The Fort

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

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

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

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

Rohun is the co-founder of JT Capital, a Real Estate investment firm with 9-figures of acquisitions of multifamily apartment complexes.  JT Capital has purchased over $500 Million in successful Multifamily properties using their time-tested approach of using data, relationships, and work ethic to find great investments for investors. On this episode, Chris and Rohun discuss Rohun's career prior to real estate at various tech companies such as Facebook, his entry into the real estate world, and how he has been able to grow JT Capital without increasing overhead. Rohun details how he utilizes VA's to automate or delegate nearly all aspects of the business, why he invests in primarily Texas & Florida, getting emails from Mark Zuckerberg at 4 am 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/ Rohun on Twitter Watch this episode on YouTube: https://youtu.be/y2NKq_w2gDU (02:44) - Rohun’s Background and Career (06:40) - What does a chief of staff role look like? (09:43) - What makes a great executive and what makes a poor executive? (11:25) - Rohun’s Experience Working as an Apprentice When First Getting into RE (15:22) - How is JT Capital structured and how did you land on the thesis for the organization? (18:01) - How do you think about ‘Value-add’? (19:16) - Where are places that ‘lazy’ landlords have bloated costs that can be easily identified? (21:17) - Is there a minimum size you won’t go below and why is that? (21:58) - What’s your process for unit renovations? (25:42) - Do you renovate all your units or is there a certain percentage that you’ll leave for the next owner? (27:00) - What is your asset manager looking to achieve on the lease-up and renovation stage as well as stabilization? (29:43) - How quickly are you trying to turn over a unit? (30:47) - What do discussions with tenants look like when you want to renovate while they’re already living there? (34:12) - Why do you like Texas and Florida? (36:44) - How have you been able to grow while keeping overhead so low? (42:08) - How are you finding your VA’s? Upwork (44:31) - What’s the turnover rate for VA’s? (46:31) - What’s the threshold that someone should be looking for a VA? (47:24) - Is the Philippines a hub for English fluency and writing? (48:49) - What’s an interesting connection you’ve made through Zapier? (52:27) - How do you capitalize deals going in and what are you looking for on a sale? (55:28) - Getting Emails from Mark Zuckerberg at 4 am (59:27) - What makes Zuckerberg such a great leader? (1:03:12) - Is part of FB’s advantage their massive amount of capital they can deploy at any moment? (1:05:09) - (Not financial advice!) Is it still early enough to invest in Facebook? Rohun's Newsletter (1:05:54) - What do you think about the world right now? (1:10:50) - Where are you seeing opportunity in REtech? (1:14:03) - Is there anything you’ve read this year that stood out to you? The Winner Within by Pat Riley The Sovereign Individual by James Davidson Poor Charlie’s Almanack (1:16:25) - What’s one thing you believe in that most people around you don’t? (1:18:09) - How can people get in touch with you? Rohun on Twitter The FORT is produced by Straight Up Podcasts

Chris Herd is the Founder & CEO at Firstbase, which helps companies build infrastructure with a remote-first mindset. He takes the side of remote work being most beneficial in the future of work. Jonathan Wasserstrum is the Co-Founder and CEO of SquareFoot, which helps companies find commercial real estate and office space. Jonathan takes the side of in-person work being most beneficial in the future of work. On this episode, Chris Powers moderates a debate between Chris Herd and Jonathan about which method of running business will lead to greater levels of success. 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/ Jonathan on Twitter Chris Herd on Twitter (02:51) - Jonathan and Chris’ Background and What They’re Doing Today (05:00) - What does remote work mean to each of you and how do you think about the concept? (10:09) - Jonathan - Do you define SquareFoot as a remote-first or office-first company? (12:07) - How are leaders deciding whether they’ll be an office or remote company? (16:36 ) -  Trust Between Employers and Employees (18:56) - What’s the Cadence of Coming Together as a Team and Being Able to Work Remotely (25:40) - How does size or prestige of a company impact the ability of employees to influence the decision on remote vs. in person? (31:20) - Is there any danger to your long term career-worth by choosing to leave a company that’s mandates in-office work? (35:47 ) - Relationship/Friendship Building In-Office vs. Remote No Rules Rules by Reed Hastings (46:27) - What are the signals or data points to see what matters in either taking a company remote or discovering how much time is ‘needed’ in-office over the next 5 years? (51:03) -  Where are a lot of these remote-radicals going to live and work? (55:27) - Data on Where People Want to Start Technology Companies Pre and Post Covid (1:01:19) -  How do you think about the next generation of workers coming out of school and only understanding a remote-work life. Do they miss out on mentorship or human interaction? (1:10:08) - How do promotions get delegated on in-person workers and remote? (1:11:43) - Trust and Tracking within Remote Companies (1:16:25) - Wrap Up & Closing Statements The FORT is produced by Straight Up Podcasts

