s the process of same-day delivery like? (1:03:05) - What’s your strategy for the business going forward? (1:06:13) - What would make Warren Buffet or Charlie Munger want to buy Brain Flakes? (1:08:35) - What advice would you give someone wanting to get into e-commerce? (1:10:42) - How does someone with 0 product experience know that it’s being built the right way? Twitter Questions (1:12:31) - Why are these ships just sitting there and not coming into port? (1:15:19) - Was China ever as locked down as America? (1:16:46) - Why do you feel comfortable being combative on Twitter? (1:18:13) - “Advice is BS unless it’s from someone who’s been there/done that” is that always true? (1:20:01) - If you couldn’t buy products in China, where would you shift production? (1:21:02) - Can we ever get to a point where automated toy production is possible in the USA? (1:22:30) - How much better are Amazon conversion rates compared elsewhere? (1:23:10) - How can people find you and your business? Twitter: https://twitter.com/Molson_Hart BrainFlakes  VIAHART: https://www.amazon.com/viahart The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Aug 31, 2021 • 1h 30min

#169: Jeff Lamb - President/COO of Vari - The Servant Leader

As President and Chief Operating Officer of Vari, Jeff oversees corporate strategy and has led the charge for the development of VariSpace, the company’s new commercial real estate venture. Jeff has 38 years of corporate leadership and board experience, spanning nine industries. His “people first” approach to operational models was born working for Roger Staubach and developed over 12 years working at Southwest Airlines. He began his culture tutelage at Southwest under Colleen Barrett, President Emeritus, and then spent another eight years fine-tuning people-centric strategies for the company’s Chairman and CEO Gary Kelly. On this episode, Jeff dives deep into the concept of Servant Leadership and how it played a critical role in his corporate career. He also discusses his learnings from working under several incredible CEOs, why leaders need to be 'available', his work with Vari, advice for fathers, and more. Enjoy! Watch this episode on YouTube: https://youtu.be/-ukCn1_iymI Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ (03:02) - Jeff’s Background and Career (12:15) - What does ‘Servant Leadership’ mean to you? Halftime by Bob Buford (18:07) - Jeff’s Experience Working at Southwest Airlines (20:39) - Working with Pat Lencioni of The 5 Dysfunctions of a Team (22:26) - The Transition out of Southwest and into Vari (27:00) - Did Vari already have a Servant Leadership path in mind & what did you do to make your mark there? (31:01) - What are workspace solutions? (31:56) - How do you see the office industry going forward? (35:52) - What’s your target market tenant? (37:52) - In-Office as a Competitive Advantage (40:13) - What traits and characteristics make a great CEO? (49:30) - Great Availability Is Better Than a Great Vision  Energy Bus by Jon Gordon No Complaining Rule by Jon Gordon (52:01) - How do you convey to your employees that you’re ‘available’? The making of a Corporate Athlete - Harvard Business Review (56:01) - What are your biggest takeaways from working at Southwest? (58:15) - Why do people generally not reach their full potential? (1:00:15) - What have you enjoyed most about mentoring young people and how do you approach it? (1:06:28) - Words of Wisdom for Future Father-in-Laws (1:08:14) - Advice on Being a Good Father (1:12:46) - Advice on Having a Good Marriage (1:15:24) - Do you have a childhood experience that shaped who you are today? (1:18:26) - Is there something you believe in that most people around you don’t? (1:22:26) - Do you have a morning routine? (1:23:41) - What’s the best advice you can give young people? The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Aug 24, 2021 • 1h

RE #168: Sean Breuner - Co-Founder & CEO of AvantStay - World Class Experiences and Management of Short Term Rentals

Sean’s been a real estate and technology entrepreneur for 15+ years. Having gone through the launch & sale of a number of early-stage companies, his newest endeavor at AvantStay has him focused on the intersection of hospitality, real estate, and tech to help redefine group travel. On this episode, Sean discusses the Short Term Rental industry and how AvantStay helps both owners and renters overcome a variety of issues faced by other platforms like Airbnb. They also discuss how lenders underwrite deals for Short Term Rentals, how Sean thinks about the best markets for STR, the technology built behind the platform, and much more. Enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ (02:43) - Sean’s Career Leading Up to AvantStay and How the Organization Came to Be (08:22) - For owners of real estate and those looking for a vacation, what’s AvantStay’s offer to them? (14:48) - How do you help individuals decide what and where to buy? (18:35) - What’s the breakdown between institutionally owned and individually owned homes under your banner? (20:26) - How are lenders underwriting these deals? AirDNA (24:28) - What makes a great market for Short Term Rentals? (29:27) - What’s the relationship between an individual homeowner and AvantStay? (32:35) - What Do you Mean by Vertically Integrated and Horizontally Distributed and Describe The Tech That You’ve Built (40:28) - What are things that home rentals can provide that hotels would never be able to match? (45:19) - Do you have any data on short-term rentals with regards to Covid? (52:48) -  What’s your plan for the next 3-5 years for the company? (54:48) - Sean winning an Emmy on Staycation The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Aug 17, 2021 • 1h 25min

#167: George Coultress - Managing Director at Western - Everything You Need To Know About Buying/Selling a Business

