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

Summary:

When inflation goes up, and disposable incomes shrink, consumers approach their spending with increased scrutiny. Despite tighter budgets, however, people are still social and they still need to eat, and restaurants that consistently provide great value to their customers will come out on top. 

Today's guest is Jerry Morgan. Jerry is President and CEO of Louisville, Kentucky-based Texas Roadhouse, trading under the symbol TXRH. With 35 years of food service experience, including time at Bennigan's and Burger King, Jerry is an industry expert with a ton of institutional knowledge. He began his career with Roadhouse in 1997 as the managing partner of the first Texas Roadhouse in Texas, and worked his way up through the company ranks. In 2020 he was named President of Texas Roadhouse, and became CEO in 2021 following the untimely death of the company's founder and former CEO, Kent Taylor. 

In this episode, I speak with Jerry about the company values that have been instrumental to the success of the brand, how they're handling recent inflation, and the two additional restaurant concepts they'll be expanding over the next few years.

Highlights:

• Jerry walks through the Texas Roadhouse backstory (03:03)
• Jerry explains how he got his start with Texas Roadhouse, and why it beat out other restaurant chains for his attention (05:29)
• Jerry describes the company's values, and their commitment to quality and service (06:54)
• Jerry unpacks the market partner structure of Texas Roadhouse (08:12)
• Jerry's philosophy on pricing, and how he looks at passing rising costs on to customers (09:50)
• How a company culture of "fun with purpose" helps Texas Roadhouse succeed (11:06)
• How Texas Roadhouse is approaching technology (15:14)
• Jerry describes the two additional restaurant concepts in the Texas Roadhouse family: Jaggers and Bubba's 33 (17:36)
• Jerry talks about the advantages of being a public company with increased cash generation from a stakeholder perspective (22:05)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Jerry Morgan LinkedIn

Texas Roadhouse LinkedIn

Texas Roadhouse 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].

Summary:

The automotive industry is changing. Shifting consumer behavior, increased demand for sustainability, and macro shifts towards digitization, automation, and new business models could see companies that are unable to keep up get left behind. For companies ready to embrace these changes, however, there are new opportunities for significant growth.

Today's guest is Nino Ciappina, CEO of PARTS iD. PARTS iD is a digital commerce company, trading under the symbol ID, that is responding to evolving consumer needs and showing the aftermarket parts and accessories industry what an ideal customer experience looks like in 2022. Previously, Nino served as the Chief Marketing Officer and later the General Manager of Onyx, the predecessor company of PARTS iD. Nino has also served in a variety of digital marketing, marketing, and eCommerce positions, notably as the Director of Digital Marketing & Customer Acquisition at The Children's Place, VP of eCommerce and Digital Marketing at Firestar Diamond Group, and later as Senior Director of eCommerce and Digital Marketing at Foot Locker.

In this episode, I speak with Nino about why the iD brand is unique in the industry, their efforts to expand from automotive parts and accessories into complementary verticals, and how PARTS iD is responding to current events.

Highlights:

• Nino describes the three things that distinguish PARTS iD in the aftermarket parts and accessories industry (03:09)
• Nino provides perspective on the scale of the business, describing PARTS iD's catalogue of over 18 million SKUs (07:19)
• What are the verticals adjacent to PARTS iD's focus on automobiles? (10:06)
• Nino explains why the iD brand is closely tied to the identities of their customers (14:30)
• Nino walks through how PARTS iD is expanding their offering to appeal to customer's who want a "do it for me" experience (18:41)
• How is PARTS iD preparing for the electric vehicle revolution? (21:56)
• Nino explains why he points to Wayfair's business model as comparable to PARTS iD's (24:54)
• Nino comments on the way PARTS iD is handling market changes dues to global events (26:33)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Nino Ciappina LinkedIn

Nino Ciappina Bio

PARTS iD LinkedIn

PARTS iD Website

CARiD 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].

Summary:

As threat volume and complexity grows, cyber attacks are quickly becoming one of the biggest concerns facing companies today. When the pandemic accelerated the shift towards digital, and employees around the world began logging in to work from anywhere, the threat of data being compromised only deepened. This is a big problem, not only for businesses, but for the stakeholders who put their trust in them. Cybercriminals are getting bolder, and cyber risks are always evolving. To protect your organization, you need a solution that evolves alongside the threat. 

