Welcome to the Arena from ICR – Conversations with Today's Innovators & Business Leaders

Breaking away from the norm will always attract skepticism, especially from industry veterans. But these risks often lead to the most significant rewards. Our guest today has not only challenged the status quo in business but did so with fearless commitment and a willingness to be the newcomer in any field.

In this episode, we're diving into part two of our conversation with Larry Connor—a trailblazer in business and beyond. Larry is an entrepreneur, nonprofit activist investor, and adventurist, known for founding The Connor Group, a real estate investment firm that thrives on doing things differently.

Last week, we explored Larry's unique approach to leading The Connor Group. Today, we shift our focus to his remarkable journey outside of the business world, beginning with his impactful philanthropic efforts.

Highlights:

• Larry discusses Kids & Community Partners, and the importance of investing in the future (2:33)
• How Larry started The Greater Dayton School, and its approach to education (4:51)
• Larry tells the story behind his space mission (7:30)
• Diving to the Mariana Trench (10:44)
• Building, and jumping off of the world's largest hot air balloon (12:40)
• Larry's advice to businesses that want to solidify a culture of accountability in the workplace (14:57)
• What excites Larry about the future of The Connor Group and Kids & Community Partners (17:00)

Links:

Larry Connor on LinkedIn

The Connor Group on LinkedIn

The Connor Group Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Hiring top talent is a proven game plan for any business, but there’s untapped power in taking risks—especially on professionals with unconventional, strategic backgrounds that keep your company fresh and forward-thinking. Today’s guest is no stranger to risks of any kind. He took that leap with his company, and it's been thriving for over 30 years. And he continues to take extraordinary leaps today — both inside and outside of the business world.

Today we're sitting down with Larry Connor, an entrepreneur, nonprofit activist investor, and adventurist. In business, he's best known for founding the Connor Group, a real estate investment firm that has grown its assets from zero to $5 billion over a 30-plus-year period.

The company operates luxury apartment communities in 18 markets and has earned national accolades as a top workplace. Connor has been featured in Forbes and USA Today, among other national publications.

During the stress and uncertainty of COVID-19, Larry made $1.6 million on stock market investments, but instead of building his own wealth, he distributed all the money to his frontline associates in the form of bonuses. He also organized a small business loan program that helped Ohio-based entrepreneurs survive the economic downturn.

Larry is also a philanthropist. And the Connor Group's success has been critical to those efforts. It helped fund Connor Group Kids and Community Partners, which has devoted $175 million to nonprofit causes, including the Greater Dayton School, Ohio's first private non-religious school for under-resourced students, which Larry founded in 2022. Kids and Community Partners will devote over $800 million to nonprofit initiatives over the next decade.

In 2022, Connor piloted AX 1, the first private mission to the International Space Station. That mission came on the heels of his research work 36,000 feet under the ocean in the Mariana Trench, making him the first human being to reach the deepest part of the ocean and space within a year. Larry followed that feat by leading a team of four U.S.

Air Force pararescue specialists in a 38,139-foot leap from a hot air balloon setting a Guinness World Record for the highest halo formation skydive. Connor has also won multiple titles as a professional racecar driver. He is an accomplished pilot, rated in both helicopters and fixed wing aircraft, with extensive hours piloting a fighter jet and competing in national and aerobatic competitions.

As you can tell there's a LOT to cover with someone like Larry, so we're making this interview a two-parter. Be sure to check out next week's episode to get his full, amazing story.

Highlights:

• Larry's background and early entrepreneurial ventures (4:28)
• How Larry decided to get involved in the real estate industry (8:25)
• Larry discusses The Connor Group's impressive industry stats (10:22)
• Why Larry founded The Connor Group without experience, or real estate professionals (12:19)
• Larry's outlook on The Connor Group's culture and mission statement (13:53)
• The origins and evolution of The Connor Group's culture (15:27)
• Why everyone at The Connor Group uses pencils (18:07)
• Larry describes what differentiates The Connor Group's approach from field competition (19:00)

Links:
Larry Connor on LinkedIn

The Connor Group on LinkedIn

The Connor Group Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Navigating the intricate landscape of ESG and shareholder activism requires a deep understanding of both market dynamics and investor expectations. That's why expert guidance is indispensable for companies looking to build lasting value and trust with their stakeholders.

Today we're sitting down with Lyndon Park, Head of ICR Governance Solutions. Lyndon advises boards and management teams on complex corporate governance, ESG and shareholder activist event-driven issues to align clients with investor and market expectations.

Before joining ICR, Lyndon was Head of Global Corporate Governance at Dimensional Fund Advisors, where he oversaw the firm's global stewardship and ESG initiatives. Prior to Dimensional, Lynden was a partner and Head of Governance and Listing Standards at EQX, a capital market startup. He began his career in governance at BlackRock by supporting BlackRock's board of directors on intercompany  governance matters before serving as one of BlackRock Investment Stewardship teams' lead governance analysts, overseeing portfolio companies representing about 450 billion of BlackRock's AUM.

Lyndon is a recognized thought leader in ESG and shareholder activism, frequently participates on panels, and his perspectives have been published or quoted in numerous leading media outlets like the Wall Street Journal and the Financial Times.

Highlights:

• Takeaways from the 2024 proxy season (3:25)
• What companies can do differently to avoid Executive comp challenges (6:00)
• What companies can do do differently when under duress during proxy season (8:58)
• Lyndon discusses the effects of the Universal Proxy Card (11:45)
• Themes surrounding proxy contests (13:53)
• Lyndon discusses MNA-driven attacks (16:06)
• Examining the recent Starbucks ESG activist campaign (17:25)
• The current anti-ESG movement, and Lyndon's take on that (19:24)
• Lyndon's advice on what are easy wins in ESG strategy in this moderating DEI climate (21:50)
• Lyndon shares what he sees coming for 2025 (25:05)
• How the best boards and management teams tackle this landscape (28:17)

Links:

Lyndon Park on LinkedIn

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

When you're a founder, you need creative ways to grow your business. Today's guest recognized that need, and built her company on it.

We're sitting down with Keri Findley, Founder and CEO of Tacora Capital. Keri has two decades of experience in structured credit investing at leading firms, and as a private investor. She founded Tacora in 2022, securing a $250 million investment from renowned venture capitalist Peter Thiel.

From 2009 to 2017, Kerry ran the structured credit portfolio for Third Point, the multi-billion dollar hedge fund founded by Dan Loeb. She was the first woman and the youngest person to be made partner at Third Point. Prior to that, she held a similar position at D.B. Zwirn, and began her career at Morgan Stanley.

Keri currently serves as an advisor to Firework Ventures and 8VC, and is on the boards of Hearth, Karus, Point Digital, and Architect.

Highlights:

• Keri summarizes her introduction to finance (2:51)
• Falling into the industry, and growing up as a 'math person'(3:22)
• Keri describes what it was like to begin in the finance industry in the late 2000's (4:28)
• Types of assets in the payment processing platform (6:10)
• Leaving her job, and how Keri came to found Tacora Capital (7:21)
• Working with Peter Thiel, and more about their partnership (9:14)
• Keri describes the audience, and kinds of investors that are attracted to Tacora Capital (10:10)
• Tacora's unique approach and structure in venture capital (11:14)
• Keri discusses whether she would rather Tacora be at a later-stage (12:50)
• Tacora's reason for focusing on Fintech and Insuretech fields (14:37)
• Keri gives an example of the opportunities Tacora has provided to one of their portfolio companies (16:00)
• Where Tacora's pipeline for new deals is sourced from (16:52)
• How the current financial and economic climate effects the work done at Tacora (18:22)
• How Tacora avoids risky situations and maintains discipline in their work (20:16)
• Keri predicts the future of the venture capital market based on recent history (21:37)
• 'Non-dilutive capital' and Tacora's approach to companies facing down-rounds (25:15)
• Why Keri decided to settle the company in Austin, Texas (27:07)
• Keri predicts how the banking model will change in the near future (30:04)
• Tacora's short-term goals and plans (31:22)

Links:
Keri Findley on LinkedIn

Tacora Capital Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

As today's guest will tell us, breakfasts have recently overtaken Friday dinners as the number one dining out experience of choice. So in the always-competitive hospitality industry, restaurants that do those meals particularly well are in a fantastic position. 