Stephen is a Managing Director in the Dallas office of JLL Capital Markets, Americas. He joined JLL as part of the HFF acquisition and specializes in industrial investment advisory. In this capacity, he represents and advises clients in the sale and acquisition, or development of industrial assets, primarily in Dallas/Fort Worth and throughout the Southwestern United States. Dustin is a Managing Director in the Dallas office of JLL Capital Markets, Americas. With more than ten years of real estate investment experience, he leads the South Central industrial investment advisory team. In three years at JLL, his team has closed over $2.1 billion in industrial transactions within Texas alone and over the course of his career, Dustin has closed over $3 billion in commercial transactions, working with a number of institutional, corporate and private-client owners. On this episode, Stephen, Dustin & Chris discuss the Texas Industrial market. They dive into all the capital coming into the state, how JLL has helped them become so successful, increasing land prices, DFW vs. Houston, labor issues and more. Enjoy!   Watch this episode on YouTube: https://youtu.be/2-GuatD-Ws4   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/   (01:53) - How did you each get into this business? (04:27) - When did you two get partnered up? (05:36) - How would you describe what you do and what markets you cover? (07:36) - What does JLL bring to the table and what do they allow you to do? (12:22) - What’s a job where you’ll work on the equity side? (15:50) - How is Texas performing in your eyes compared to the rest of the country? (19:49) - How much capital is trying to get into Texas Industrial? (21:34) - Is there a percentage of new development that is spec vs. a tenant in tow? (22:54) - The Forward Value Metric (24:32) - Are TI Packages starting to go up? (26:23) - What are the types of tenants leasing the industrial buildings? (27:59) - What’s going on in the market as it relates to capital gains going up? (29:13) - How have you been able to meet so many people & build client relationships? (32:12) - Are the majority of people buying working for companies that pursue market-only deals? (34:50) - What do a dream seller and dream buyer look like? (35:47) - What’s the process of working with you from the decision to sell all the way to closing? (39:33) - IRR's  (40:47) - What’s the dispersion in underwriting vacancy in a market this crazy in Class B and Class A? (43:14) - Why would Amazon ever leave a building? (45:52) -  Are smaller tenants much more location-dependent in Class B? (47:10) - What does the market for land prices look like? (48:54) - How do people with tons of money to spend get into the Texas Industrial Market? (52:51) - On seller/buyer calls, are there any great questions for sellers to ask on vetting a buyer? (54:07) -  At what threshold are tenants not represented by brokers in the market? (55:08) - What are you expecting to see in the next 12-18 months? (55:57) - Are tenants struggling to find labor for warehouses? (55:46) - Debt Pricing and Cost of Capital (58:46) - DFW vs. Houston Market (1:00:16) - What makes DFW such a big hub? (1:01:37) - What happens if interest rates go up? (1:02:42) - If you were getting in the industry today, what’s the playbook to be successful? (1:05:19) - What’s most exciting to you in industrial over the next decade? The FORT is produced by Straight Up Podcasts