George Coultress is an M&A and Private Equity Advisor for Western Commerce Group. He specializes in investment banking, mergers and acquisitions, financial modeling, due diligence, and capital structure analysis.  On this episode, George and Chris deep dive into the process of selling businesses. George details what sellers need to be thinking about, preparations to make internally, navigating multiple buyers, allocating risk, terms & contracts and so much more. George also breaks down industry nuances such as entity types, escrow, reps, warranties, and covenants. This is one of the most detailed insights into the M&A industry you'll find, enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Watch this episode on YouTube: https://youtu.be/8I2BytNORzQ (01:53) - George’s Career Since TCU and What He’s Doing Today (02:54) - How is Western different from most investment banks? (04:31) - What should someone selling their business for the first time think about beforehand and what expectations should they have? (07:19) - What have people who are ‘really ready to sell’ already thought through? (08:45) - What are the most important things outside of price? (10:44) - Can most entrepreneurs make the transition to an employee? (11:09) - What are the different outcomes post-sale for owners? (12:45) - Do you work with owners who are looking to sell within the family? (13:46) - What’s the process of deciding whether we are selling the business? (17:26) - Do you and the seller usually know who’s going to buy the business? (18:37) - How important is it that the seller has audited their financials before selling? (19:42) - Who’s typically involved in all of these conversations in respect to confidentiality? (21:19) - What happens between agreeing on the price of the business and finding a buyer that’s ready to go under contract? (22:50) - How long does it typically take from going to market and signing with a buyer? (23:27) - Structures and Terms of Contracts (27:51) - Benefits Between C-Corp, S-Corp, and LLC (31:50) - Allocating Risk in an Asset-Sales vs. Stock-Sales (33:16) - Deal Structuring: Cash, Stock, Earn-out (35:08) - What do sellers typically need to achieve in order to secure their earn-out? (36:13) - How long do sellers typically stay on after a sell? (36:34) - Non-Compete’s (39:02) - Escrow (40:15) - Reps and Warranties (42:44) - Covenants (43:31) - Is an earn-out the same as a seller note? (44:32) - Is the purchase price found through a formula? (47:39) - How do you talk to multiple sellers who are all extremely interested while maintaining a level of privacy? (50:16) - What’s the marriage process of finding the ‘right’ buyer? (52:04) - How do you know if you’ve found the right person? (52:52) - What are things you can spot that are red flags in a deal? (54:51) - Fee Structures For Investment Banks (57:25) - Do you treat buyers differently based on their classification like family office, strategic buyer, or private equity? (1:00:16) - What should seller’s ask PE groups to make sure they’ve checked all the boxes? (1:03:18) - How often are you having to give attention to proprietary technology over EBITDA? (1:06:00) - What’s a closing day usually like for the seller? (1:08:14) - What’re your thoughts on the boomer generation selling market? (1:10:01) - Could prices come down if there’s a flood of sellers? (1:10:34) - What happens during a 1+ year relationship getting someone ready to sell? (1:12:46) - What are you seeing in the labor market right now? (1:14:26) - Thoughts on Supply Chain (1:15:32) - If you could sit with Warren Buffet for an hour what would you want to talk with him about? (1:20:26) - What advice would you give to young people getting into M&A and investment banking? The FORT is produced by Johnny Peterson & Straight Up Podcasts
undefined
Aug 10, 2021 • 1h 24min

#166: Sarah Means & Lizzie Means Duplantis - Co-Founders of Miron Crosby - Luxury Cowboy Boots

Miron Crosby is a bespoke boot brand and store located in Highland Park Village. Founded by sisters Lizzie Means Duplantis and Sarah Means, the collection is inspired by the sisters’ experiences of growing up on their family’s West Texas cattle ranch, and later living and working in New York City. On this episode, Lizzie and Sarah discuss their story of launching the business, what they've learned about building a fashion brand, the process behind their incredible branding and marketing, being a mother-entrepreneur, and more. Enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Watch this episode on YouTube: https://youtu.be/kkTNLvx8CnQ (02:36) - Lizzie and Sarah’s Background (07:38) - When was the moment you decided to take the leap to start the business? (12:08) - How do two sisters build a business together? (13:12) - What was the initial goal for the business? (16:02) - How is the business making you better people? (18:39) - How did your upbringing play a role in the success of your business? (22:58) - The Early Days of The Business Getting Started (29:46) - Is there anything looking back that you would’ve done differently? (31:03) - How do you get inspiration for the design? (34:07) - What’s the process of customizing a pair of boots? (35:34) - Why is a boot-shaped the way it is? (36:52) - How much time is coming up with the next design? (38:53) - The Process of Getting The Next Season’s Worth of Product (39:58) - Corporate Gifts & Custom Programs (42:23) - What was it like selling your first pair? (44:43) - Are you ever approached for collaborations? (46:28) - How do you think about marketing and branding? (53:00) - How Business Changed During Covid (55:04) - How do you think about growth? (55:59) - How has covid impacted your supply chain? (57:11) - Are a lot of your customers first-time boot wearers? (1:00:09) - What’s the coolest story you’ve seen behind a pair of boots? (1:02:12) - What are some biggest lessons learned in starting a fashion brand? (1:06:51) - Being a Mother/Entrepreneur (1:10:02) - Do you have a morning routine? (1:14:06) - Have you ever gotten into a fight? (1:17:19) - Is there anyone in the fashion industry that you look up to? (1:20:15) - Will there ever be anything besides boots? (1:21:15) - How can people find you? www.MironCrosby.com Facebook Instagram Info@mironcrosby.com 25 Highland Park Village #201, Dallas, TX 75205 The FORT is produced by Johnny Peterson & Straight Up Podcasts

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode