The Fort

Moses Kagan is the Co-Founder and Head of Adaptive Realty, a Los Angeles-based development and property management group. Since 2018, Moses has overseen the repositioning of 80 properties in Los Angeles and grown Adaptive from $0 to $110M of property under management. He and Chris discuss finding LP's that align with your vision, Adaptive's business model with cash-only financing, building a successful property management company, and more. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 02:35 — Background on Moses and Adaptive Realty 07:25 — How do you find LP’s that really enjoy your idea of holding onto assets vs. worrying about IRR? 11:18 — Do you think your model is scalable? Do you want to scale? 15:27 — Are you able to sell? What is the agreement like with your LP’s? 17:44 — Why do you capitalize everything with all equity up-front? 23:15 — Using Fanny / Freddy to Re-Finance a Loan 26:24 — What does your perfect deal look like? How do you find those deals? 36:16 — What makes a successful Property Management business? 41:51 — Are you keeping a reserve line item for cap-ex to build up over time? 45:39 — Where are mistakes made in the multifamily value-add space? 49:25 — What is your favorite book? 51:55 — What advice would you give your 21-year-old self? 55:27 — What is your 10-year prediction for the future? The FORT with Chris Powers is produced by Straight Up Podcasts.

Jason Baxter returns to The FORT Podcast to discuss the year of 2019 for Fort Capital. Jason and Chris discuss the importance of building out Objectives & Key Results, offering a wonderfully simple example of how OKRs can be implemented across any organization. They also discuss the influence of Jim Collins' Good to Great, their venture into property management, lessons learned from the industrial asset class, C.O.R., and more. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 02:30 — Building Out OKRs 16:09 — OKRs Explained: The Super Bowl Example 21:15 — Fort Capital’s Objectives & Key Results for 2020 22:57 — Good to Great by Jim Collins 30:28 — Property Management 38:47 — Investing in Class B Industrial 45:45 — C.O.R. Implementation in 2019 52:17 — F.O.S. (Fort Operating System) 59:53 — Fort Capital Highlights The FORT with Chris Powers is brought to you by Straight Up Podcasts.

Chris Huckabee is the CEO of Huckabee Architecture, delivering thoughtful facility solutions to meet the evolving needs of education. They discuss the transformation of education, Chris' experience as Chair of the Board at Texas Tech, and his amazing manifesto that he provided to the members of YPO when he transitioned out. This manifesto is applied to the group to this day! Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 02:22 — Chris’ Background 05:24 — Did you know all along that working at Huckabee was the right path? 06:47 — What has changed over the last 30 years for Huckabee? 11:42 — What is a bold prediction for the future of education? 13:24 — Is public education focused on the shortage of coders and computer engineers? 17:19 — What is it like being Chair of the Board at a public university? 22:30 — Cost of Education and Family Impact 25:19 — How can the average citizen improve education in their city? 32:34 — When people come to work at Huckabee, what do new employees have to realize? 35:00 — Why did you create a strategic plan and how did you handle new ideas brought to the table? 39:23 — Why was your relationship with your CFO so special? 47:13 — Does anyone care how rich you are or how many social events you attend? 49:39 — Give Away More Than You Keep 53:50 — Raising Great Kids 56:21 — Living on a Budget 1:01:52 — Finding Time for Yourself 1:03:47 — Giving Your Kids Handwritten Notes 1:07:42 — Being a Great Parent

In this episode of The FORT Podcast, Chris is sitting down with Bennett Washabaugh (CEO / Co-Founder) and Mike Zei (COO / Co-Founder) of TenantBase. TenantBase's team has come together from the commercial real estate and technology industries for a single purpose—helping clients find a home for their startup or small business. Their free online service allows business owners to be paired with local brokers to find the best deal for office needs. Chris, Bennett, and Mike discuss the journey of their hypergrowth company, trying to solve every problem at once, raising capital, and determining roles to find the best path to success. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 01:57 — What are your roles? How did TenantBase come to be? 03:13 — What was the moment that you decided to attack this opportunity? 06:46 — How different is building software versus building a traditional business? 08:29 — How are your products shipped before the masses see them? 09:13 — What were the core issues when you were getting started? 11:16 — Was there a moment when you decided to focus on solving a few things and not everything? 13:16 — If I was a tenant entering the market, what are some things I would experience had I not worked with TenantBase? 16:00 — Is there a fundamental reason why someone would decide not to sign a lease? 17:42 — For office tenants, does access to amenities play a major factor in their decision to lease? 18:44 — Has anything that has happened with WeWork in the past few months affected your business? 20:52 — How do you get started in a new city? How do you identify new markets? 24:28 — How do you keep a consistent culture as you open up this quickly in different cities? 25:48 — Raising Capital Early On 28:50 — What’s it like having a board? 31:43 — How critical was going through an incubator in this journey? 35:04 — Is there someone along the way you read or listened to that helped you become great leaders? 37:13 — What is your ten-year prediction for this space? 38:59 — What are tenants asking for today that has changed recently? 42:18 — Are tenants needing space so quickly because of their failure to forecast growth, or is it because of a problem in the industry? 43:27 — How did you transition from doing the same thing to finding different things for each of you to focus on? 47:08 — What advice would you give your 21-year-old self?