Chris Tomasso definitely understands how to excel in this space. Chris is the CEO of First Watch Restaurants, which trades under the symbol FWRG.  Prior to taking the helm in 2018, Chris served as President for three years and as Chief Marketing Officer from 2006 to 2015.  Before joining First Watch, Chris led strategic branding and marketing for renowned national and international brands such as Cracker Barrel and Hard Rock Cafe International.

In 2021, Chris was named one of the restaurant industry's most admired C-suite leaders by FSR Magazine. Later that year, he led First Watch into Wall Street with their IPO. 

Chris earned a BA from the University of Central Florida and is an active alum who currently serves on the University of Central Florida Foundation Board of Directors. He was inducted into the University's Nicholson School of Communication and Media Hall of Fame in 2016. 

Highlights:

• Chris describes First Watch's background and market concept (2:57)
• Competition and First Watch's position in the market (4:08)
• Chris describes First Watch's business model (6:17)
• First Watch's unique shift schedule, and why it attracts employees (8:43)
• Chris' approach to business operations (10:36)
• Chris describes the importance of remaining in the restaurant atmosphere as a CEO (12:06)
• How First Watch incorporates developing technology into their business (13:59)
• How Chris applies his marketing background in his role at First Watch (15:30)
• Chris' capital allocation strategies (17:21)
• More on First Watch's disruptive business model, and their strategic market placement (18:54)
• Chris' view on inflation and its ongoing impact on the hospitality industry (20:28)
• Chris describes the impact of First Watch to becoming a public company (22:09)
• How Chris was introduced to the hospitality industry (24:27)

Links:

Chris Tomasso on LinkedIn

First Watch Restaurants on LinkedIn

First Watch Restaurants Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

On the surface, successful growth in business might seem to be about rapid expansion. But that's not the right strategy for every business. Growth has to align with the business's principles, be at the right pace, and it can't endanger the brand's image and identity along the way. Today's guest has reset his growth strategy to reinforce and preserve brand identity.

We're sitting down with Chris Schultz, CEO of Voodoo Doughnut. Chris has a remarkable track record in expanding renowned brands, both nationally and globally with over four decades of industry experience. In the 1990s, he played a vital role in Starbucks' US and international growth, including entry into the UK market.

Chris was a founding team member at ModPizza, growing it from one store to over 300 locations worldwide. His strategic acumen and leadership made ModPizza a fast, casual industry leader. Since 2017, as CEO at Voodoo Doughnut, he's tripled the company's size and expanded from 5 to 22 locations in 7 states.

Chris has twice been recognized as one of the most innovative and influential CEOs by National Restaurant News, and recently as one of the top 25 food and beverage executives of 2023 by C-Suite Magazine. Throughout his career, Chris has consistently demonstrated his ability to build and nurture successful restaurant brands. His innovation, passion, and commitment to exceptional customer experiences make him a respected industry leader.

Highlights:

• Chris' journey in the restaurant business, and his path to Voodoo (3:10)
• Voodoo's history and unique identity (4:29)
• Chris describes what differentiates Voodoo in their market (6:35)
• Chris talks about Voodoo's unique consumer base and following (8:01)
• Voodoo's growth strategy, and the importance of maintaining brand identity amidst expansion (10:03)
• Chris' approach to expansion, and new locations for Voodoo (10:56)
• Chris' approach to innovation with the Voodoo brand (12:29)
• How Voodoo finds its employees and keeps them motivated and engaged in the unique culture (15:54)
• How Voodoo maintains consistency amongst its varied brand presence (18:31)
• Chris' approach to tech innovation at Voodoo (20:26)
• Chris discusses Vodoo's 'Giving Doughnuts' program (23:37)
• Chris reflects on his biggest successes as CEO at Voodoo (24:53)
• The advice Chris would have given himself during his early days in the restaurant business (27:29)

Links:

Chris Schultz on LinkedIn 

Voodoo Doughnut on LinkedIn

Voodoo Doughnut Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

For industry dominators, success rarely hinges on a 'one-size-fits-all' approach. Instead, they master their market by focusing on specific demographics and creating tailored strategies unique to needs and preferences. Today's guest has used this method to craft customized solutions in his unique market.