Today's guest is doing the critically important work of developing effective cybersecurity solutions. James C. Foster is a world-renowned thought leader on cybersecurity, and founder and CEO of ZeroFOX. Foster has published over a dozen books, holds several patents, and has spoken on Capitol Hill about the increase in international cyber threats. Prior to founding ZeroFOX in 2013, Foster founded the cybersecurity company Ciphent which he grew to almost a hundred employees and a thousand customer before it was acquired by Accuvant in 2010. He's also worked with several high-growth cybersecurity organizations and executed on exit strategies for companies like  Foundstone, Guardent, and Information Security Magazine, and as an advisor for the United States Department of Defense.

In this episode, I speak with Foster about pressing external cybersecurity concerns, ZeroFOX's recent public transaction with L&F Acquisition Corp, and where he sees market opportunity in the coming years.

Highlights:

• Foster explains external cybersecurity, and how ZeroFOX works to eradicate those risks for businesses (02:52)
• Foster describes the effects the pandemic and the ongoing shift towards digital have had on the business (05:46)
• What is the market opportunity for external cybersecurity? (07:14)
• Foster explains the rate of cyberattack in recent years, and how a company like ZeroFOX can help ease the minds of execs (08:55)
• ZeroFOX's public transaction with L&F Acquisition Corp, and their acquisition of IDX (12:37)
• Foster talks through ZeroFOX's recurring revenue model (18:22)
• Who are ZeroFOX's clients, and where do they see opportunity in the market for expansion?(20:02)
• Foster comments on the way global events like Russia's invasion of Ukraine affect cybersecurity around the world (22:22)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

James C. Foster LinkedIn

James C. Foster Twitter

James C. Foster Bio

ZeroFOX LinkedIn

ZeroFOX 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].

Summary:

Your brand is your promise. It's how you signal to stakeholders who you are and what you stand for. With so much on the line, it's no wonder that a messy brand can have a huge impact on your business.

Joining me for this installment of ICR Industry Reports, the mini-series where we profile some of the industry leaders within ICR, is Kyle Kostesich. Kyle is the Executive Creative Director for ICR's Branding + Creative practice, having spent the last 15 years leading ICR's creative teams in the areas of branding, marketing, digital media, web design, and more. Coming from a diverse creative background, Kyle has worked with clients across numerous sectors, developing successful campaigns for luxury brands, like The Ritz-Carlton, global financial giants, like Mirae Asset, well-known consumer names, like Planet Fitness, and healthcare industry titans, like Pfizer.

In this episode, I speak with Kyle about the elements of a strong branding strategy, how the Branding + Creative practice adds value for ICR clients, and the long-term benefits of creating a great brand, both internally and externally. 

Highlights:

• Kyle's career path: from graphic designer to ICR (02:32)
• Kyle describes the characteristics of an untidy brand (05:43)
• How a great brand can differentiate your company (07:52)
• How companies should be thinking about keeping their websites fresh (11:55)
• How Kyle works with management teams to form alignment on branding decisions (16:41)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Kyle Kostesich LinkedIn

Kyle Kostesich Website

Kyle Kostesich Bio

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].

Summary:

This week: the next of our ICR Industry Reports. In this mini-series we profile some of ICR's industry experts, and hear about what they're observing at the frontlines of their fields.

My guest today is Marc Silverberg, Partner and head of ICR's Energy, Sustainability & Modern Mobility investor relations practice. His team specializes in working with companies across the ESM ecosystem, with focus areas including electric vehicles, battery technology, and renewable energy among others. Marc joined ICR in 2015, bringing with him over 17 years of experience in the capital markets industry. Before coming to ICR, Marc served as a Director of Investments at Oppenheimer, and as Vice President of the energy and equity research team at Barclays and Lehman Brothers. 

In this episode, I speak with Marc about the biggest challenges he sees facing the companies he works with, how they are thinking about the future, and how sustainability-focused companies can differentiate their ESG stories. 

Highlights:

• How Marc's career path led him to ICR (02:32)
• Marc describes his work in ICR's Energy, Sustainability & Modern Mobility practice (04:41)
• What are the biggest challenges facing the companies Marc works with today? (06:57)
• How Marc works with client to develop milestones and long-term goals (10:59)
• Marc explains how companies in an industry already focused on sustainability can differentiate their ESG stories (13:38)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Marc Silverberg LinkedIn

Marc Silverberg Bio

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].

