POWERS

Beth Azor is the founder and CEO of Azor Advisory Services (AAS), a leading commercial real estate advisory and investment firm based in Weston, Florida. As its principal, Beth currently owns and manages six shopping centers in Florida valued at over $100 million. She travels the U.S. consulting with, brokering deals for, and training associates in the commercial real estate industry. On this episode, Beth discusses how to drive the most value to a leasing center through leasing best practices, Impulse vs destination tenants, and the best practices for structuring a retail lease from decades of practice. Chris and Beth also chat about what makes the best deal for landlords and a lot more! 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 Beth on Twitter: https://twitter.com/Bethazor1 Beth on Instagram: https://www.instagram.com/bethazor/ Beth on LinkedIn: https://www.linkedin.com/in/bethazor/ (03:07) - Beth’s Career in Real Estate (14:54) - Why was it so tough to bring in talent horizontally? (18:15) - Where did you develop this leadership style? (19:34) - How do you define canvasing & prospecting? (21:48) - Do most tenants already want to expand when you prospect or do you need to sell them on the idea? (22:52) - What are the critical components of an amazing leasing agent? (25:21) - What’s your solution to someone who is afraid to go talk to a stranger? (28:19) - What are the main reasons a tenant is happy where they are or unhappy where they are? (33:15) - Impulse Tenants vs. Destination Tenants (40:53) - What is Dwell Time? (43:14) - “Your leasing competitor across the street is your best friend” (45:53) - What would be a reason you don’t provide TI knowing the leasing agent across the street does? (47:29) - What is Occupancy Cost Ratio? (49:59) - Sales Reporting in Leases (50:58) - Percentage Rent Deals (53:54) - Relocation Clauses (55:51) - Grace Periods to Pay Rent (58:24) - What else have you learned are must-haves in a lease? (1:00:48) - Are there any lease clauses that linger post-covid? (1:03:22) - Why would a great property be okay with a pop-up shop? (1:08:12) - Is there ever a time when a tenant brings too much traffic? (1:10:38) - How does the delivery economy (Uber Eats, DoorDash) impact shopping centers? (1:14:42) - What is the Circular Economy? (16:02) - What gets you to a quick no when you’re buying a property? (18:17) - Do you have tenants on the hook before you develop a property? (1:19:08) - Are you doing Triple Net leases or Gross? (1:19:26) - What are you responsible for as the landlord that is unique to the asset class? (1:20:48) - Is it true that grocery stores pay less rent? (1:20:58) - Why don’t you like CoStar? Are there any online tools that you do like? (1:22:43) - How do you conduct a market survey? (1:24:26) - Why is traffic count so important? (1:25:12) - How do you respond to the media accusations that retail is dead? (1:29:15) - How can people engage with you online? The Fort is produced by Johnny Podcasts

Mike Boyd is an Australian Entrepreneur, CEO & Investor. Mike started his entrepreneurial career at age 11 selling lost golf balls and didn’t look back, going on to cofound no less than 7 businesses before the age of 25. Mike is a relentless innovator and is always trying to find new ways to innovate and solve problems using technology. Mike now dedicates a portion of his time to managing investments in alternative assets via the family's investment vehicle, Mudbrick Capital, and running The Business of Family Podcast. On this episode, Chris and Mike uncover best practices for building a successful multi-generational family and discuss the work that goes into planning for a successful family – it takes work! They also chat about how wealth is transferred from generation to generation without creating entitlement and deep dive into how the Founding Generation interacts with Generation 2. 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 (02:41) - Mike’s Background and Career (06:15) - Living and Working Abroad VroomVroomVroom (07:59) - How did you get into the digital side of entrepreneurship? Yellow sunglasses party guy (12:22) - What are trends are you seeing in travel right now? (15:25) - Did Australia provide some kind of governmental assistance during the pandemic? (16:59) - Mike’s ‘The Business of Family’ Podcast (21:21) - Why is this something your are passionate about? (5:17) - Does 3rd generational wealth ever happen by accident? (29:23) - If wealth usually dies in the 3rd generation of a family, how long does it typically take for the next founder generation to come along? (30:41) - Is the loss of generational wealth solely based on an increased number of members in a family? (34:38) - When a family gets to a size of a public company, do decisions still get made within the family, or are there outside decision-makers at play? (36:57) - What are the mechanisms you’ve seen work or not work when a clash within the family happens? (40:41) - Does the legacy operating business normally come from the founder wanting to pass the business down or from the 2nd generation wanting to take over? (43:04) - What are best practices for first-generation families to do if their hope and desire are for the kids to take over the business? Family Wealth by Jay Hughes Jr. (51:03) - When’s the best time to start telling your children that you’re wealthy? The Family Board Meeting by Jim Sheils (58:16) - Do you include your parents in the family enterprise or are you resetting the culture? (1:02:59) - How do you guarantee that the second generation will fail? (1:06:00) - How have you seen families handle an outlier child that is suffering due to drugs or other problems? (1:10:02) - Generational resiliency through divorce (1:12:25) - What’s the best way to set guidelines for the next generation’s behavior that is tied to an inheritance? (1:12:25) - How important is it that the founding patriarch and matriarch are aligned? (1:14:11) - What are the best practices for introducing your children into your business? (1:17:32) - In a situation with multiple kids who are qualified to be the leader of the enterprise, what do you do? (1:20:07) - What would you recommend for people who want to do this for their own families? (1:22:47) - How can people get in touch with you? The Business of Family podcast thebusinessoffamily.net Mike on Twitter The Fort is produced by Johnny Podcasts

Barrett is a founding partner of Savoy Equity Partners and oversees the capitalization and structuring of the company’s investments along with deal sourcing. Born and raised in Dallas, he has spent 17 years in the real estate industry crossing multiple product types and service lines. Barrett started investing in real estate in 2012 and enjoys learning about esoteric strategies which can be implemented to create excellent risk-adjusted returns. He has owned over 1,000 units and specializes in transactions with complex structures such as historic tax credits, opportunity zones, low-income restrictions, as well as the deconversion of fractured condos. On this episode, Barret and Chris deep dive into how opportunity zones work for LPs & GPs, the Tax implications of opportunity zones, and chat about different types of opportunity zone structures. They also take a look inside a specific project they are working on in Dallas, TX, and much more! 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 CRE Models: https://www.cremodels.com/ (01:52) - Barrett’s Career in RE (07:02) - What was the world like in ’09-’10 when we were just getting back on track? (09:55) - Who were the folks who were still able to borrow during the ’08 crisis? (11:10) - Barrett’s Transition into Buying Deals (15:49) - The Lake Cliff Deal: How Complex Deals Come Together (24:57) - What headaches were you able to avoid with Dallas’ Master Overlay Zoning? (27:14) - How to Develop RE Without Having to be the Developer (30:10) - Now that you own the land and partnered with a developer, what’s your role? (34:08) - What is an opportunity zone? (37:36) - What’s an Opportunity Zone Fund? (43:35) - How long do you have to invest a capital gain into an OZ fund and how long do you have until the capital in the fund needs to be deployed? (50:40) - New Proposed OZ Legislation (53:00) - Do you know if Governors will be able to legislate new OZs in the future? (56:47) - Is everything you’ve bought all listed under one entity? (57:55) - What do you have to do once you’ve acquired a vacant building to get the benefits of an OZ? (1:00:07) - What do you need to do to a piece of land to get the benefits of an OZ? (1:02:19) - What do you have to do once you’ve acquired a decrepit building to get the benefits of an OZ? (1:03:56) - What if you already owned property in an OZ before getting a CO, do you qualify? (1:05:25) - What can people do if they’ve already paid their tax and decide they’d rather start an OZ fund? (1:06:08) - What is the breakeven point from OZ Fund fees and paying the capital gains tax and investing elsewhere? (1:09:52) - How does a GP take advantage of OZ’s? (1:12:02) - The Disguised Sale Rule (1:12:51) - What’s driving the value for your Lake Cliff deal? (1:14:30) - Thoughts on the Dallas Market The Fort is produced by Johnny Podcasts

Rob Chadwick, Founder of Holdfast Security Group, a consultation and training company, specializing in helping organizations and private individuals understand how to stay safe in today's uncertain world. Rob recently retired as the head of the Tactical Training Program for the FBI. He started as a police officer in 1994 before joining the FBI in 2001. His first assignment for the Bureau was working against Colombian Drug Cartels in Miami. Following assignments to several other cities, Rob served as an Agent In Charge of Attorney General William P. Barr's protection detail. His final assignment was as Chief of the Tactical Training Unit at the FBI Academy where he was responsible for ensuring the operational readiness of all FBI employees. He has traveled the world providing training for local, state, federal, and international law enforcement officers. On this episode, Chris and Rob discuss the background story of his career in the FBI and other law enforcement roles. They chat about best practices for securing your home or business, data on criminal activity around the US, and the current state of Law & Order in America. 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 Holdfast Security Group (01:59) - Rob’s Career and Background (05:56) - What’s the difference between the police and the FBI? (8:17) - How the FBI changed after 9/11 (9:32) - How are federal agencies able to gather such massive amounts of intelligence? (12:23) - Is there more physical violence risk or cyber risk in today’s world? (14:16) - Why is it so hard to combat drugs coming over the border? The Fort with Tegan Broadwater (17:11) - What were the core competencies you were teaching in your tactical program at Quantico? (20:15) - Working Security at The Masters in 2021 (25:07) - How Policing Has Changed Since George Floyd The Gift of Fear by Gavin de Becker (35:35) - What should people know about personal security that matters most? Master Lock Door Security Bar (45:29) - What’s the most common time of day people’s homes are broken into? (47:18) - Do most burglars go in prepared to be violent? (48:45) - How much time is spent in the planning process for burglarizing a home? (50:09) - Where will a burglar usually enter the home? 3M Window Security (52:09) - Do most burglars act solo or work in teams? (53:13) - Who is the clientele who you work with? (58:00) - How do the civil suits around deadly force usually pan out? (1:06:12) - The Anti-gun Sentiment (1:07:56) - What is the biggest deterrence to those who want to break into your home or business? (1:13:55) - The Current State of Policing and Law Enforcement in the United States The Fort is produced by Johnny Podcasts

