POWERS

On this episode Chris talks about the fundamentals that drive Class B Industrial:

• Growing demand and no new supply?  Could that be?!
• The types of tenants that occupy Class B Industrial
• How we think about Cap Ex & TI.
• And more!

Support Our Sponsors:

Juniper Square: https://www.junipersquare.com/

Frank Kent Cadillac: https://www.frankkentcadillac.com/

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

Topics:

(2:52) - What is Class B Industrial?

(4:59) - They aren’t building more of this stuff

(7:07) - Serving the function of a business

(9:43) - The asset class in 2022

(11:57) - Tenants in Class B Industrial

(14:05) - Being close to the customer

(15:33) - Predictability of Expenses

(16:31) - Class B as Covered Land Plays

(17:22) - Leasing

(19:58) - Final thoughts on Class B Industrial

The Fort is produced by Johnny Podcasts

Chris sits down with his longtime friend Rayne Austin, to do a deep dive into the Cattle Business. Rayne walks Chris through the multiple phases of the life cycle for cattle, how each phase makes money, the "Big 4" packers, and how the pandemic exposed a major bottleneck in the industry. 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

(3:11) - Rayne’s Background

(5:08) - What are the phases of a cow's life and how do you move from one to the next?

(8:07) - Do the calves only live off of their mother’s milk or are they consuming feed in the first phase?

(9:17) - Do cows sell for less if they haven’t been weened?

(9:39) - How much money are people trying to get from selling in the calf/cow phase?

(10:22) - How do you transfer 10,000 calves to the stockyard?

(11:30) - How many calves fit in a truckload?

(11:49) - What’s the purpose of the stockyard?

(13:25) - How big are you trying to get the cows to become in the stock phase?

(13:45) - What’s the pricing model for cattle?

(37:05) - Does the climate and location of feed yards change what the cow will look like?

(39:20) - Are the majority of these legacy companies just growing to a point where the barrier to entry is more difficult?

(41:06) - What’s the day to day like for someone like your grandfather working in the field 7 days a week?

(44:00) - How many cattle are there per acre in America?

(44:56) - How many cattle are there in America?

(45:49) - Who’s the largest cattle rancher in the country?

(46:21) - Have genetics improved vastly over time?

(47:31) - What about cattle genetics has improved?

(48:23) - What’s the rating system for cattle?

(50:31) - Why would someone go through you for doing deals?

(51:47) - What’s a shrink and slide?

 (53:54) - Why do cuts like Wagyu and Kobe sell for so much more? What about grass-fed beef?

(55:15) - Why are Midland steaks so much better than other companies?

(56:25) - How long does a cow live and how often can they give birth?

(58:24) - What are the different breeds of cattle?

(1:00:27) - Is the fake meat industry putting a dent into the business?

(1:03:31) - Are there other false narratives that folks should know about in the cattle industry?

(1:04:29) - How has technology progressed in this industry to create better margins?

(1:07:11) - Have numbers shown that people will pay more for the meat of a cow that’s lived a ‘better life’?

(1:08:27) - 1031-ing in the Cattle Business

(1:10:28) - The JBS Cattle Company

(1:10:57) - Who are the Big 4 in Cattle?

(1:11:23) - What did the government do for cattle ranchers during COVID?

(1:12:35) - How far out can you hedge?

(1:13:51) - Since you’ve been around, what’s been the best year to be in this business?

(1:15:23) - Do the major packers dominate the industry or does it revolve around the cattle rancher?

(1:16:01) - How would you value a cattle operation?

(1:18:09) - The U.S. Beef Trade Deal with China

(1:19:15) - If you had 100 million dollars and you had to invest in the cattle business, where would you put it?

(1:29:24) - How far are we from a point in time where there are not enough people in the industry?

(1:30:07) - What’s your favorite cut of beef & what’s the best advice you’ve ever received?

The Fort is produced by Johnny Podcasts

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

Chris goes solo to hit hard on a critical aspect of operations that has played so well to the success of Fort Capital: Incentives. On this episode Chris discusses:

• Why operations are important and how to incentivize them.
• A relevant scenario to think about when setting incentives.
• Incentivizing the process, rather than just the outcome.

Topics:

(1:42) - What is a great operator?

(2:38) - Incentivizing the process, not just the outcome

The Fort is produced by Johnny Podcasts

Michael currently serves as the Founder and CEO of Garden City, a purpose-driven holding company that buys, grows, and permanently holds family-owned companies. Once acquired, Garden City seeks to grow them through culture, technology, and sales.

Most recently, Michael was an early employee & executive at DocuSign, serving as Global Vice President, General Manager, and Chief of Staff to the CEO. DocuSign has now achieved a $30B market cap with 5,000 employees. In 2016, he founded MAV Ventures, a venture capital group that has invested in over 100+ companies and multiple funds. Michael also co-founded New Story, a non-profit that has built 2,000+  homes in developing countries and is recognized for creating the world’s first-ever 3D Home Printer.

He graduated from the University of Alabama with a Bachelor of Arts degree in Business Management, and he lives in Atlanta with his wife and three children. Mike is a follower of Jesus and seeks to honor God in everything he does.

On this episode, Chris and Mike discuss:

• His story and how he learned to be world-class at sales. (He was the #1 CutCo Knife salesman in the US)
• How Garden City values and ultimately transacts on businesses.
• How Garden City creates value for the companies they acquire. 
• Why he chose a permanent capital structure. 

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

Michael on Twitter: https://twitter.com/MikeArrieta

Garden City: https://www.joingardencity.com/

(2:10) - Michael’s career and background

(4:51) - What did you do that made you the top Knife salesman in the country?

(9:45) - What can get someone to believe in their product or company?

(12:46) - What does a Chief of Staff do?

(16:58) - Why do you have an affinity for boring SMB’s?

(19:50) - What led you to the realization that you wanted to start acquiring businesses?

(23:30) - What are you tangibly doing to make people the focus of the businesses you buy?

(29:21) - What’s your filter for red flags in businesses you look at acquiring?

(32:19) - In what capacity do you want the previous owner involved after an acquisition?

(33:49) - What do the first 90 days look like post-acquisition?

(37:11)  - How do you find the line between letting the business run and being very hands on as owners?

(40:20) - When an owner doesn’t stay on, how quickly do you have to get on with replacing the CEO?

(43:06) - What are most of these SMB’s lacking generally from a technology standpoint?

(46:17) - How do you find someone who is going to be really accountable for making sure tech is adopted?

(48:50) - How do you approach Sales training?

(53:45) - Why did you choose to pursue Permanent Capital?

(57:01) - How do you think about the platform of being able to help people when you’re a business owner?

(1:00:58) - Is it possible to instill this mindset in an already existing business?

(1:02:33) - How does Permanent Capital work?

(1:04:46) - How do you think about cash flowing out of the businesses you own?

(1:07:06) - Do you have an example of a Christian Business owner who is killing it in both their career and their faith?

Sacred Pace by Terry Looper: https://amzn.to/3qxTMtV

(1:10:17) - Why did you consciously decide to slow down? What have been the consequences of that decision?

Becoming a King by Morgan Snyder: https://amzn.to/3Lq7GYV

The Ruthless Elimination of Hurry by John Mark Comer: https://amzn.to/3ddXrtR

The Fort is produced by Johnny Podcasts

Tim is a Partner at Majority Search, a private equity firm focused on helping top mid-career professionals pursue entrepreneurship through acquisition (EtA).  He is a veteran search fund investor who has backed over 80 search funds and first-time CEOs since 2007 and purchased three companies directly. Before Tim began investing in search funds, he was an executive at a diversified real estate company, consulted with Arthur Andersen and a middle-market manufacturing company, founded two online publishing companies, and held positions with Dell and a venture-backed start-up. Tim graduated from The College of Wooster, received his MBA from the University of Michigan, and lives in San Diego with his wife and two teenage children.

On this episode, Chris and Tim discuss:

• A deep dive into the search fund industry and how it matured over time.
• What Tim has learned from interviewing hundreds of CEOs.
• How Majority Search structures deals that align incentives.
• Lessons from valuing 1000’s of small businesses.

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

Links:

Majority Search: https://www.majoritysearch.com/

Tim on Twitter: https://twitter.com/tsludwig

SearchFunder.com: https://www.searchfunder.com/

Who by Geoff Smart: https://amzn.to/3x0vQmD

The Threat of a Reference Check: https://bit.ly/3ARu9sH

Topics:

(2:51) -Tim’s background and career

(17:28) - What is a Search Fund in traditional vs. self-funded?

(25:42) - How do deal structures work when you begin a Search?

(29:25) - How big is the Search Fund community and how can people get in? 