Summary:

Growth through M&A can be hit or miss. Studies show that nearly half of these transactions fail to see value creation as a result of acquisition. Why is that? Well, one reason may be that M&A is disruptive to stakeholder relationships. The challenge for investment firms is to strike the ideal balance between creating enough change to see accelerated growth in the companies they acquire or invest in and preserving the brand and core values of those companies so that key stakeholders feel secure. Great investment partners are able to look beyond the bottom line so they can evaluate and adapt to the dynamic relationships that make each company unique. Firsthand operations experience can help. 

Today's guest is Russell Fleischer, a former 3X software industry CEO and current general partner at Battery Ventures, a global technology-focused investment firm with a collaborative research style. At Battery, Russell is focused on new opportunities in the enterprise software sector, typically later stage transactions including buyouts, roll-ups, and take-privates. His experience as a CEO has allowed him to engage on a personal level with his portfolio company CEOs, coaching them and their teams to create more stakeholder value.

In this episode, I speak with Russell about Battery's research-driven approach to choosing investments, how current issues are affecting the tech industry, and how he approaches the human elements of mergers and acquisitions. 

Highlights:

• Russell describes his early career journey through the software sector (03:39)
• Russell explains how his experience with private equity as a CEO led him to Battery (06:25)
• The challenges of being a CEO, and why an investor with firsthand experience can help (10:27)
• Why management teams shouldn't be afraid to make personnel changes (12:36)
• Battery's research-driven approach to choosing investments (15:15)
• Russell's observations of where the technology industry is moving geographically (18:52)
• Russell shares his thoughts on how the tech industry has responded to recent market shifts (21:32)
• Russell explains why he believes the social aspect of companies has such a huge impact on success during mergers (24:10)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Russell Fleischer LinkedIn

Russell Fleischer Bio

Battery Ventures LinkedIn

Battery Ventures 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].

Summary:

This week is the first in a new mini-series profiling some of ICR's leading industry experts: ICR Industry Report. Alongside our usual content, this series will feature observations and analysis of what ICR's leaders are seeing in the market, and what trends they anticipate are coming up next in their verticals. These bite-size segments will be jam-packed with useful information to help you better understand the fields you're playing in.

My guest today is Farah Soi, Partner in ICR's Consumer, Retail & Digital Commerce group. Since joining ICR in 2010, Farah has helped retailers and consumer goods companies, from emerging growth companies, to pre-IPOs, to established market leaders, with their investor relations efforts, leaning on many years of investor experience on the buyer side to inform her advice. Prior to ICR, Farah spent six years at the hedge fund Fine Capital Partners, and was an associate vice president at Citigroup Asset Management.

In this episode, I speak with Farah about trends she has observed as the market recovers from the Covid-19 pandemic, inflation, and rapidly developing geopolitical events; the qualities she sees in great CEOs; and how her clients are succeeding at telling their ESG stories.

Highlights:

• Farah lays out the work experience that brought her to ICR (03:23)
• Farah describes ICR's Consumer, Retail & Digital Commerce group (05:48)
• What are the biggest concerns facing Farah's clients today, and how are they responding to inflation, geopolitical uncertainty, and supply chain issues? (07:28)
• Farah's take on what makes a great CEO (10:40)
• How Farah's clients are telling their ESG stories (13:14)
• What Farah believes investors miss when reviewing the performances of companies in periods of dislocation (15:41)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Farah Soi LinkedIn

Farah Soi Bio

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].

Summary:

Real Estate Investment Trusts (REITs) can be pretty misunderstood as investment opportunities, particularly amongst younger investors. Their slow-and-steady pace and relative lack of volatility can lead investors looking for quicker action to focus on other asset classes. However, REITs have historically produced long-term capital appreciation and high, consistent dividend income at relatively low risk. For growth-oriented investors, they should be worth consideration. 

Conor Flynn is the CEO of Kimco Realty, and my guest on this episode of Welcome to the Arena. Kimco is a real estate investment trust listed on the New York Stock Exchange under the symbol KIM. It's America's largest publicly traded owner and operator of open air, grocery-anchored shopping centers and mixed-use assets with approximately 540 properties and more than 93 million square feet of gross leasable space. 

In this episode, I speak with Conor about the strategic choices that have positioned Kimco with their highest credit rating and strongest balance sheet to date, and what action they took to support their tenants during the Covid-19 pandemic. 