Part 2 of the exciting webinar session that Nick Huber had with Chris Powers on The Nick Huber Show. They talk about current events, highlights of our acquisition process, the market for GP, and many more! 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 Listen to #209 for Part 1 of this episode Topics: (01:46) - If you were a 25-year-old interested in Small Business, what would you do right now? (03:24) - Acquisition Strategies (09:51) - What’s the biggest mistake you’ve made in the first 12-24 months of your Real Estate career? (14:33) - How have you identified buildings that are likely to sell? (17:54) - What are the 3 highest-leverage activities in your business? (20:05) - How do you want to maximize your impact on the world? (22:09) - How can a beginner in RE buy a property into their no-history LLC? (25:42) - Can the minimum investment be lowered to allow unaccredited investors to invest with Sweaty Startup or Fort Capital? (26:23) - What would you be betting on over the next 10 years? The Fort is produced by Johnny Podcasts

Robert Prather, Jr, has been with Vision Research for more than 15 years and brings more than 23 years of relevant experience to the team in his role as a member of the senior research staff and President. Vision Research is an independent equity research firm that provides hedge funds with investment ideas. On this episode, Robert discusses his process for uncovering a short idea and what he looks for, why SPACs have recently done so poorly, and the incentives that currently drive them. Chris and Robert also chat about how a short works (Shorting 101) and how he was able to see something off with Enron before the general market did. 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 Vision Research: https://www.visionro.com/ (01:43) - Roberts’s Career and Background (03:53) - When $50m is missing, where is it? (04:45) - Is it fair to say that people blindly trust public companies for the numbers they put out? (05:47) - Discussions with Leaders in Public Companies vs. Private Companies (0 7:25) - Robert Uncovers the Enron Fraud (14:03) - Robert’s career today in research and shorting equities (22:10) - Deciphering whether a company is going to go to 0 or is simply worth less than its stock price (26:16) - When do CEOs find out about the research you’ve done on them? (29:56) - How does shorting work? (32:19) - Meme Stocks (39:13) - What happens if everyone takes you up on your ideas at the same time? (40:33) - Thoughts on Tesla (43:01) - How often have you shorted a company and then changed your mind about it? (45:23) - SPACs (1:12:03) - How long does someone predicting a short have to be right? (1:18:16) - What do you predict will happen in the near future? (1:24:22) - Robert’s mantra: Helping others help themselves The Fort is produced by Johnny Podcasts

On this episode, Chris chats with Twitter's Anonymous @StudentRentPro on every trick in the book for how to strategically manage student rental properties. They deep dive into the economics of how to put together a profitable student housing deal, what matters in a student lease, and funny stories from the trenches of managing students. 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 Follow Student Rental Pro on Twitter: https://twitter.com/StudentRentPro Support our Sponsors: Juniper Square: https://www.junipersquare.com/ Lex Markets Corp: https://www.lex-markets.com/fort (03:15) - Student Rental Pro’s background and RE portfolio (05:12) - How did you get into student rentals? (07:50) - What makes a great location for a student rental? (10:58) - What’s your process for leasing a house for the upcoming school year? (13:31) - What are the big things that matter in a student housing lease? (15:54) - Why do you not include parental guarantors in the lease? (18:59) - Do you do any kind of due diligence or application on the students who want to lease? (20:13) - How do you handle parent complaints & work orders? (26:05) - What’s the process of turning the house over from previous tenants to new tenants? (30:40) - What amenities do you provide? (32:48) - What are the tenants allowed to do in terms of drilling into the walls, painting, etc? (34:35) - Pets or no pets? (35:21) - Do you provide appliances? (36:26) - How do you think about deposits? (50:44) - How do you deal with police being called over a party? (53:23) - How do tenants communicate with you and what is your manager’s job during the year? Appfolio (58:47) - What’s the process of selecting a tenant to be “House Manager”? (59:43) - What stands out to you when looking at properties that will maximize rent? (1:05:55) - Who does the yard work? (1:07:35) - What are the most common maintenance issues you see and are there any preventative measures you take? (1:11:10) - What’s the % increase you’re getting on rent with students as opposed to traditional tenants? (1:13:28) - What’s the direction of your portfolio? Twitter Questions: (1:15:05) - Do you compete against institutional capital? (1:16:20) - What would you prefer if you were to extend into a new market: A college-town or a town with a college in it? (1:20:23) - SRP’s MF acquisition was based on listening to the podcast (1:24:35) - Storytime w/ Student Rental Pro

Lloyd was a successful real estate developer and owner of luxury senior housing facilities when his idea of success changed dramatically, and his life’s focus shifted to second-half significance. Together with his mentor, the late Bob Buford, Lloyd helped launch the Halftime Institute, a global team that teaches, coaches, and connects successful men and women in pursuit of significance. For over 20 years, Lloyd has helped leaders make their second half their best half. He has clocked over 20,000 hours of coaching and has taken this message around the world. On this episode, Lloyd and Chat chat about what it means for high capacity leaders to finish well, preparing to live the 2nd half of our lives with significance and best practices early in life and career to set yourself up for success later in life. 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 Support our Sponsors: www.FortCapitalLP.com (02:15) - Lloyd’s Background and Career (16:28) - Partnering with Bob Buford Halftime by Bob Buford Managing oneself by Peter Drucker (20:37) - What are things you’ve witnessed folks have done early in their life that set them up for success or failure in the second half of their life? (26:46) - Why do we not naturally gravitate toward focusing on the “priceless” things in life? (30:55) - The Crash and Burn Lots of People Experience in the Second Half of Life The Sigmoid Curve (36:15) - How do you begin to decouple yourself from tying your identity to your work? (41:49) - What are some practices or success stories where you’ve seen folks reinventing themselves within their own business? (48:30) - What does The Halftime Institute do? (50:51) - What are some characteristics of leaders who finish well? (56:17) - Are there best practices for finding what your next calling will be? (1:09:25) - What are the characteristics of people who can build a great business and a great family? What I want my children to know before they leave home by Lloyd Reeb The Fort is produced by Johnny Podcasts

Connor Haley founded Alta Fox in 2018 and is responsible for managing all aspects of the firm’s investment process and strategy. He has over ten years of investing experience and a passion for investing in small-cap equities. Before founding Alta Fox, Connor was an Analyst at Scopia Capital Management LP in New York. Connor is a top-ranked investor on MicroCapClub.com1 and a member of the ValueInvestorsClub.com. Connor was an active investor in college: he was the President of Harvard’s largest undergraduate financial club and led the club to its highest-ever annual return. On this episode, Connor and Chris chat about how Alta Fox performs DD and reaches conviction on a new investment thesis, the benefits of activism and why it's more important than ever before, and the DNA of an exceptional business. Lastly, Connor shares his thoughts on the current investing landscape. 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 Learn more about Alta Fox: Altafoxcapital.com Connor on Twitter (01:53) - Connor’s Background and Career in Investing (5:40) - Winning Investing and Trading Competitions at Harvard (8:33) - Connor’s Hedge Fund Experience in College (10:25) - What did working on the trading floor do to shape your knowledge in investing? (11:45) - What is your investment philosophy? (13:29) - Activist Investing (15:02) - Alta Fox (16:13) - What does a typical day look like for you? (17:57) - How do you know what to focus on? (22:39) - How quickly do you get to a “no”? (24:40) - Are you contacting a management team before buying their stock? (25:51) - Do public companies have to take a meeting with you? (27:47) - How do you rank your priorities for investments? (29:53) - How many ideas are you usually working on at a given time? (31:25) - Do you have Billions-style idea meetings? (32:18) - What categories are you weighing your decisions on? (34:17) - What are some common characteristics of great CEO’s? (37:59) - What is Capital Allocation and what makes someone good at it? (41:30) - What’s your goal once you’ve decided to buy stock in a company? (44:18) - How long do management calls usually last and do you have a favorite thing to ask them? (47:14) - How has the size of your business and focus changed over the years? (50:37) - How do you decide to sell stocks in your portfolio? (54:09) - What was going through your mind during the first 30 days of Covid? (58:07) - Deep Dive on Activism (1:06:23) - Thoughts on ESG (1:08:45) - How are you thinking about the market right now? (1:11:30) - How do you think we can curb inflation? (1:12:55) - What do you think Warren is thinking right now? (1:14:06) - Do you have an investing idol? Joel Greenblatt's Columbia Business School Notes on Investing (1:16:54) - Why did you choose Fort Worth to run your Hedge Fund? (1:19:29) - Connor’s Case Studies The Makings of a Multibagger (1:21:47) - Thoughts on Trading Options (1:23:20) - What is cheap vs. expensive volatility? (1:24:26) - Betting Against Warren Buffet on Hedge Fund Performances (1:26:33) - Thoughts on the Meme Stock Revolution (1:31:55) - Connor’s Distaste for sushi (1:32:39) - How can people find you? The Fort is produced by Johnny Podcasts

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 is the Founder, Vice Chairman, and Chief Executive Officer of Triumph Bancorp, Inc. and its subsidiary TBK Bank, SSB. He also serves as a Director and Vice Chairman of The Bank of the West of Thomas, Oklahoma. Before establishing Triumph, Mr. Graft served as the Founder and President of Triumph Land and Capital Management, LLC. On this episode, Aaron shares the story of how he bought Triumph Bank as a 28-year-old during the GFC. Chris and Aaron deep dive into the trucking industry, how truckers get paid, and building factoring technology that will change the future of the trucking industry. 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 (01:14) - Aaron’s Backward Entrance Into the Banking Industry (12:40) - Why did you say a bank should always generate cash flow? (14:42) - What was your original thesis behind acquiring a bank? (19:26) - Would you be approved to buy a bank if you were in the same situation again today? (20:55) - What was your experience on Day 1 as the CEO? (24:29) - How were you offloading assets during your first year of ownership? (25:49) - Buying a Trucking Company (32:02) - Why did it make sense to buy this business inside of a bank as opposed to another venture? (37:31) - How have you scaled the business to where it is now? (40:34) - Are you really a bank? Or are you a transportation company? (42:53) - When did you start building technology for the bank? (45:58) - Would you consider yourself a visionary? (47:49) - The Back-Office Offering For Truckers (50:26) - Is the trucking industry heading towards consolidation? (52:24) - Do you help truckers determine what to charge? (54:16) - Do you finance trucks? (54:40) - How does Triumph Pay work? (1:05:23) - How is Amex different from Visa? (1:06:13) - Do truckers keep deposits with Triumph? (1:07:00) - Do you trade like a bank or a fintech company? (1:08:21) - Why did you go public, to begin with? (1:11:10) - What are you buying these days? (1:12:49) - Why are shipments slowing down? (1:15:04) - How does the trucking industry change in size as more people buy things online? (1:16:48) - Is there anything that keeps you up at night about the trucking industry? (1:20:38) - Is there any other industry you could model what you’re doing in? (1:22:21) - What do you predict for your company in 10 years? The Fort is produced by Johnny Podcasts

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 [email protected] (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

Part 1 of the 2-part exciting webinar session that Nick Huber had with Chris Powers on The Nick Huber Show. They talk about current events, highlights of our acquisition process, the market for GP, and many more! 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 Nick Huber on Twitter: www.Twitter.com/SweatyStartup Nick's Podcast: https://podcasts.apple.com/us/podcast/the-sweaty-startup/id1445260221 (04:50) - Thoughts on Interest Rate Hikes & Covid-19 Learnings (09:04) - Inflation & Deflation (15:16) - Industrial & Storage Rent Rates (20:40) - Outdoor Storage Needs (22:50) - Wealthy vs. Middle Class Consumer Behavior (24:18) - Bitcoin, Crypto & Web3 (29:57) - BREIT (32:41) - Population Growth & Migration (37:36) - In-office vs. Remote work (46:30) - Building a Sustainable RE Private Equity Company (48:48) - Inflation Prredictions (49:58) - Can normies still get into self-storage? (52:39) - Wrap Up The Fort is produced by Johnny Podcasts

Brom Rector, Founder, and GP of Empath Ventures. Prior to founding Empath, Brom spent 7 years as a portfolio manager and quantitative researcher - most recently managing a global macro portfolio for Crabel Capital Management - a Los Angeles-based hedge fund with $8B AUM. After leaving Crabel in 2020, Brom started The Integration Conversation, a long-form video podcast that covers the psychedelics industry from an investing perspective. The research that went into this podcast and the connections it established laid the groundwork for what would become Empath Ventures. On this episode, Brom gives a breakdown on the breakdown of the Psychedelic industry and landscape. They discuss why Brom raised a fund to target psychedelics and how he's investing the money and why it's one of the largest opportunities in the world. Listen to hear Brom’s thoughts on what the next 10 years of psychedelics might look like 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 (01:56) - Brom’s Background and Career in Psychedelics Empath ventures (07:22) - Why have psychedelics been illegal and shunned from society? (11:28) - What’s Big Pharma’s role in this? (12:49) - What is the chemical reaction happening inside the body when one takes psychedelics? (14:38) - Are all psychedelics man-made or are there any occurring in nature? (16:03) - How far back do psychedelics go in human history? (17:20) - How big is this industry from an economic standpoint? Data on funding trends in psychedelics: https://www.cbinsights.com/research/psychedelic-therapies-funding-startups/ (20:09) - How do we define what is legal and illegal in the psychedelic space? (22:16) - Does FDA approval make it legal or does there need to be a law passed? (22:54) - What needs to happen for the FDA to change their minds on psychedelics after all these years? (24:16) - Would these drugs displace other opiate treatments? (25:25) - The Hype Around Psychedelics in Society (26:42) - What parts of the industry interest you the most? (28:52) - Thoughts on Micro-Dosing (30:14) - Advancements in ways to “stop” the trip (31:31) - Brom’s Personal Experiences with Psychedelics Compass Pathway studies (33:48) - Integration Therapy (34:59) - Do you do any pre-planning or set intentions for psychedelic experiences? (37:29) - Empath’s intentionalities: Receptor Targets, Indications, and Time to Market (41:04) - What does an early-stage psychedelic company look like? (42:26) - What becomes the IP in these companies? (44:07) - Compass Pathways Freedom Bioscience Partners (45:43) - The Different Experiences from Different Psychedelics (47:25) - Data on effects of psychedelics on minors (49:12) - At what point is testing introduced on humans for new psychedelic molecules? (51:07) - What’s going to happen in this space over the next decade? Wavepaths music (56:30) - Is there any merit in psychedelics as a preventative? (1:00:07) - What’s happened to the brain of people who become depressed? (1:02:01) - What do you predict to be the first mainstream psychedelics? (1:03:25) - How is Oregon doing since decriminalizing drugs? (1:04:01) - How can people track the progress of clinical trials and legislation? (1:04:43) - Wrap Up & Contact Brom on Twitter Empath Ventures The Integration Conversation podcast The Fort is produced by Johnny Podcasts

On this episode, Chris sits down with a few members of the Fort Capital team to discuss all things Investor Relations (IR). They chat about the process Fort goes through to vet potential investors, onboarding, and eventually, what investors can expect throughout the investment process. They also discuss frequently asked questions, ongoing IR items post-investment, and how they utilize Juniper Square. 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 (02:31) - Why Investor Relations Are So Critical (03:41) - Ryan and Lorna’s Role Within Fort Capital (05:05) - What’s the process of signing up an investor? (07:11) - Why would a potential investor not meet our criteria? (07:47) - What’s our process if someone is looking to bring multiple investors with them when coming to Fort Capital? (09:07) - What changes have we made to improve our processes over the past year? (10:35) - What are the characteristics of an investor we’d love to meet? (12:59) - What information do we provide people upfront to get to know Fort Capital better? (14:52) - What are the most frequently asked questions we get upfront from potential investors? (16:44) - Consistency In Information Sharing (19:29) - What’s the investor experience like with juniper Square? (22:10) - What happens from our end when a deal comes in? (29:43) - What does communication look like between us and investors after the capital raise? (30:48) - Who puts our quarterly reports together? (33:00) - How do we calculate waterfall distributions? (34:02) - What happens if someone signs up and doesn’t end up investing? (35:02) - What are three improvements we’ve made to the investor relations process? (36:03) - What happens if we are oversubscribed on a deal? (37:17) - Pre-Commitment Opportunities (38:46) - Emphasis On Timely K1’s and Cost Seg's (40:06) - How many people do we have signing up every month? (41:48) - 1031 Opportunities (43:43) - Delivering Bad News (44:58) - Why do we change our deal structures? (46:17) - How are we improving and maintaining cyber security? (49:40) - The Balance of Maintaining Existing Investors and Having a Healthy Pipeline of New Investors (51:07) - Wrap up The Fort is produced by Johnny Podcasts

Scott Everett founded S2 Capital in 2012 to acquire multifamily Real Estate. In the past 10 years as CEO of S2 Capital he has built a Real Estate investment company that has acquired over $6B of multifamily assets totaling 40,000 units and 3 operating companies that generate annual revenues in excess of $350M with over 600 employees. On this episode, Scott discusses how he got started in value add MF and grew to 38,000 units, how he underwrites deals, and what matters when underwriting a deal. They chat about how S2 is set up operationally and how his different teams all work together. Scott also shares why he's raising a fund after 10+ years of syndicating deal by deal. 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 (02:07) - Scott’s RE career (08:42) - Did something happen in your childhood that gave you your sense of confidence? (10:48) - Scott’s first deal for 184 units (15:33) - What are illegitimate reasons a property isn’t performing? (18:11) - How do you think about approaching a deal? (20:55) - How much has the RE landscape changed over the past decade? (23:26) - Being laser focused on one asset (26:38) - How do you think about due diligence? (29:20) - Scott walks us through the entire deal process (35:27) - Why do you renovate units so often? (36:39) - What’s the first 90-180 days after closing look like? (40:41) - How long does a full unit rehab take? (41:22) - When do you talk to folks about renewals? (43:18) - Do you want to get every unit updated within 2 years? (48:09) - What separates you from competition in the construction part of the process? (52:08) - What are you experiencing in the current labor market? (55:33) - How do you think about staying on top with materials supply? (57:20) - Are rents so competitive that class B tenants are moving up to Class A apartments? (58:50) - What do you want your asset managers focused on? (1:02:15) - What’s your ReFi strategy? (1:02:48) - What’s the difference between Fanny & Freddy loans? (1:03:44) - How fluid is the process of getting to your projected NOI number? (1:05:20) - Where do most people miss the boat in terms of Capex? (1:07:10) - How are you refreshing your portfolio today? (1:11:14) - Is there any technology that has your attention right now? Fetch (1:14:25) - Why are you raising a fund? (1:30:44) - Is there anything out there that scares you? (1:33:59) - What’s your words of wisdom on building a great family business? (1:37:53) - What is the S2 foundation? The Fort is produced by Johnny Podcasts