(32:47) - EBITish on Discord

(34:08) - What are some characteristics of a successful Searcher?

(45:46) - Is there a way to sense if someone has common sense and judgment?

Chris now acts as the Searcher for the remainder of the episode

(52:40) - What are the best practices for finding businesses to buy?

(59:43) - What are some industries or business types that really excite you?

(1:03:42) - What does the process look like once we’ve got an LOI between a Searcher, Search Fund, and Seller?

(1:10:11) - Is there any one reason that causes deals to fall apart?

(1:12:14) - Do you prefer if the seller stays on in some capacity during the transition to new owners?

(1:15:35) - What kind of returns are you looking for to determine if an acquisition was a success?

 (1:18:56) - What are some low-hanging fruit new owners can capitalize on to grow a business they’ve acquired?

(1:23:07) - Do you care if owners implement some kind of EOS or other operating systems?

(1:24:08) - What should an owner expect to see in their first 30-60 days on the job?

(1:27:41) - What does the owner’s relationship look like when working with someone like Majority Search? 

(1:31:46) - How are returns made throughout the life of an investment?

(1:34:23) - What’s the balance between the portfolio owner and the CEO creating ideas for growth?

(1:35:57)- How do you handle unexpected hyper-growth?

(1:39:19) - How do you think about the wave of Baby Boomer business owners headed for retirement?

(1:41:46) - Who would you back if they came to you as Searchers: Elon Musk or Jeff Bezos?

The Fort is produced by Johnny Podcasts

Wyatt is the founder and CEO of UpSmith, a technology company on a mission to combat America’s skilled worker crisis.  UpSmith partners with employers to identify high-demand gaps in their labor force, then sources and screens candidates to fill them. Where necessary, UpSmith connects candidates with affordable, fast, high-quality training to qualify them for placement. Prior to UpSmith, Wyatt led business development for Elevate, Uber’s aerial ride-sharing business unit. He served as a consultant with McKinsey & Company and as a corps member with Teach for America, receiving the 2013 Sue Lehmann Award as a national teacher of the year.

Wyatt holds an MBA with Distinction from Harvard Business School and a BS in Human & Organizational Development and Political Science from Vanderbilt University, where he served as student body president and as a young alumni trustee on the Board of Trust.

On this episode, Chris and Wyatt discuss:

• An in-depth view of the emerging blue-collar labor crisis in America and how we got here.
• The benefits of blue-collar work and why it is worthwhile work. 
• Upsmith’s plan to employ more blue-collar workers.
• Why college isn’t for everyone.

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

(2:43) - What is the labor crisis we are facing right now?

(7:40) - Was there an inflection point where we changed the way we look at the trades?

(9:02) - Is this labor crisis attributed equally across all blue-collar work?

(10:40) - Are we losing people in the trades due to a lack of training from small businesses?

(15:33) - Why is it not obvious that people should look into the trades for a viable career?

(18:39) - Does the federal government offer financial aid to attend a trade school?

(19:55) - How much of this is a laziness problem?

UpSmith

(21:25) - Wyatt’s launch of UpSmith

(24:27) - How are you pitching high school students to have them consider this vs. College?

(34:04) - What are the implications for the families of those who choose to enter the trades?

(37:30) - Why are you attracted to the words ‘dignity’ and ‘purpose’?

(39:57) - Renaming Blue Collar as “The Builder Class”

(41:10) - What takes place in the initial 8 weeks of a cohort?

(44:13) - What problem is a company having that drives them to UpSmith for candidates?

(47:40) - What’s the line when it comes to blue-collar work and candidates with criminal records?

(50:30) - Other than pay, what are some non-obvious benefits of a career in trades?

(53:40) - Is the path for people to eventually own their own business or just have a steady income?

(57:50) Is anyone on social media making this work sexy?

@BuildersOfInsta

Mike Rowe's Dirty Jobs

The Make It Movement

(1:00:48) - Are city crews looking to UpSmith for help with public infrastructure?

(1:01:16) - What does our world look like if we fail to fill these blue-collar positions?

HBR Future of Work Initiative

(1:05:24) - Where have all these workers gone since Covid?

The Mom Project

(1:08:41) - Is there a certain characteristic that stands out in high-performers in the trades?

(1:09:47) - Where do you envision UpSmith in 5 years?

(1:11:40) - What are employers in home health care looking for from UpSmith candidates?