Chris is on vacation! So please enjoy this re-mastered version of episode #38 of The FORT with guest Pete Chambers. Pete Chambers is the past President of the West Texas Chapter of Young Presidents’ Organization and continues to be an active member. He is also Chairman of the Board at Rivertree Academy, a private, Christian school serving under-resourced students in the Lake Como community of Fort Worth. His favorite quote is Robert Greenleaf’s statement that “Good leaders must first become good servants.” Chris and Pete sit down to discuss Pete's development of "The Roadmap", the process of selling a business, The Young Presidents' Organization, and being a father. 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/ (03:35) — How did you plan for the “post-50” life? (07:48)  — Be a Fighter Pilot as an Entrepreneur (09:47) — What did you do with the discovery of Bob Buford and the bell curve of entrepreneurship? (13:50) — What did you implement early on that you needed to be intentional about? (14:58) — Pete’s 10 Mile-Radius for Finding a Business to Buy (16:12) — How close do you walk the line with being home in time for dinner due to work? (17:17) — How do you allow your faith to guide you in business? How can you keep these two aligned? (18:58) — Your CEO is Forrest Gump (21:13) — What does servant leadership mean to you? (25:13) — What is the one thing that will set companies up to fail? How do you give recognition to employees? (28:06) — Pick Out Three Things That Your People Do Well (29:01) — When did you know it was time to sell your business? (32:39) — Words of Wisdom for First-Time Sellers (34:07) — Pete’s Mission Statement and Inspiration (35:15) — The Roadmap (43:47) — What are the things that people often struggle with in the second half of life? (48:32) — Loneliness at the Top (49:57) — The Power of YPO (Young President’s Organization) (52:27) — Pete’s Relationship with Rivertree Academy (56:54) — Being a Father, Father-Daughter Trips, and Managing Your Marriage (01:04:17) — Pete’s Painting The FORT is produced by Straight Up Podcasts

Mark Campbell is the Co-CEO of Jasper.io has over 13 years of experience with commercial real estate firms in NZ, UK, and Europe. Most recently, Mark led a commercial real estate joint venture between Blackstone and M7, overseeing assets currently worth more than $12 billion NZD, in seven countries. Mark led the fund since inception and oversaw the acquisition and ongoing asset management of c.1,000 assets. On this episode, Mark deep dives into what JV-ing with Blackstone looks like and how a company of that size operates in real estate. They also talk about the inception of Jasper and the decision to turn down an offer from Blackstone as well as the New Zeland market & 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/ Watch this episode on YouTube: https://youtu.be/hN5MwEY92E8 (03:08) - Mark’s Background, Career in Real Estate, Professional Rugby, Blackstone, and Jasper M7 Blackstone (27:30) - Was there something in the M7 and Jasper vs. Blackstone opportunities that drove you to take the more risky decision? (31:19) - What makes Blackstone great and what did you learn working for them that will carry through the rest of your career? (38:48) - How does someone like Blackstone's pump deal flow from a $150m portfolio to 8 Billion? (47:18) - How did Blackstone react when you turned them down to start Jasper? (52:14) - What is Jasper and what are you out to accomplish? (1:00:48) - Are you only doing your own deals or can other operators get on the platform to raise capital? (1:03:01) - How are you finding investors and are your investors local or global? (1:05:58) - How big is the New Zealand Market? (1:07:44) - What’s your process in raising for a deal? (1:09:54) - What’s the investor experience post-investment? (1:00:17) - Are you seeing your investors being seasoned RE investors or are they people with capital who have never had access to get into deals before? (1:19:10) - What are interest rates in New Zealand? (1:20:44) - Has tourism picked up? (1:21:22) - What do people in New Zealand think about Americans? (1:22:51) - Is there something about growing up in New Zealand that’s shaped who you are today? (1:24:44) - What’s the best event/festival in Europe? (1:26:22) - How can people get in touch with you and Jasper? Email - mark.campbell@jasper.io Mark on LinkedIn The FORT is produced by Straight Up Podcasts

There's been a ton of talk about Texas with the growth of Austin, the mass migration from other states, and our booming Tech industry. This episode deep dives into why Texas is a great place to invest your future business, real estate plans, and life. 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/ (01:42) - Texas Statistics & Population (04:24) - The Income and property taxes (04:59) - The Housing Market  (06:20) - Texas’ Seaport, Border and labor Trade (07:21) - Oil & Gas  (09:26) - Blooming Tech Industry  (10:14) - Corporate re-locations Tesla, Apple, Uber, Charles Schwab, Toyota,  Goldman Sachs, Samsung, The Vanguard Group, JP Morgan (13:06) - Texas Climate  (13:56) - Cannabis  (14:45) - Farming (15:00) - DFW Airport (15:42) - Colleges & Universities (16:25) - Sports (16:50) - Infrastructure (17:25) - Wrap Up The FORT is produced by Straight Up Podcasts