Kevin Dahlstrom, Founder of Swell, joins the podcast for the third time to chat about his career in Fintech and what he's looking to change about how people think about and use money. Chris and Kevin chat about launching Swell, democratizing capital for the 95% of America, and a fun conversation on remote work vs office work. 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 Kevin on Twitter (03:08) - Catching up with Kevin: Launching Swell (07:57) - Do fintechs approach banks to partner with or do banks spin up these fintech companies? (09:16) - What is Swell and why now? (14:29) - The Core Tenants Of The Product (22:18) - How do the traditional banks make money in non-obvious ways? (24:22) - What does the climate for traditional banks look like in 10 years? Ramp Swell (26:43) - How many people fall under your TAM? (28:38) - How Affordable Credit Brings Countries Out of Poverty (30:28) - Why does the average American have a poor credit score? (31:46) - The Democratization of Capital Fundrise (38:37) - Building Community (40:58) - How do people get on the waitlist? SwellMoney.com (41:37) - Chris & Kevin’s Big Announcement Hot Topics: (45:19) - Remote work (59:44) - Globalization & Moving knowledge workers overseas The Sovereign Individual by James Davidson (1:03:31) - Final thoughts The Fort is produced by Johnny Podcasts

Steve Radom, Founder of Radom Capital, began his company in 2014 with the vision of creating a best-in-class urban infill redevelopment platform that passionately executes enduring designs and yields differentiated projects. Radom has developed 15 projects ranging from small, retail redevelopments to larger mixed-use projects. Each stabilized project has achieved and maintained 100% occupancy to best-in-class tenants. On this episode, Chris and Steve chat about the story of how Radom Capital came to be, how Steve selects a location and what matters. They also share stories of how Montrose Collective & MKT came to be and how ultimately, it's all in the details. 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 (01:50) - Steve’s Background and Career Outliers by Malcolm Gladwell Radom Capital (10:19) - What would you say is your edge? (14:00) - When do you go from really good to absolutely great? (16:49) - How do you think about raising capital? (21:33) - How do you think about hiring architects and landscape designers? (23:40) - What separates a great architect? (24:49) - Building The Montrose Collective (32:44) - What’s your secret to working with City Councils? (37:15) - Learnings From The Early Days Of The Pandemic (43:36) - How are you describing the Houston market right now? (46:59) - What do you think about Houston’s Zoning approach? (48:25) - The MKT Project (57:35) - What’s your tenant buy-in strategy? The Fort is produced by Johnny Podcasts

Jeff Gleiberman, Managing Director at MG Properties Group is responsible for investment transactions, investment strategies and partner relations. Jeff was previously Director of Investments, responsible for corporate equity and debt strategies and was an Acquisition Manager sourcing and underwriting new investment opportunities. Jeff has also served in asset management, regional management and onsite property management roles. Prior to joining MGPG, Jeff worked in apartment investment sales at CBRE, the country’s largest apartment brokerage firm, where he oversaw the sale of over $500 million in Southern California multifamily properties. On this episode, Jeff shares the story of how MG Properties began and his love for the business at an early age. He discusses nuances of the major markets they participate in, how they raise capital, why 1031's and cost segregation are crucial to their strategy, and how they underwrite and manage their pipeline. 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 Watch this episode on YouTube: https://youtu.be/aT6Q3nP0rxs (02:49) - Jeff’s Career and MG Properties (04:09) - Did your Dad do anything early on that got you interested in RE? (06:49) - What is your current day to day? (07:12) - Why are you in the markets you’re in? (08:55) - Why is CA a low-traded market? (10:11) - Do property tax values stay locked in? (10:40) - How early did you know about the Conrad portfolio being up for sale? (12:16) - Do Los Angeles and San Diego have fundamentals that are different? (13:22) - How do you underwrite political risk? (15:08) - What are the pros to investing in Arizona vs. California? (18:22) - Why don’t you play in development? (19:54) - Defining Value-Add and Core-Plus Strategies (21:31) - How many units are you adding per year? (22:17) - MG’s Deal Processes (27:08) - How do you raise capital? (30:11) - The 1031 Exchange (32:27) - What’s the cost seg portion of your business and why is it so important to your investors? (33:40) - What does your playbook look like in the first 90-days post-close? (34:54) - Does rent growth affect your thesis? (35:59) - Why do you visit each property 2 times per year? (39:17) - Are you seeing things loosen up in labor and supply chain? (40:36) - Thoughts on Property Management (41:36) - Is SFR on your radar? (43:36) - The Vegas Market (45:22) - How do you underwrite rent growth going forward? (46:45) - Jeff’s experience at the NMH Conference (National Multi-Housing Conference) (48:08) - More on Financing (49:11) - What amenities matter right now? What doesn’t matter anymore? (51:12) - Is there anything that countries outside of America do in regards of housing that we should adopt? Connect with Jeff: Jeff on LinkedIn MG Properties The Fort is produced by Johnny Podcasts

Richard Fertig, Founder of Stomp Capital, is an innovative Real Estate Developer focused primarily on the Short Term Rental market, creating branded experiences to delight raving fans with his signature “modern hospitality”. Richard shares his proven strategies that continue to bring him financial success with his 59,000+ YouTube followers and 45,000+ Facebook Group members subscribed to Short Term Rental University. This episode is a Masterclass on how to win BIG in STRs and why it might be the best trade in Real Estate. Richard shares a lesson on vacancy risk & underpriced zoning, how he selects a location and builds pricing power and how he built his worldview on risk/reward at Blackstone. Plus a wild story about Bernie Madoff. 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 Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com (02:41) - Richard’s career and his journey into STR’s (9:07) - Do you have a filter for what you’re going to look for when handed a pile of money and told to “go find value”? (12:29) - Firing Bernie Madoff (17:42) - What are some immediate red flags you key in on when raising capital? (19:18) - Why STR’s? (Short Term Rentals) AIRDNA (25:10) - Where are these lenders and capital providers? Host Financial SomeHotelGuy on Twitter (28:32) - Who fits into the customer category for the STR space? (32:03) - What predictions do you have for this space in a decade? (36:40) - Building Edgecamp Sporting Club in the Outer Banks (51:39) - What zoning matters and how do you get comfortable? (1:03:35) - What should the average STR owner be thinking about with ordinance? (1:05:35) - Mispriced Zoning in The Hamptons (1:09:15) - How are you managing your properties? (1:12:48) - Are you hiring 3rd party consultants when you’re cultivating the experience? (1:14:14) - How are people finding and booking your properties? How do you think about the risk from 3rd party booking agencies eating into your margins? (1:18:03) - What matters to you in a market when thinking about experiences? (1:22:54) - How are you structuring your deals? (1:24:33) - Are you building your own tech? (1:25:54) - How do you think about cash flow streams when your properties tend to be seasonal? (1:29:10) - Final Thoughts (1:31:57) - How can people find you? Twitter - @ImRichardFertig YouTube -STR University Facebook - STR University Stomp Capital The Fort is produced by Johnny Podcasts

Conrad Gibbins is a Managing Director of Jefferies, LLC in the Energy Investment Banking Group. Conrad has 12 years of investment banking experience advising primarily upstream oil and gas companies on M&A and financing transactions. Conrad has advised on over $40 Bn in upstream oil and gas M&A transactions and $15 Bn in financings and he has worked on many significant transactions in the upstream oil and gas industry including more than 10 M&A transactions with values over $1 Bn. On this episode, Chris and Conrad discuss the world's reliance on fossil fuels, today and into the future and the current M&A and deal market in fossil fuels. They look into ESG and alternative energy opportunities. Conrad discusses how Russia / Ukraine is impacting the current environment and how the narrative around fossil fuels has changed since he started in 2009. 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 (02:17) - How has the Oil industry changed over the past 12 years? (8:18) - Why is capital fleeing the industry over the past several years? (14:50) - How undercapitalized is the industry right now? (19:27) - How much of the world is still in the process of getting onto fossil fuels and how much of the world is actually consuming 100 million barrels per day? (22:36) - M&A Activity in Oil and Gas Over the Past Year (26:52) - Is there positive momentum that capital is flowing back into the space? (31:21) - Thoughts on ESG (32:07) - Labor & Employment in Oilfield Services (33:54) - Is the money that’s redirected away from Oil and Gas and into renewables been worth it? (38:07) - Is there any bear case in the short term? (40:06) - Is there any technology you’re seeing that could disrupt oil usage? (42:18) - How is the Russia/Ukraine conflict impacting the world from an energy perspective? (45:04) - How much does the world depend on Russia for oil? (46:22) - Who’s the largest consumer of oil? (46:48) - Thoughts on Nuclear (50:39) - Are there any basins coming back online that have been hibernating? (57:20) - Crypto in the Energy World (59:33) - Conrad’s experience working with Aubrey McClendon (1:01:59) - Final Thoughts The Fort is produced by Johnny Podcasts

On this milestone episode, Chris shares the story of how the podcast started and why it's been so impactful. Chris dives into why podcasting is a pure form of communication and why he supports Joe Rogan. He expresses his thoughts on de-platforming and canceling culture and Chris breaks down 50 things he's observed from 17 years in business. 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/ Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast Watch this episode on YouTube: https://youtu.be/QzI1b1SD3Uo (01:30) - Welcome to Episode #200! (03:43) - How Chris and Producer Johnny Met (08:46) - The Early Days of the Podcast & Benefits From Doing the Show (13:01) - What Matters in Podcasting (15:50) - Sponsorship Opportunities Email for inquiries at [email protected] (16:41) - 50 Thoughts on Business Traction by Gino Wickman (49:52) - Thoughts on Cancel Culture The Fort is produced by Johnny Podcasts