Today, we're sitting down with Doug Sanders, Heritage Grocers Group Chairman and Chief Executive Officer. Doug's extensive career in the grocery industry spans 38 years across multiple and wide-ranging sectors including supermarket retail, wholesale food distribution, retail technology solutions, natural and organic foods, in addition to Hispanic and ethnic-focused specialty formats.

Over the past 20 years, Doug has held the role of chairman and CEO for multiple private equity-owned grocery companies, including Sprouts Farmers Market, Cardenas Markets, and Heritage Grocers Group. In 2011, he led the sale of Sprouts Farmers Market to Apollo Global Management, followed by two successful acquisitions and an initial public offering In 2013. 

In 2022, Doug spearheaded the sale of Cardenas Markets from KKR to Apollo joining Cardenas Markets and Tony's Fresh Market under the parent company Heritage Grocers Group.

Highlights:

• Heritage's history and background (2:58)
• Doug's journey in the industry and opportunity at Heritage (4:16)
• Doug expands on Heritage's demographic and unique consumer base (6:47)
• What makes Heritage a competitive industry player (7:18)
• How Heritage prioritizes and celebrates authenticity in it's culture (8:33)
• Doug discusses the environment and atmosphere at Heritage stores (9:45)
• How Doug creates a company culture at Heritage (11:14)
• Field competition (12:34)
• Doug's approach to maintaining culture amid expansion (13:48)
• Doug's outlook on technology and innovation in the industry (16:06)
• Customer stories that left an impact on Doug and his work (18:03)
• Heritage's unique brand foundation collaborations (19:31)
• What excites Doug the most about the future of Heritage (20:33)
• Doug's predictions for Heritage's future growth and expansion (22:17)

Links:

Doug Sanders on LinkedIn

Heritage Grocers Group on LinkedIn

Heritage Grocers Group Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

In the world of wealth management, working with clients is a deeply personal endeavor that requires more than just financial expertise. By looking inward first, and prioritizing a strong team culture and personal and professional development, companies can cultivate a strong trust and connection with clients. Today's guest has made this approach the foundation to his business.

Today we're sitting down with Rob Skinner, who is a founding partner and the co-CEO of IEQ Capital. He has served as a financial advisor to wealthy families and institutional investors for over two decades. Rob began his career at Fidelity Investments in 1995 before joining Merrill Lynch as first vice president of investments.

In 2008, he co-founded Luminous Capital, an independent registered investment advisory firm where he served as Chief Investment Officer, Co-Head of Investment Research, and Co-manager of Portfolio Construction. Luminous Capital was acquired by First Republic Bank in 2012. 

Active in the community, Rob serves on the Board of Directors for the First Tee of Monterey County, the Board of Directors of the Pebble Beach Company Foundation. He's a Trustee of PGA REACH, the charitable foundation associated with PGA of America, as well as the Naval Postgraduate School Foundation. Rob and his wife actively support numerous foundations and charities in and around the Monterey peninsula. 

Rob holds a Bachelor of Arts in Political Science from the University of Connecticut, which, if you haven't heard has won national championship titles, back to back in men's basketball. Go Huskies!