(1:13:22) - What’s one thing you've never predicted since you started this business?

(1:14:46) - How can people get in touch or partner with you?

Forge NOW

The Fort is produced by Johnny Podcasts

Mike Vellano is the CEO of Vortex Companies – a trenchless technology company focused on water and sewer infrastructure. As CEO and Founder, Mike's primary focus is fulfilling the corporate mission and ensuring Vortex delivers on its promise of being a solutions-focused, cost-effective trenchless products and services provider ranging from consulting and project management services to the delivery of products, training, and installation. Formerly, Mike was Vice President of Sales and Marketing for one of North America's largest privately held trenchless underground contractors. His primary responsibilities included overseeing all business entities' sales, marketing, and product development functions. He was also in charge of forging strategic business alliances as part of the company's vision of providing its customers with the widest selection of environmentally friendly, trenchless underground repair solutions. During his five-year tenure, Mike used his vision and leadership to help measurably grow the company's revenue. From 2001 to 2009, Mike worked for Albany, New York-based Vellano Brothers, where he rose from the ranks from local Branch Manager to Vice President. He helped streamline operations, grow accounts, and increase sales exponentially during his tenure there. Mike resides in Houston, Texas, with his wife Lettie and two daughters.

On this episode, Chris and Mike discuss:

• What trenchless technology is, why it's essential, and what markets the technology serves.
• A fantastic story of how he built his company, took on private equity, and continued to acquire company after company.
• Lessons learned from integrating each 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

Vortex: https://vortexcompanies.com/

(2:36) - Mike’s background & career

(4:54) - What is the ‘Trenchless’ industry?

(9:50) - Are your customers government contractors or private companies?

(10:54) - How old are some of these pipe systems and how much has their design changed over the years?

(14:23) - Is there anything Trenchless can do for a city like Austin?

(17:04) - Are there areas in the US where your business typically does better?

(21:08) - How did you build Vortex?

(29:48) - How did you finance your way to $40mm in Revenue?

(32:25) - Do you operate as a Holdco or does every acquisition get rolled up under the Vortex brand?

(35:34) - What mattered to you when finding capital partners?

(44:44) - What’s your playbook for integrating new acquisitions into your company?

(49:01) - Do you care if the leaders of an acquired business stay or post-close?

(50:27) - How much impact is the Russia-Ukraine situation having on your business in Europe?

(52:25) - Does your technology scale well into residential?

(53:25) - Why do you think executives have it easy?

(54:28) - How do you see the labor market over the next 20 years?

(57:56) - Why is family so important to you?

The Fort is produced by Johnny Podcasts

Twitter Anon "The Wolf of Franchises" aka @franchisewolf on Twitter, is an expert in the franchise industry. The Wolf of Franchises is a franchise industry professional who has helped match top franchise brands with competent owners and operators and source emerging franchisors for investment opportunities. The Wolf is currently building a media organization via Workweek; an Austin-based media startup focused on empowering individual creators. Through The Wolf's newsletter, podcast, and website, he aims to be the most trusted and transparent (as well as entertaining) resource for information on franchises.

On this episode, Chris and Wolf discuss:

• An in-depth analysis of how franchising works
• What makes a great franchise business
• How to create a franchise
• Years of lessons learned from the franchise 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

Wolf of Franchises on Twitter

WolfOfFranchises.com

WorkWeek

Franchise Empires Podcast

- On Apple

- On Spotify

Spaulding Decon

American Family Care

The Joint

In N Out on Expanding East of Texas

Sun Holdings

The Flynn Group

(1:13) - Building an anonymous Twitter account

(4:19) - How are you building a business around your Twitter account?

(6:27) - What is a franchise?

(9:03)- How does a business owner convert their model to a franchise?

(11:19) - Is there a certain level of stores you need to have before a franchise makes sense?

(12:29) - How long does it take to put the business on paper that’s ready to franchise?

(13:26)  - What big questions should franchisees be thinking about as they go through the process?

(16:20) - Are a lot of the people applying to be franchisee’s first-time operators?

(21:05) - How would you structure a franchise deal?

(24:13) - Is it upon the franchisor to determine the size of an operator’s territory?

(25:43) - The Subway Franchise Model

(27:43) -How do Franchisors vet potential franchisees?

(30:46) - Is there any data on the franchisee being a passive owner vs. working in the business?

(33:46)- How do you typically finance a new franchise?

(35:40) - How do you do due diligence on a franchisor?