As founder and CEO, Terry Montesi has led Trademark Property Company through 26 years of innovative, community-focused development. Under his leadership, Trademark has developed more than $3.4B and 14.6M square feet of some of the most stakeholder-centric retail and mixed-use properties from coast to coast. He and Chris sit down to discuss Terry's journey of founding companies, the current state of mixed-use retail spaces, what they see for the future of retail, and more. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 01:54 — How did your career guide your entry into the retail world? 05:47 — Is there anything you learned at Blockbuster that is still relevant today? 08:52 — Do you and your team have to determine the trade area? 09:29 — Was there a moment you turned from being scared to being optimistic about the buying process? 12:49 — What was Trademark doing in 1992? How does that compare to today’s focus? 18:51 — What triggered the change in consumers and the value of physical retail spaces? 24:38 — What makes a great public space? 33:46 — What is so valuable about your focus on mixed-used public / retail spaces? 45:33 — Is there a reason you would tell an institution "no"? 49:07 — What do you think about CloudKitchens? 49:53 — How do you know if you’ve found the right person for the job? 52:30 — If you had to give your 21-year-old self advice, what would it be? 53:15 — What is your bold prediction for the future ten years from now?

Sanjay Chandra serves as Principal and Managing Partner of Trinity Private Equity Group and its affiliated companies in a variety of roles. He also serves as a Board Member for American Leather, which he co-founded in 1990, and where he was formerly president and CFO. Chris and Sanjay discuss Sanjay's life as a founder, his family's immigration to the United States, pivoting into real estate, and his experience in the world of private equity. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 02:17 — Sanjay’s Story 05:53 — How did you turn your engineering background into founding American Leather? 09:28 — How does system and process design play into the company? 12:47 — How does process affect the growth of a business? 14:37 — How do you encourage people to take ownership and make processes better? 21:16 — Is there a weekly or monthly meeting where you continuously try to improve your processes? 23:02 — Sanjay’s Entry into Private Equity in 2006 31:20 — How get your start in the real estate community and convince people to do deals with you? 34:12 — Did you always want to focus on residential? 35:25 — How can you be a really good operator in multifamily? 41:19 — If I were a business looking to take on private equity, what things would you tell me to think about? 43:49 — Are your time horizons with private equity the same as your real estate deals? 45:42 — What is the mentality of a founder who takes on private equity? What does the transition to life with a board look like? 48:12 — What is it like to live under the guidance of a board? 49:04 — How does a business go from being founder-run to not? 50:45 — What would happen if you bought a business and realized the founder is the issue? 54:48 — What is a question you ask before investing in a business today that you wouldn’t have when you first started? 57:42 — What was the biggest challenge in your career? 59:37 — Advice to Your 21-Year-Old Self 1:04:54 — What will the world look like in 2030? 1:07:52 — Do you have a favorite interview question?

Tuur Demeester is the Founding Partner of Adamant Capital and the #11 Worldwide Crypto Influencer. Tuur is known for his work on crypto valuation, market analysis, trading calls, ETH debates, and the study of tech history. He and Chris discuss the history of Bitcoin, the process of crypto becoming an everyday consumer currency, Facebook's Libra cryptocurrency, and more. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 02:06 — How did you discover Bitcoin in 2012? 06:08 — Tuur’s Background 09:40 — The Nature & Scarcity of Bitcoin 14:33 — What is the limit on 21 million Bitcoins? 17:03 — What is Bitcoin to you? Why do you commit to the progression of it? 19:32 — 4 Steps to Becoming a Currency & Everyday Consumer Use 22:33 — Where are we in making Bitcoin an institutionally viable asset? 26:28 — Bitcoin Changing Courses 30:27 — Who is Satoshi Nakamoto? 32:20 — Facebook’s Libra 38:05 — Can the government stop Bitcoin? 44:26 — Bitcoin in Authoritarian or Underdeveloped Nations 46:42 — How was 2018 for Bitcoin? 49:26 — Listener Question: How will a decentralized currency economy regulate factors typically regulated by the government? 52:17 — Bitcoin & Criminals 55:37 — How does Twitter play a role in your daily life and work? 59:37 — The Future of Bitcoin The FORT with Chris Powers is brought to you by Straight Up Podcasts.