Nick Huber, Co-Founder of Bolt Storage, is back on The FORT Podcast to discuss what Nick's learned after going from 0-34 self-storage properties, thoughts around cancel culture, why it exists, and how we might overcome it. On this episode, they also chat about how remote work is changing the workforce, Self Storage market updates, and why blue-collar labor (sweaty startups) offer some of the biggest opportunities in America. 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/ltkWLjbZLic Links: Nick on Twitter Nick’s first appearance on The Fort: Episode #73 on Spotify & Apple Podcasts Businesses that Nick loves! Topics: (03:03) - Nick’s Transformation Over the Past Few Years (11:10) - Tailwinds in Self-storage (15:12) - Storage Scenario: What’s your 30-day game plan after you buy a facility? (18:11) - Nick’s Weekly Check-Ins (19:06) - How do you source on-site vendors? (19:56) - Nick’s Tenant Base & Thoughts on RV & Outdoor Storage (22:28) - Have you had any major revelations during the last three years? (30:47) - Creating Competitors (41:05) - Is “community” the right way forward? (43:39) - Nick’s Experience Wiith Cancel Culture & the Twitter Mob (58:31) - The Ultimate Net Positive of Twitter (1:02:11) - Re-thinking Blue-collar Work The Fort is produced by Johnny Podcasts

Eric Weatherholtz, co-founder of Healey Weatherholtz Properties has worn many hats in his career from leasing agent, property manager, construction manager, financial analyst, framing laborer, electrician's apprentice, and investment manager. Healey Weatherholtz Properties owns and operates a real estate portfolio that includes retail, office, warehouse, residential, parking, and self-storage assets. They invest in private real estate occupiers including a variety of retailers and restaurateurs. As an investment sponsor, HWP has been involved in over 50 projects, all focused on "repairing" properties to better meet the needs of the surrounding community. On this episode, Chris and Eric discuss how to capitalize long-term deals and bring in the first tenants, why every little detail matters, and creating the "halo" effect. Consider this a masterclass in creating a world-class destination everyone wants to hang out at and several funny stories from a career in real estate! 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/K6BY4pbdUuc (03:20) - How Eric Got into Real Estate and What He Does Within The Space (06:39) - How do you know you’ve found the right spot to start acquiring? What matters? (10:32) - When doing assemblages, do you care about competition coming in? (16:21) - Do you need the commercial first before it can attract residential or vice versa? (18:09) - How do you finance these projects? (25:02) - Are there times when you decide to pass on properties? (30:16) - How do you create the “magic” after buying the building? (40:24) - How are you structuring your leases? (42:30) - Sticking To Your Guns (45:45) - How do you manage these properties? (51:43) - Who stages and programs the hospitality portion of your properties? (54:45) - How do you justify the upfront TI for local tenants? Are you able to identify local businesses w/o a track record who’ll be successful? (58:08) - What do you say to people who think retail is dead? (1:02:24) - What’s your edge? (1:04:39) - Is this a scalable business model? (1:06:54) - Wild Stories From Eric’s Career The Fort is produced by Johnny Podcasts

John Marsh is the Co-Founder of Marsh Collective and host of the Redemptification Podcast, serial entrepreneur, and consultant helping steward over $1b in redemptive real estate in 9 small towns around America. After spending the last 25 years giving guidance to over 60 startup businesses in various industries, John's current focus is helping others make generational differences in their communities and companies by helping patrons bridge the gap between redeeming vision and execution. On this episode, Chris and John discuss, how Marsh Collective rebuilt the entire city of Opelika, Alabama, buying old historic downtowns as an asset class and how to develop leadership and create flourishing businesses. John also discusses how he completely changed the trajectory of his life and marriage. 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/xxZ7sbnK5iA Marsh Collective Redemptification Podcast (03:07) - Why do you see brokenness everywhere? (06:09) - What hanged in your life after contemplating suicide? (09:22) - Forgiveness is Suffering (12:01) - What kind of work do you do with the hard-charging entrepreneur in the perspective of their marriage? (15:58) - John’s Real Estate Career in Opelika, Alabama (28:15) - Building Businesses by Pivoting Into Commercial (36:02) - How do you know you’ve found the right leader? (42:29) - What drives an extraordinary experience? (48:36) - What would make a fantastic multi-family project? (54:37) - Do these tenants pay more and stay longer when you follow this model? (57:04) - Are you bullish on the migration to small towns? (1:00:19) - Small, Historic Towns as an Asset Class (1:04:42) - What needs to be in place from the investors for you to work together successfully? (1:10:55) - What does a contract structure look like when renovating an entire town? (1:14:22) - Wrap Up and Final Thoughts The Fort is produced by Johnny Peterson

Marc Gilbert, Managing Partner of Twin Oaks Group, owns and manages a diverse portfolio of property across Northern New Jersey, including multifamily, commercial, and industrial properties. Marc directed financing at New City Management, covered REITs and financials at ING and Commercial Mortgage-Backed Securities at Fitch Ratings. Marc specializes in financing and structuring real estate syndicates. On this episode, Marc tells his story of joining the Israeli army and how those lessons shaped how he looks at life. They discuss why Marc buys properties with major environmental issues and the value he creates. Chris and Marc also chat about lessons learned from the 2008-2009 GFC and how Marc creates win/win situations. 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/ Twin Oaks Group Marc on Twitter Marc on LinkedIn (02:30) - Marc’s Travels to Israel and How it Shaped His View of the World (06:41) - Marc’s Journey Into RE (09:05) - Bringing a Depression Era Mindset to Real Estate (11:46) - Marc’s Career Prior to Starting Twin Oaks (20:44) - Do you think the bank system learned anything from the ’08 crisis? (25:07) - Operating in the Northeastern New Jersey Market (28:59) - Why do you take one these gas station deals that 99% of people pass on? (36:24) - What’s the process of cleaning these sites that requires a 5-10 year timeframe? (40:13) - Do you raise capital to clean these sites or use your own capital? (44:47) - Is there any government or tax incentive to de-contaminate these properties? (46:25) - What are you looking for in multi deals and how do you find deeper value in them? (50:19) - Thoughts on Rent Control (52:31) - As a long-term holder, should a building be 100% leased? (56:13) - Providing Housing For Ex-Felons (1:01:31) - How do you deal so well with your local government? (1:09:43) - Why could it be smart to overpay for a 1031 exchange? The Fort is produced by Johnny Peterson

Entrepreneur, Nathan Lenahan, has held many titles such as COO of Smart City Apartment Locating and VP & GM of Texas and the Mountain West Regions for WeWork. Nathan is currently working on a roll up of home service businesses beginning with HVAC. Before WeWork Nathan started a property management company that he grew quickly and eventually sold to a private equity-backed real estate company. Nathan also served proudly in the Army for nearly 14 years across active duty and national guard deploying for two years to Iraq. On this episode, Nathan gives incredible insight on working at WeWork from 2015 until IPO, why WeWork is a company that will matter moving forward, and what the army taught Nathan about leadership. They also discuss his new HVAC roll-up strategy and Nathan's tech idea behind it. 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/ Follow Nathan on Twitter: https://twitter.com/n8lenahan Follow Nathan on LinkedIn: https://www.linkedin.com/in/nathanlenahan/ Nathan's Business: Homework Watch this episode on YouTube: https://www.youtube.com/watch?v=eCweBL3jSB8 (02:25) - Nathan’s Background and Career with WeWork (06:13) - Leadership Lessons Learned in the Military (09:31) - Nathan’s Property Management Business (11:24) - How was your business valued and how did the transaction happen? (13:28) - Nathan’s Experience at WeWork (19:04) - How do you build a culture in a hyper-growth company like WeWork where new people are coming aboard every day? (23:11) - How did you know where you should be opening locations and how quickly you needed to open? (26:50) - Was Softbank already involved when you joined and what happens when you get such a massive influx of capital? (33:55) - What does a great location look like for a co-working space? (37:23) - Did it matter at all how close you were to the next WeWork? (38:35) - Was there a goal for consistency in terms of the look and feel of each location? (39:40) - What did you learn about community building between tenants? (41:27) - Was there an inflection point with the circus around the media and the coming IPO where things felt ‘different’? (44:33) - What mattered most to the landlords you worked with? (48:29) - Was this a real estate company or a tech company? (49:54) - Thoughts on Adam Neumann (53:03) - The WeWork IPO (55:38) - How do you keep your team motivated when there’s so much noise about your company going on in the media? (57:59) - What’s the state of WeWork today? (1:00:10) - Nathan’s jump into sweat: HVAC Roll-ups (1:08:36) - Thoughts on the Blue-Collar Industry in Regards to Labor (1:14:00) - How are you building the tech side of your business? (1:16:13) - The Potential for Augmented Reality in the Trades (1:19:54) - How can people get in touch with you? The Fort is produced by Johnny Peterson

On this episode, Jason Baxter and Chris Powers take a look at the last year for Fort Capital and discuss how their team evolved and prepared for scale, Jason's transition to CEO, company highlights, and thoughts on their strategy, and why 2021 was a record year for Fort Capital. 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/OSDF2GK5two Lex Sisney's Organizational Physics (03:09) - Reflecting on Previous Reviews 2018 Year in Review 2019 Year in Review 2020 Year in Review (05:28) - Transitioning Jason into CEO & Learning from Lex Sisney (11:36) - Jason’s Growth in 2021 (15:53) - Leadership Communication and Structuring Executive Meetings Good 2 Great by Jim Collins (23:54) - Getting Deliberate With How Actions Impact Fort’s Flywheel (30:01) - Fort’s Purchases in 2021 & Improving the Acquisition Process (42:16) - 2022 Deal pipeline (46:57) - Identifying the Need for a Director of Leasing (51:51) - Aligning Incentives Across Departments (56:05) - The Importance of Bringing Fresh Eyes to Look at the Business (1:00:15) - COR’s Impact in 2021 (1:14:03) - Thoughts on Growing Investor Pool (1:18:07) - Growing the Property Management Side of the Business (1:24:26) - Where We are Heading into 2022 The Fort is produced by Johnny Peterson & Straight Up Podcasts