Highlights:

• Rob's early influences and beginnings in wealth management (4:15)
• Founding Luminous Capital (5:52)
• Background on IEQ Capital, and company mission (6:37)
• What differentiates IEQ from competitors (7:13)
• IEQ's ideal client profile (8:34)
• How the IEQ team works with clients on wealth management (9:30)
• Rob walks us through IEQ's client screening process (10:18)
• The value of culture at IEQ (11:10)
• The use of technology at IEQ (12:00)
• How being a founder has informed Rob's work with his clients (13:30)
• How Rob approaches liquidity planning with clients (14:41)
• Rob breaks down IEQ's partnership with Stone Point Capital (15:33)
• The benefits for smaller firms (18:37)
• What Rob has learned from entrepreneurs during his time in wealth management (19:19)
• The importance of fostering a fun and enjoyable environment and culture (20:43)

Links:

Rob Skinner on LinkedIn

IEQ Capital on LinkedIn

IEQ Capital Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Venture Capital is all about the cash — but in a crowded field, money is a commodity. To truly stand out, you have to go above and beyond for your portfolio companies. Today's guest has set themselves apart by providing exceptional support.

We're sitting down with Seth Spergel, who is a managing partner of Merlin Ventures, where he's responsible for identifying cutting-edge companies for Merlin to partner with and invest in. Seth has more than 20 years of experience building, selling, and investing in software and startups.

Prior to Merlin Ventures, Seth was VP for Infrastructure Technologies at In-Q-Tel, a strategic investment firm that invests in startups that meet the mission needs of government customers. There he led a team of technology experts to evaluate companies and identify novel uses of their technology within the In-Q-Tel customer set.

Before In-Q-Tel, Seth was the VP of engineering for ThinkGeek, an online seller and manufacturer of geeky toys and clothing. He also spent 12 years at IBM in roles ranging from software developer to sales manager. 

Highlights:

• Merlin's background and evolution into VC (3:44)
• What differentiates Merlin in the VC market (7:32)
• What an ideal portfolio looks like for Merlin (8:38)
• Seth walks us through the support system Merlin provides their companies (9:21)
• The unique guidance Merlin offers on compliance and political relations (12:57)
• Seth tells the story of one of Merlin's successful exits (14:52)
• Seth's advice for founders seeking funding (17:59)
• Current trending market opportunities (18:50)
• How cloud computing and migration are affecting the cybersecurity space (20:35)
• Seth describes the current state of Israel's funding environment (22:00)
• Values and culture at Merlin (25:35)
• Seth's predictions for the future of Merlin and the VC market (26:55)

Links:

Seth Spergel on LinkedIn

Merlin Ventures on LinkedIn

Merlin Ventures Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

In the effort to recover from the impact of the pandemic, the hospitality industry has had a surge of innovation, ideas, and new technologies. And while the boost has been essential to getting the industry back on its feet, it has also intensified the competition. Today's guest is setting their company apart with a consumer-focused approach.

We're sitting down with Matt Tucker, who is the head of Tock, a technology driven hospitality business owned by Squarespace, and trading under the symbol SQSP. 

Matt oversees commercial success and growth of the Tock business, which includes a reservation system, table management, carry-out operations and events for operators across 33 countries. Matt came to Squarespace after nearly two decades of experience building teams and operating companies of all sizes and has a strong background in hospitality tech and the startup world.

Most recently, Matt served as President and COO of Olo, the leading provider of SaaS solutions to the chain restaurant industry, serving almost 90,000 locations. He spent nearly nine years there, taking the company from 10 people and one product to a public company with over 700 team members, six core products and nearly 200 million in revenue.

Prior to Olo, Matt was on the founding team of LendingTree and was also the founder of Rely Software. He has an MBA from Georgetown and a BA in Political Science from the University of Michigan.

Highlights:

• Matt's background and path to restaurant software (4:09)
• Matt describes Tock's founding and current work (5:11)
• How Tock works in the restaurant to optimize reservations (7:01)
• Matt explains how Tock targets customers, and ROI agreements (8:35)
• Data captured through Tock, and what makes Tock's approach to data optimization unique (10:34)
• Matt talks about recent economic hurdles and how Tock has navigated the atmosphere (14:04)
• Matt discusses Tock's versatility in the restaurant industry (16:11)
• How Squarespace and Tock's work interconnect (17:49)
• Field competition and the state of the restaurant technology market (20:00)
• Tock's senior team and their history in hospitality (22:57)

Links:
Mathew Tucker on LinkedIn
Tock on LinkedIn
Tock Website
ICR Twitter
ICR LinkedIn
ICR Website

Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].