(38:30) - How long is the typical franchise agreement?

(39:47) - What does the agreement look like when a franchisee approaches a franchisor with a buyer for their locations?

(44:23) - What franchises do you love if you were going to go buy a franchise?

(50:59) - Are there any tips for finding the right location for a customer-facing franchise?

(52:30) -What would you stay away from?

(55:08) - What’s the craziest business you’ve seen become a franchise?

(55:58) - What’s the best healthcare franchise?

(57:53) - Does Real Estate play into someone’s decision to get into franchising?

(59:34) - How does an operator get a franchise into a new state?

(1:02:37) - Why wouldn’t franchises with cult followings like In-N-Out be in every state?

(1:04:16) - Is the nightmare scenario a Franchisee is doing really well but a Franchisor is screwing it up?

(1:08:46) - What’s the best way to buy out a franchisee?

(1:10:34) - Who’s the largest franchisee in the country?

The Fort is produced by Johnny Podcasts

Twitter Anon M. Stanfield aka @mu2myoc on Twitter is an expert in affordable housing.  Over the past 18 months, his firm has acquired $200M+ in affordable housing projects in Texas. They buy distressed value-add deals and spend a pile on CapEx. Before launching his own fund two years ago, he had developed over 3,000 units of affordable housing in multiple states. Prior to that, he was an affordable housing broker.

On this episode, Chris and M. Stanfield discuss:

• An in-depth analysis of the affordable housing industry and how it operates.
• Stories as a landlord of some of America’s toughest affordable housing communities.
• How his firm creates value and win/win situations for all involved.

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

M. Stanfield on Twitter

M. Stanfield's Newsletter

(1:47) - The culture around people living in low-income housing

(13:06) - What are you buying and what issues are you walking into when looking at a deal?

(17:26) - Low Income Housing Tax Credit process

(22:18) - Thoughts on Section 8 housing 

(32:30) - What drives you to work in this asset class?

(39:41) - Serendipitous opportunity vs. “working for it”

 (43:59) - How do you turn these properties around from a physical perspective and a resident perspective?

(54:58) - Is there any real solution to helping low-income housing?

(59:40) - Re-tenanting a property

Twitter Questions

(1:09:20) - What 2-3 levers can you pull that drive 95% of returns?

(1:16:07) - What’s your take on the market right now? 

The Fort is produced by Johnny Podcasts

Jilliene Helman is the Founder and CEO of RealtyMogul, an online real estate marketplace that gives everyday investors access to institutional-quality commercial real estate deals in dozens of markets across the country. Since 2012, RealtyMogul members have collectively invested over $850 million into $4.7 billion of real estate nationwide (as of March 31, 2022). Jilliene holds Series 7, 24, and 63 investment licenses and is a Certified Wealth Strategist. She’s been featured as an expert on startups and real estate investing on Bloomberg, CNBC, The New York Times, Yahoo! Finance, and Entrepreneur.

On this episode, Chris and Jilliene discuss:

• A 10-year overview of how crowdfunding has evolved and the tailwinds driving it
• Building a two-sided marketplace with sponsors and LP’s.
• How crowdfunding works from a high level
• What to expect from the crowdfunding industry over the next decade.

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

(2:02) - Jilliene’s career and background

(4:48) - What did crowdfunding in the RE space look like when you got started in your career?

(8:29) - If you had to go start a new 2-sided marketplace today, would it be harder to do?

(11:47) - Was there an inflection point in the industry where crowdfunding became more mainstream?

(15:07) - How distributed is the money coming from crowdfunding? Are there ever a couple of individuals that carry the bulk of a fund?

(17:20) - What’s the path forward to become a top brand name over the next decade?

(20:12) - Is there any agreement that states the LP needs to go to you instead of the GP for questions or investments?

(21:39) - How do you approve and vet sponsors?

(24:57) - Have you seen institutional or family office capital get into crowdfunding?

(25:55) - How do your REITs work?

(29:09) - Is the push to have a more built out secondary market for LP’s something on your radar?

(30:55) - How do you approach Capital Call situations?

(33:24) - What data are you looking at to prove the massive tailwinds for crowdfunding?

(35:33) - Do you have to own a controlling position in the LP stack?

(36:17) - How are you seeing most people show up in a deal?

(37:44) - What’s something you think deeply about that you want to see in the industry?

The Fort is produced by Johnny Podcasts