Chris Pate, Managing Director of independent wealth management firm True North Advisors, spent the first 11 years of his career at a multi-strategy hedge fund. Prior to True North Advisors, Chris spent 8 years managing the investment activities for Western Commerce Group in Fort Worth. Chris oversaw both public markets and private investments within Western’s investment advisory operations, including equities, fixed income, alternatives, and hard assets. On this episode, they discuss what Chris learned while working at a hedge fund, how True North selects and underwrites GP sponsors. They chat about capital allocation decisions in today's market, best practices when thinking about wealth management, and Chris' thoughts on the market. 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/ (01:58) - Chris’ Career with Q Investments & the Hedge Fund industry (05:27) - How Hedge Funds Determine Where To Focus Their Attention and When to Move Along (12:15) - Transition into Wealth Management and Chris’ Current Role with True North (22:25) - What is a Multi-series LP? (24:20) - The Difference Between Private & Public Investments (28:35) - How do you identify good portfolio managers? (38:38) - What are things that are immediate No’s for you? (45:36) - What are some reasons companies want to get into a larger fund? (47:51) - How are some people so good at raising money without a track record? (50:03) - How much time do you spend on references? (52:35) - How much weight goes into due diligence when you are familiar with other folks in a deal? (55:43) - How do you underwrite hedge fund managers vs. private investment managers? (56:52) - How do you think about deal structures? (1:00:47) - How do you think about the movement behind the democratization of capital? (1:03:33) - Does more alpha exist in direct deals than anything public? (1:04:18) - How do you think about capital allocation? (1:10:54) - Is there any reason that would cause you to not continue investing in specific funds? (1:13:24) - What are your thoughts on the current market? (1:21:06) - Final Thoughts on True North and Working With Entrepreneurs The Fort is produced by Johnny Peterson & Straight Up Podcasts

Tyron McDaniel is the Owner of Houston Vintage Homes, focused on the Design & Development of Affordable Housing in inner-city communities around the country. With a keen eye for design and historical context, Tyron works with multiple cities and coaches, mentors investors, home builders, and developers from around the country in creating affordable housing solutions to meet the ever-growing need for more affordable housing. On this episode, Chris and Tyron chat about how Tyron is using his platform to get younger generations interested in service trades, his life mission, and opinions on how to make housing more affordable, at scale. It is a thoughtful conversation about building affordable housing that helps create a positive impact in communities. 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/ Follow Tyron on Twitter: www.Twitter.com/TyronMcDaniel Urban Vintage Designs (02:31) - Tyron’s Background and Career (04:27) - Tyron’s Work in Inner-City Houston (08:27) - What are you doing differently with these homes that no one else wants? (12:05) - What are you doing with the homes when you’ve finished renovating? (15:26) - Is there something that happens where people start to notice a neighborhood is prime to develop around and are wanting to buy there? (18:01) - Tyron’s Urban Builder School (25:58) - How early do you need to get involved in these inner-city kids’ lives before they head down the wrong path? (27:38) - What does the definition of affordable housing mean to you? (28:56) - What’s your process for underwriting a tenant in the communities you work in? (31:54) - Do prisons give ex-cons any kind of statement that they were “good” people inside? (34:48) - How do you finance your properties? (36:05) - What are some obvious housing changes that we need at the political level? (39:33) - What are you seeing in the market in regards to rising costs and inflation? (41:52) - Are there specifics that you implement into your projects to keep your costs low? (49:02) - How do you think about setting your rents? (53:27) - What are your thoughts on gentrification? (57:41) - A Discussion on the Trades (1:00:45) - Do you have a childhood experience that changed the trajectory of your life? (1:03:38) - What’s the advice you’ve been given? (1:04:34) - Is there a book that’s had an impact on you? The Fort is produced by Johnny Peterson & Straight Up Podcasts

On this solo episode, Chris provides an update on industrial fundamentals and how they're holding up to date. He also deep dives into interesting things he is thinking about by way of capital markets and provides insight into what the office data is saying. 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/ Links: Sean Dalfin on The Fort Chris Powers on Why Texas Topics: (02:30) - Thoughts on Industrial for 2022 (04:28) - The Fundamentals of Industrial - Location Premium (6:45) - Class B: A Diminishing Portion Of The Industrial Stock (8:59) - Accelerated Rent Growth & Increasing Tenant Demand (11:10) - Capex Requirements and Operating Expenses Are Changing (12:10) - Is having multiple tenants better than having one tenant? (12:34) - Does there continue to be portfolio premiums? (13:27) - Just In Case Inventory (14:38) - Industrial Price Increases Across Texas & Non-Texas Markets (16:34) - Transaction Volume Increases, E-commerce & CapEx (18:54) - Thoughts on Office (21:34) - The Great Game of Chicken With WFH (24:38) - Thoughts on Commercial Real Estate (25:33) - Dry Powder, Open and Closed Funds, Mega-Funds, and Allocations From Pensions and Institutions (28:18) - Family Offices & Non-Listed REIT Fundraising (30:10) - Debt & Lending (31:30) - (non) Distress in the Private Markets and Cap Rate Compression (32:20) - Debt Pricing & Proptech (33:50) - Migration (37:32) - Market Liquidity, Inflation, Net Profits interests and Industry Leverage (40:57) - Final Thoughts The Fort is produced by Johnny Peterson & Straight Up Podcasts

Principal & Founder Riaz Taplin has been thinking about workforce housing for most of his professional life. Growing up in a real estate family, Riaz detoured early in his career from the family business to develop his own style by founding a design/build firm and developing over 50 ultra-luxury residences in the Bay Area. In successive projects and ventures, Riaz explored co-living, adaptive reuse micro-units, student housing, and traditional ground-up construction – all of which led to the firm’s custom workforce housing solution – the Micro-Living Studio. Riaz leads Riaz Capital, a vertically integrated workforce housing developer and institutional-grade sponsor with a core team of over fifty professionals managing a portfolio of over 1,300 units, and with over 1,000 residences in the pipeline. On this episode, Chris and Riaz discuss developing amazing projects in 30 months or less, how Riaz Capital builds units that are 28% more affordable than the competition. They deep dive on why design matters and why the Bay Area matters and will be a strong market for decades to come. 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/ Links: Riaz on LinkedIn Riaz Capital Topics: (04:10) - Riaz’s Background and Career (12:24) - What is Microliving? (15:12) - How are you able to build these developments in 30 months when other deals take 7 years? (21:22) - Do you self-perform GC? (24:24) - How does zoning work in your market? (27:20) - Affordability Without Public Subsidizing (28:19) - Riaz’s ‘Simple Build’ Model (32:09) - Family households have dropped 69% to 29%, what does that mean for you? (35:54) - What do these units look like inside? (40:34) - Do tenants have to put a deposit down since the unit is pre-furnished? (41:34) - How do people getting into the industry get furniture designed for units? (42:43) - How do you design the layout of your units? (46:35) - Are we headed into a world where everything is smaller and more efficient? (50:39) - What are most people still getting wrong with apartment development? (53:28) - What would you change immediately that would make housing more attainable at scale? (56:10) - Why is the Bay Area still really important at a time when people are trying to write it off? (1:00:52) - Raising Capital, Funds & Opportunity Zones (1:11:33) - Wrap Up The Fort is produced by Johnny Peterson & Straight Up Podcasts

Mike Berry is the President of Hillwood, one of the top industrial, commercial, and residential real estate developers in the country. He has been the leader of development efforts in AllianceTexas, one of the largest global logistics hubs in the world. They discuss how Alliance developed from concept to reality, the future of transportation for both people and freight in the next decade, autonomous vehicles, and buying your home online. This is one of our most fascinating episodes—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/ (02:47) - Mike's Background and Career (07:22) - The Story of Hillwood (10:02) - How Alliance was Conceived (15:23) - Could something like this deal ever come together in today’s world? (17:50) - What is a foreign trade zone, and how do you get a foreign trade zone designation? (21:22) - Was the Alliance vision originally to become a city? (25:05) - Mike’s job as part of this growth and how he's changed as a leader over time (28:59) - Alliances Mobility Innovation Zone (35:31) - Why DFW/Hillwood Offers More For This Type of Testing Than Other Testing Sites (38:47) - Freight and Human Capital in Autonomous Driving and Autonomous Vehicles (43:45) - What’s it like inside like these forward thinking businesses like Amazon? (47:31) - What is something you would say the world will have in 10 years that people will find shocking? (50:01) - The Talent at Hillwood and Adapting to These Changes (51:53) - The Trends in Residential Living and How They Are Changing (59:37) - How have you been able to balance your family and work? (1:01:13) - What advice would you give your 21 year-old self? (1:04:25) - Is there anyone you look up to? (1:07:31) - Picking Sides in Today's Society and The Amount of People Work That Goes into Building a Building (1:11:04) - The NextDoor Analogy with Determining Market Demand and How it Slows The Process The Fort is produced by Johnny Peterson & Straight Up Podcasts