Highlights:

• Conor describes catching the real estate bug early in life, and how that led to his position at Kimco Realty (03:52)
• Conor explains how Kimco has remained adaptable throughout its six decades in operation (08:53)
• Conor unpacks the concepts of "necessity-based retail" and "the last mile" (10:47)
• Conor acknowledges the ways Kimco stood by its tenants during the pandemic (13:57)
• Conor talks through the strategies behind Kimco's acquisition of Weingarten Realty, and its investment in Albertsons (16:34)
• Conor explains Kimco's capitalization and credit access (21:54)
• Kimco's strategy for creating shareholder value (24:09)
• Conor explains why he is keeping a watchful eye on inflation (27:08)
• Kimco's dedication to ESG initiatives (28:21)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Conor Flynn LinkedIn

Kimco Realty LinkedIn

Kimco Realty 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].

Summary:

A company culture where you win together or lose together as a team gives everyone an incentive to perform at their best. It also creates supportive environments where strategic risk-taking is encouraged, opening the door to new opportunities. In private equity, a lot of scrutiny goes into every investment decision, but there's one factor that has historically been overlooked: human capital. However, there's been a shift in recent years. Companies ahead of the curve in recognizing value in the human element in their portfolio companies now have a chance to pull ahead in what is becoming an increasingly competitive space. 

My guests today, Eli Manning and Drew Sheinman, are both partners at Brand Velocity Group. BVG is a PE firm with a unique investment approach, partnering with the companies they acquire to help them innovate and accelerate their businesses through specialized operating resources, in-house marketing, and their thoughtful approach to human capital. Before joining BVG as founding partner, Drew's career spanned time with William Morris Endeavor, Coca-Cola, Madison Square Garden, the Baltimore Orioles, the New York Mets, and the Breeders' Cup (among others). He's also made some significant industry contributions including developing new financial models for commercial real estate, and athletes becoming business owners. Eli Manning is a two-time Super Bowl winning NFL quarterback and two-time Super Bowl MVP, who has turned his attention to private equity and brings along an impressive track record of adding value to the brands he endorses, invests in, and is otherwise associated with. 

In this episode, I learn about the ways BVG differentiates from other firms, and why they felt like the right fit for Eli as he was considering his next move post-retirement from the NFL.

Highlights:

• BVG's differentiated approach to private equity (03:52)
• Eli explains how he became involved with BVG (05:23)
• Eli describes the benefits of BVG's marketing strategy, and why he enthusiastically supports their internal incentive program (07:15)
• Drew explains the structure of BVG's high-profile accelerator program (09:05)
• Drew shares how BVG is attempting to make private equity a more appealing industry for young talent entering the workforce (13:02)
• Drew and Eli discuss The BBQ Guys and their association with the Manning family (14:15)
• BVG's "white space opportunity" strategy, and their partnership with Original Footwear (18:53)
• Why Jay Glazer is a good fit to represent Original Footwear (19:47)
• Eli looks ahead to his future with BVG (21:06)
• Eli's thoughts on the New York Giants' 2022 draft strategy (23:08)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Eli Manning Twitter

Drew Sheinman LinkedIn

Brand Velocity Group Website

Brand Velocity Group LinkedIn

The BBQ Guys

Original Footwear

Jay Glazer Twitter

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].

Summary:

Before there was Apple, or Amazon, or Disney, or Google, there was a person with an idea, who was willing to put in the work to see that idea come to life. Across industries, there are common lessons to be learned from the stories of the entrepreneurial-minded people who have built successful brands from the bottom up. 

One such person is my guest today, Brian Kelsey, a 25-year veteran of the television, radio, and voiceover industries. He's been a radio host on some legendary stations, has worked on The Howard Stern Show, and on Martha Stewart Living Radio, and has made appearances on Martha's TV show along with The Today Show, HGTV, FOX, and more. Most recently, Brian started a quirky celebrity talk show he began hosting out of his garage in 2019, called Ten Minutes With. 

In this episode, I learn about the development of Ten Minutes With, and dig into the similarities between what goes into building a talk show in your garage, and what goes into building any other brand or business.

Highlights:

• Brian answers some icebreaker questions (03:17)
• Brian describes his industry experience (06:06)
• Brian explains how he got started on Ten Minutes With (10:07)
• Brian walks us through the structure of Ten Minutes With, including the special segments he does on the show (15:35)
• Brian describes what makes a great interview (18:04)
• Notable rejection letters Brian has received from potential guests (21:18)
• Ten Minutes With's social media and distribution strategy (22:34)
• Brian outlines his goals for the show, and what fans can expect to see next (24:00)
• Wrap Up (25:03)

Links:

ICR Twitter

ICR LinkedIn

ICR Website

Brian Kelsey LinkedIn

Brian Kelsey YouTube

Ten Minutes With Website

Ten Minutes With Instagram

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].