Patrick Caddou is the Founder and CEO of Supply, a direct-to-consumer company specializing in single-blade razors for men as well as other cosmetic goods. Patrick and Chris discuss his journey of leaving the corporate world to become a founder, the ups and downs of manufacturing a product that people will love to use, and the how Twitter and freelance platforms have been so instrumental in businesses. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 01:38 — What is Supply and how did you get started? 04:00 — Did you discover something new yourself when you went full-time with Supply? 05:08 — What was your experience launching a product on KickStarter? 07:30 — What risks come with manufacturing a product? 08:40 — What is the biggest factor in customer loyalty? 09:15 — Designing a Product, Sourcing Materials, and Customer Delivery 11:20 — Razorpedia.com and Supply 14:29 — How did you deal with issues with manufacturers? 17:18 — How are you dealing with poor supplier relationships right now? 18:53 — Are there consultants for sourcing suppliers? 20:44 — What will your trip to China be like? 22:12 — If a supplier drops the ball on a major purchase order, how does it put you at risk? 27:16 — What led to the launch of Razorpedia? 29:06 — Negative Social Media Feedback 33:06 — Slowly & Methodically Growing a Company 38:18 — What does “pushing the lever” mean? 41:50 — When did you realize the importance of digital advertising? 44:30 — Ben & Jerry’s vs. Amazon 50:10 — What makes a great shave? 52:50 — How focused were you on doing one thing really well? When did you decide to expand the product line? 55:25 — Do you have a mentor or group that advises you? 58:38 — Advice to Your 21-Year-Old Self 1:01:50 — How do you know if you had a good day? How do you define success?

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!  For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris Connect with The FORT by emailing us at thefortpodcast@gmail.com.  03:50 — How did you plan for the “post-50” life? 08:03 — Fighter Pilot 10:00 — What did you do with the discovery of Bob Buford and the bell curve of entrepreneurship? 13:30 — What did you implement early that you needed to be intentional about? 15:16 — Pete’s Radius 16:26 — How close do you walk the line with being home in time for dinner? 17:30 — How do you allow your faith to guide you in business? How can you keep these two aligned? 19:13 — Forrest Gump 21:28 — What does servant leadership mean to you? 25:28 — What is the one thing that will set companies up to fail? How do you give recognition to employees? 28:22 — Pick out three things… 29:17 — When did you know it was time to sell your business? 32:50 — Words of Wisdom for First-Time Sellers 34:20 — Pete’s Mission Statement and Inspiration 35:30 — The Roadmap 44:00 — What are the things that people often struggle with in the second half of life? 48:48 — Loneliness at the Top 50:10 — The Power of YPO (Young President’s Organization) 52:42 — Pete’s Relationship with Rivertree Academy 57:09 — Being a Father, Father-Daughter Trips, and Managing Your Marriage 1:04:33 — Pete’s Painting

Brandon Sedloff is the Vice President of Sales and Managing Director of Juniper Square. Juniper Square is an easy-to-use, all-in-one investment management software designed specifically for real estate. Chris and Brandon sit down to discuss the great partnership between Fort Capital and Juniper Square, dealing with change in a hyper-growth startup, and Brandon's journey as a salesman. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris Connect with The FORT by emailing us at thefortpodcast@gmail.com. 02:06 — What is Juniper Square? How did you get to where you are today? 06:26 — Do all investors want / need the same things? 09:18 — Fort Capital and Juniper Square, How to Provide a Great Experience, Why Investment Management was Archaic Before Juniper Square 19:36 — How has utilizing Juniper Square impacted Fort’s current and future hiring plans? 25:55 — How do you follow the customer? What is the process of innovation at Juniper Square? 30:00 — How do you define the goal and vision for Juniper Square? 31:47 — How do you streamline the frictional cost of doing a deal? How has Juniper Square made life easier for Fort Capital and its investors? 35:04 — How do things change in a hyper-growth start up? 39:57 — How did you find your career in sales? Does it come natural to you? 43:27 — What is the difference between selling technology and selling real estate? 45:45 — Do most SaaS businesses build their own internal tools, or do most use third party software? 47:45 — How do you hold people accountable to using these tracking tools? 51:08 — Do you use software during meetings to ensure productivity? 54:52 — Did someone teach you “great salesmanship”? 59:43 — If I were new to your team, what would my first month look like? 1:02:45 — Brandon’s Favorite Interview Question