Happy Holidays! We wanted to co-launch a special episode where Chris was interviewed by Eric Jorgenson (guest on episode #152) on Eric's show: Jorgenson's Soundbox. Enjoy! Links: Chris on Twitter: https://twitter.com/fortworthchris The Fort Podcast: https://open.spotify.com/show/4dLKPVTiXWmrFwd43iN2LZ Chris Powers & Pete Chambers Podcast: https://open.spotify.com/episode/2X8vKyUIQaIxV5Mr9J5KMv Good to Great by Jim Collins: https://www.amazon.com/Good-Great-Social-Sectors-Business/dp/0977326403/ref=sr_1_4?hvadid=241662136256&hvdev=c&hvlocphy=9027256&hvnetw=g&hvqmt=e&hvrand=7276001728265049979&hvtargid=kwd-362385377706&hydadcr=21909_10171323&keywords=good+to+great%27+by+jim+collins&qid=1639750831&sr=8-4 Owned and Operated Podcast w/ Chris Powers: https://podcasts.apple.com/us/podcast/21-chris-powers-building-%24600mm-commercial-real-estate/id1560999545?i=1000527344852 Fort Ventures: https://www.fort-ventures.com/ Topics: (3:52) - Who are your heroes? (7:56) - Chris’ upbringing & his father’s impact on him (20:47) - Chris starting his career in RE at age 17 (26:17) - Reflecting on the ’08 financial crisis (35:02) - What was your next big inflection point after graduating college in 2008? (41:02) - You can’t scale when you’re not clear on your path (47:52) - The results of learning to focus (59:22) - What’s role does Fort play in your investor’s portfolios? (1:05:41) - How does an investor recoup their money? (1:09:26) - Compounding business with online content and media (1:13:20) - The divergence of focusing the mission of Fort Capital and the mission of Chris Powers (1:19:31) - What is your day to day like now? (1:25:00) - Chris’ VC investing exposure (1:31:11) - What’s the end goal for you? (1:42:27) - What is the most foundational principle you can offer all entrepreneurs?

Colin Landforce is an entrepreneur and tactical leader with more than 10 years of experience in regulated and emerging consumer product spaces. With deep experience at the intersection of recreational cannabis and CPG, Colin’s thought leadership is widely recognized both inside and out of the cannabis industry. At Unrivaled, Colin drives process and technology innovation, enabling teams and developing proprietary B2B tools and consumer experiences. On this episode, Chris and Colin deep dive into Colin's career beginning with how he got into the Cannabis industry and his first acquisition. They discuss the ins and out of the Cannabis world including what makes a top-shelf Cannabis brand and risks in the industry. (01:45) - Colin’s Career and Getting into the Cannabis Industry (4:24) - What was your early team like as distributors? (7:02) - Were you primarily selling bulk flower or did you convert them into edibles and oils? (7:35) - What does it cost to make a pre-roll and then what does it wholesale and retail for? (8:35) - What matters when you’re making deals with growers? (10:36) - Do most growers grow outdoors or indoors? (12:09) - Why is indoor growing harder to scale? (13:32) - What checks and balances do growers go through in order to make sure the customer is getting the correct product? (14:55) - How is THC measured? (15:56) - Was there an inflection point where you wanted to grow the company and where did that happen? (18:00) - What are ‘brands’ in cannabis? Sticks Cabana Korova (19:19) - What makes a top-shelf cannabis brand? (20:35) - How did you finance the business early on? (22:34) - Can you get lines of credit or traditional loans? (23:10) - Is there anything on the horizon that will make the industry more bank-friendly? (24:28) - How do you value cannabis companies when thinking about M&A? (25:49) - Colin's First Acquisition (26:41) - Cannabis Extraction (27:47) - What does your line of products look like? (28:47) - How do you get products you can’t make yourself? (29:14) - Colin’s Latest Acquisition & ‘Going Public’ (30:48) - What are the different asset classes in Cannabis? (32:15) - Licensing in Cannabis (33:12) - Medicinal vs. Recreational (35:02) - Non-plant touching companies being allowed on the NASDAQ (35:42) - What is your role as CTO? (37:46) - Creating a Brand Within a Culture vs. One in an Agency (40:14) - Who is your typical customer? (41:29) - What are your thoughts on the boomer generation and their relationship with cannabis? (43:22) - Is there anything that keeps you up at night or risks in the industry? (44:24) - Is there anything on the horizon that excites you in the next 12-24 months? (46:45) - When do you predict federal legalization? (47:06) - Is CBD a placebo? (49:55) - Is there anything being created in the market that can get rid of someone’s high? (50:56) - Colin’s Experience as a Music Manager (53:47) - Colin’s Email Hack and How To Be Better At It (56:16) - How can people find you? Colin on Twitter Podcast - Tab Talk The Fort is produced by Johnny Peterson & Straight Up Podcasts

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. Moses joins Chris for his third appearance on The FORT Podcast. In this two-part episode, they discuss the decision to not deploy a fund he raised in early 2020 and his new core strategy. They also explore rent control vs non-rent control. How he talks to his family about wealth and potentially taking over his business, learnings from ReConvene, and where we go from here.... 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/ (02:31) - A Discussion on Rent Control (09:25) - Defining Moses’ New Buying Strategy (20:36) - How have you thought about growing your business over the next decade? (26:32) - How are you thinking about leaving the businesses to your kids? What if they don’t want to go into it? (35:50) - Thoughts on Growing Third Party Property Management (38:38) - Is there anything keeping you up at night? (42:13) - The Slowing Rate of Development (46:01) - Our Collective Tolerance for Emergency (48:28) - If I gave you $1B to put to work by the end of the year where would it go? The Fort is produced by Johnny Peterson & Straight Up Podcasts.

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. Moses joins Chris for his third appearance on The FORT Podcast. In this two-part episode, they discuss the decision to not deploy a fund he raised in early 2020 and his new core strategy. They also explore rent control vs non-rent control. How he talks to his family about wealth and potentially taking over his business, learnings from ReConvene, and where we go from here.... 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/Ci-4AXwSZOI (2:51) - Moses’ journey through ReTwit (4:24) - What do you think the next 2-3 years look like for you in this online journey? (6:35) - How do you explain this Twitter world you’ve built to people not in the know? (8:04) - What your experience putting on ReConvene and what does it mean for the greater RE industry? (12:54) - Was there anything that stood out from the feedback you got from the event that you’ll be implementing going forward? (14:47) - Thoughts on ‘Quality’ when it comes to Moses’ expectations for doing a deal to lead into his new buy strategy (21:28) - Bank’s attitude toward owning an asset for a year vs. having a loan on the asset (25:36) - Spreadsheets vs. reality: experienced investors are losing out to inexperienced investors (27:07) - How are you processing all of the craziness in the CA real estate market? (29:52) - Moses’ Fund and the investor reactions to not spending any of it over Covid (35:20) - Dealing with the eviction moratorium in LA The FORT is produced by Johnny Peterson & Straight Up Podcasts

Kendal Harazny is a Principal and Co-founder of Wexford Developments, a real estate development, investment, and management company. Wexford has completed over $500 million of development, currently has $500 million in assets under management, and has an upcoming development pipeline exceeding $400 million, including over 900 units breaking ground in 2022. Focused on Western Canada and the Southwestern United States, Wexford is primarily involved in urban mixed-use residential projects but has also developed substantial land, retail and industrial assets. In this episode, Kendal and Chris discuss an array of topics such as the differences in Canada vs. the United States and what it takes to develop a generational asset. They also chat about how Wexford identifies and selects projects to work on and why design matters and how to communicate to neighboring stakeholders and much more! 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/DN61kAEFq-4 (02:08) - Kendal’s Background and Career (04:10) - What are the top things that create bad deals in development? (06:10) - More on Kendal’s Background (10:44) - What are the biggest differences between Canada and the United States? (13:02) - Getting Project Approval in Canada (15:25) - How do you handle emotional opinions from the community when doing development? (17:53) - Incorporating Feedback From the Community & Rezoning (19:48) - How long is the process from submitting to the city for approval? (21:45) - Is everything you do for rent or do you have for sale opportunities? (22:13) - How do you capitalize deals and think about debt? (24:00) - Why don’t you bring US debt into Canada? (25:07) - Cultural Differences in Lending (26:54) - How is recourse structured? (28:28) - How do you think about parking for your projects? (31:35) - Thoughts on Building EV Stalls (33:49) - Is a lot of your equity coming from Canada or is it global? (34:50) - The Toronto & Vancouver Real Estate Market (36:52) - What experiences are you having as it relates to building and the supply issues we’re seeing? (40:27) - What do you look for in markets before entering? (43:16) - How do you know you’re going into the best location? (45:07) - How do you think about hiring architects? (48:49) - The Importance of the Cohesion Between Architects, GC’s and Engineers (52:02) - What matters to you when picking General Contractors? (54:39) - What is ‘crystalizing the promote?’ (1:00:08) - Kendal’s Hunt for an Acquisition Manager The Fort is produced by Johnny Peterson & Straight Up Podcasts

Chris chats with Keith Wasserman, Founder of Gelt Inc. which is one of the fastest-growing real estate companies in the country. Gelt focuses on purchasing multi-family communities, storage facilities, and RV parks. You can connect with Keith by email at [email protected] or @keith_wasserman on Twitter. 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/ (01:05) - Keith’s Background and Career Founding Gelt (09:59) - Investing In The Person vs. The Project (11:14) - Why are you focused on multi-family and mobile home parks as a business model? (15:14) - How do you think about the future of renting and ownership? (18:10) - The Biggest Changes in Tech and Living We See For The Future (23:10) - Other Asset Classes Gelt Focuses On (31:05) - How do you go about entering new markets? (33:49) - Building Relationships (36:44) - YPO Global Real Estate Fair (37:52) - Gelt's Process of Finding Investors & Securing Deals (45:40) - How has your job changed as the company grows? (50:27) - Where will the company be at the “end”? (52:55) - Keith’s Thoughts on Growth (54:07) - Origins of The Name Gelt, Thoughts On Charity, and Both Their Thoughts On The Future Of Education (1:02:15) - Advice For Folks Thinking About Starting Their Own Business The Fort is produced by Johnny Peterson & Straight Up Podcasts

Peter Lohmann is the founder & CEO of RL Property Management, a residential property management company in Columbus, Ohio. Peter graduated with a Bachelor’s in electrical engineering and spent 5 years as a control systems engineer before founding RL Property Management in 2013. RL Property Management now manages over 500 units for central Ohio real estate investors. On this episode, Chris and Peter deep dive into the operations of a residential PM business. They discuss his thoughts on Airbnb entering the PM space, What technology the PM industry needs, and how he bought & valued 2 PM companies. 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/1Ho_tj32xus (02:27) - What brings a person to own a property management business in Ohio? (05:01) - Peter’s Pathway To Breakeven & Profitability (07:10) - What do you mean by “spending time on bigger pockets”? (08:27) - Who was your first hire? (10:09) - Where do you stand today since starting in 2013? (11:44) - Peter’s Flat Fee Model (16:54) - Are there other revenue line items you’re charging outside of that flat fee? (19:03) - Does the client expect you to get a property ‘rent-ready’ or is that on them to do and then come back to you? (20:11) - How much maintenance do you have going on at any given time and what do their days look like? (22:22) - Are the techs ‘jack of all trades’ or do you look for specialists in electrical or plumbing? (23:08) - Thoughts On The Current Labor Market When it Comes to Blue-Collar Trades (27:23) - How do you approach maintenance when it comes to accountability? Is this a landlord responsibility or tenant? (29:51) - Dealing With Owners Leaving You and Then Coming Back (35:32) - What are you doing with automation and technology in your business? Buildium | Airtable | Process Street | Zapier | Lead Simple | Notion (41:50) - Who contributes to the company Wiki and how do you keep it from getting bloated? (44:31) - Is it better to own 5 SFR’s or one 5-unit building? (46:05) - Is your management radically different based on the number of units a client owns? (48:01) - Is there anything that really needs to be built on the software side to better streamline your industry? (52:53) - Peter’s Experience & Processes for Buying Other Property Management Businesses (59:09) - Do you get to speak to clients of a prospective business during due diligence? (1:00:01) - Was there high churn from the acquisitions? (1:01:01) - Thoughts on Airbnb in the Residential Property Management Space (1:07:39) - Twitter: What lessons did you take away from Greg Crabtree & What was the conversation like when your partner stepped away to run your engineering company? Simple Numbers by Greg Crabtree (1:13:40) - Peter’s Side Hobby of Restoring Historic Windows (1:16:53) - What’s the best way for people to get in touch? Twitter: www.Twitter.com/PSLohmann Peter's Website: www.Peterlohmann.com Owner occupied Podcast

Alex Lieberman is the co-founder and Executive Chairman of Morning Brew, a multi-platform business media brand. In October 2020, Alex & his co-founder sold a majority stake of Morning Brew to Business Insider for a reported $75 million. Today, Morning Brew provides quick and digestible business content to more than 3 million users, successfully changing the way young professionals engage with the business world. On this episode, Chris and Alex deep dive into the founding story of Morning Brew, the future of Morning Brew, and Alex's transition to Chairman from CEO. They also discuss how newsletters and online media companies are valued, how crypto/blockchain/NFT's will impact media, and much more! 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/ (01:52) - Alex’s Journey Starting & Growing Morning Brew (08:02) - What did the newsletter space look like in 2015? (12:44) - What was the process for putting in a day’s worth of content? (16:09) - Where did you end your senior year of college and when did you come to the conclusion to go full time into MB? (24:30) - Where was the business at when you decided to leave Morgan Stanley and how did you initially monetize? (31:32) - How did the MB referral program work? (37:20) - Was there an inflection point along the way that caused the balloon effect to happen? (41:22) - How do you price ads today? (44:21) - What was the process to come to the decision to sell MB? (52:34) - Did you do anything wild after you sold? (56:55) - How is a newsletter valued? (58:17) - Alex’s Transition Out of the CEO Role (1:07:28) - What’s the goal for The Brew going forward for your 3 million users? (1:08:44) - How does Crypto and Blockchain impact MB? (1:17:09) - How do you think about the future of media and truth? (1:21:44) - How can people get in touch with you? Follow on Alex on Twitter: www.Twitter.com/businessbarista Listen to the Founders Journal Podcast Morning Brew The FORT is produced by Johnny Peterson & Straight Up Podcasts

On this episode, Chris does a full deep dive into the world of fees, including what they are, should you be charging fees at all, and when, fee misconceptions, the benefits of a profitable company, and the pathway to building a world-class REPE operating platform. Chris also answers your questions submitted on Twitter and much more! 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/ (01:16) - Why Fees? (02:45) - Misconceptions: GP’s Charging Fees and Making a Profit is Bad (05:20) - Charging Market Fees and Getting Great Returns (06:49) - What are the benefits of running a profitable company? (10:05) - GP’s That Don’t Charge or Offer Reduced Fees are Hurting their OpCo in the Long-Run (11:01) - The Difference Between OpCo’s and Assets (13:18) - Understand Where Your Company is: Fee Structuring for Young Companies (15:03) - How to Charge Fees and How to Talk About What’s Behind the Fees (17:43) - How do we know what we can charge for and what we cannot? (21:24) - Fort Capital’s Fee Strategy Early On (23:35) - An Outline of How to Think About Fees and Example Scenarios (30:27) - GP’s That Don’t Charge What They’re Worth (31:25) - Ways to Think About What You Should Be Charging (36:04) - Running Your Company as a Break-Even Business vs. a Profit-Generating Business (37:53) - Specific Fees to Think About (49:18) - Real Estate Private Equity: Fees Charged to Allocate Capital to GP’s vs. Fees Charged by GP’s Who Actually Operate (50:47) - Charging the Right Structure of Fees for Your Business (53:50) - Twitter Question: What’s an example of a deal you’ve done and how the fee dollars are allocated? (59:00) - Third-Party Providers (1:00:32) - Twitter Question: Can an established sponsor with capital charge an acquisition fee that’s equal to their contribution? (1:04:16) - Twitter Question: How have Fort Capital’s fees changed over time? (1:07:56) - Twitter Question: 3rd Party Management & Leasing vs. Vertically Integrating (1:10:14) - Wrap Up The FORT is produced by Johnny Peterson & Straight Up Podcasts

John Blatchford is the Owner of Kunst, a real estate developer in Cincinnati, Ohio that renovates historic buildings into city apartments by utilizing historic tax credits and Opportunity Zone investments. This episode is a deep dive into The Historic Real Estate Tax Credit, John breaks down the entire process from what buildings qualify, how to apply, the difference between the state and federal credits, how they use the credits, 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/ John on Twitter Kunst (02:09) - John’s Background and Career (05:37) - What are you focused on at Kunst? (06:38) - The Cincinatti Market (08:40) - The Historic Tax Credit (09:47) - How do LP’s benefit from this Tax Credit? (11:35) - How do you use the credit? (12:12) - How do you begin the process of getting the credit? (13:56) - How often does the state approve these credit applications? (14:17) - What work has been done before applying? (15:39) - What are the things you did wrong on the first deal that are easy fixes on deal 14 and onward? (16:49) - Do you have to own the property before submitting an application or can you be under contract? (17:30) - Does anyone actually come to visit the property from SHIPO? (18:07) - How much of the building needs to be ‘saved’ in order to qualify for the tax credit? (19:38) - How vacant are these properties when you acquire them? (20:39) - If a building is totally bombed out, do renovations have to match the aesthetics of the time or can it be built to look more modern? (21:11) - Why do states and federal governments care so much about preserving the historical nature of these buildings? (22:28) - Is there a point where the building is in such poor condition where you have to demo it? (23:07) - Would a ground-up development require a historic-style building to go up? (36:04) - Do you ever sell the credit in whole? (37:12) - Is there an online marketplace where you can list these credits for sale? (40:57) - Is there a place people can go to see all the federal tax credits that were awarded in a year to try and buy them? (42:12) - Who are you usually selling your federal credits to? (51:04) - How often do you see projects that are missing out on these tax credits? (52:18) - What would it cost to hire a consultant to work on getting these credits? (52:45) - How would you find a consultant? (53:23) - Is there anything within landscaping that falls under the criteria? (53:40) - How long does a typical renovation take you? (58:30) - Do you have a lot of competition in your market? (59:26) - Do you have the runway to do a lot of projects in your market? (59:52) - Do you have a favorite historical building? (1:00:26) - John’s Cincinnati Preservation Collective (1:01:00) - Are there any political or governmental risks that keep you up right now? (1:01:56) - How do you project job creation? (1:02:37) - Who is usually the owner of the building before you enter the picture? (1:03:41) - What do conversations with public owners look like? (1:04:20) - Can you get the credit for ground-up dev? (1:04:34) - Is there anything you’ve learned along the way when creating your budget? (1:06:07) - Have you come across any treasures in these old buildings? (1:07:49) - What are the biggest differences in how people used to build things back then? (1:09:50) - What buildings can get these credits? (1:11:21) - Is there a yearly influx of these buildings getting approved with the 50-year existence requirement? (1:12:29) - Can you get a building out of a historic designation? (1:13:02) - What’s your end goal? (1:13:30) - Are there any resources that people can learn more about this industry? The Ohio Dept. of Development The FORT is produced by Johnny Peterson & Straight Up Podcasts