NOV E MBE R 2 02 3
PLUS:
Former CyrusOne CEO gets his mojo back with RecNation Lorie Welch’s battle to put Woodwright on solid gound
CEO
2 0 2 3 E N E R GY AWA R D S
The Pipeliner’s Dream How Energy Transfer executive chairman and this year’s Legacy Award winner Kelcy Warren came to lead America’s energy transformation.
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FUELING YOUR JOURNEY TOWARDS SUCCESS Our experienced team of accounting, consulting, tax, and assurance advisors is dedicated to helping businesses thrive in the ever-evolving energy industry. From Oil & Gas to Renewables, we provide comprehensive solutions tailored to meet the unique needs of each client.
Discover Whitley Penn as your trusted partner in navigating the intricacies of the industry by visiting www.whitleypenn.com/energy/.
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Powering Texas Business.
Texas Mutual Insurance Company is proud to sponsor the D CEO Energy Awards honoring the dedicated professionals who provide energy and innovation for North Texas. It’s an exciting time to be part of this vibrant, growing industry. Congratulations to all the recipients!
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The all-new BMW iX and Sewell’s unmatched customer service. Nothing less than extraordinary.
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CONTENTS NOVEMBER 2023
VO LU M E 1 8 | I S S U E 0 9
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The Pipeliner’s Dream How Energy Transfer’s Kelcy Warren came to lead America’s energy transformation. story by JENNIFER WARREN portraits by JUSTIN CLEMONS
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Wojo’s Mojo After the data center giant he built sold for $15 billion, Gary Wojtaszek is working his magic again with RecNation. story by BEN SWANGER portrait by SEAN BERRY
P O R T R A I T BY S E A N B E R R Y
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The Light on the Other Side Lorie Welch stepped in to save her husband’s Woodwright Hardwood Floor Co. after he passed away. The company’s products can be found in iconic buildings throughout the region. story by HILARY LAU portraits by SEAN BERRY
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Lorie Welch’s Woodwright is responsible for much of the flooring at Old Parkland, the PGA of America’s headquarters, and more.
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CONTENTS
49 6 EDITOR’S NOTE
DOSSIER Craig Reid, Auberge Resorts Collection 14 MEET THE 500
LO C A L LY S O U R C E D E Z R A C O F F E E ; A R T O F S T Y L E G A R Y A L L R I D G E ; W E L L T R AV E L E D A M A N E R A R E S O R T ;
Meyling “Mey” Ly Ortiz, Toyota Motor North America 1 4 L O C A L LY S O U R C E D
Ezra Coffee, Jessica Taylor 1 6 T E C H N O LO GY
Ziosk, Jack Baum 1 8 C O N V E R S AT I O N W I T H
Ann Bluntzer, Texas Christian University 2 0 I N N O VAT I O N
Clevon, Meelis Anton
FIELD NOTES 43 LEADING OFF
Moe Haidar, Dialexa, an IBM Co.
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4 4 H E A LT H C A R E
With their access to diverse sensitive data, hospitals and other medical organizations are valuable targets for cyberattacks. But the industry is waking up to the threat. 46 ON TOPIC
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David McLean of McGuireWoods, Florencia Fortner of The Concilio, and Deeg Snyder of Gensler share the toughest business challenge they have overcome.
OFF DUTY
M Y R O OT S P A B L O A N T I N O R I ; E N D M A R K T H E C O L L E C T I O N S O F T H E D A L L A S H I S T O R Y & A R C H I V E S DIVISION , DALL AS PU B LIC LIB R ARY
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1 1 YO U N E E D T O K N O W
PLUS:
Former CyrusOne CEO gets his mojo back with RecNation
49 ART OF STYLE
Lorie Welch’s battle to put Woodwright on solid gound
David Williams, AT&T 50 SNAPSHOT CEO
Chris Teesdale, Colliers 5 2 W E L L T R AV E L E D
2 0 2 3 E N E R GY AWA R D S
The Pipeliner’s Dream
Playa Grande, Dominican Republic, with Miriam Jimenez. 54 MY ROOTS
Pablo Antinori, Socorro Tequila 88 END MARK
Margo Jones, Theatre ‘47
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How Energy Transfer executive chairman and this year’s Legacy Award winner Kelcy Warren came to lead America’s energy transformation.
54
ON THE COVER:
Kelcy Warren, photographed in his corporate office by Justin Clemons.
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LETTER FROM THE EDITOR
The Convention Center Opportunity
Oil & Gas: An Industry Always Pivoting
Is Your Business Prepared For A Major Change? Take The Assessment At
Robert Gardner, CEPA, CFEd® Business Continuation Advisor Who Business Owners Trust www.GardnerWallace.com
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Gardner Wallace Financial Solutions, LLC. is not affiliated with Kestra IS or Kestra AS. Neither Kestra IS nor Kestra AS provide legal or tax advise and are not certified public accounting firms.
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P H OTO G R A P H Y BY E L I Z A B E T H L A V I N
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in september, the dallas city council put project management of the $3.7 billion expansion and redevelopment of Kay Bailey Hutchison Convention Center into the hands of a team led by Dallas developer Jack Matthews. The expanded 2.5 million-square-foot convention center was approved by Dallas voters last year. It’s being paid for by a 2 percent increase in the city’s portion of the hotel occupancy tax and through the creation of a project financing zone. I spoke with Matthews about the project. “It will be incredible for Dallas,” he says. “It has a chance to further join downtown with South Dallas. If done properly, the flow out of the convention center by visitors will go east, north, and south into other areas of the city. It will correct a lot of sins that happened when Interstate 30 was put in.” Developer Ray Washburne, who says his “big passion is downtown Dallas,” is on a campaign to see that new sins aren’t committed. (He puts his money where his passion lies. He paid $28 million for the former Dallas Morning News property on Young Street and recently added the landmark Founders Square building on Griffin Street. Both are near the Convention Center.) Washburne recently shared his thoughts at a design forecast event hosted by the architecture firm Gensler. He mentioned two big placemaking “failures” in Dallas: Victory Park and the Arts District, referring to the latter as an “architectural petting zoo for Pritzker award-winning designers.” He’s worried the same can happen to the Convention Center. “My big thing, now that Jack Matthews has been picked as the development manager, is how do we select an architect and planning firm that understands footfall on the sidewalk, to get people walking to the Farmer’s Market, into AT&T Discovery District, and into downtown Dallas?” he said. “If we don’t, we’ll once again get a designer petting zoo. There will be a beautiful building that totally turns its back to the street.” For his part, Matthews says he’s determined to make sure the city gets it right this time. “It’s a fulfillment of what downtown needs to do,” he says.
Christine Perez Editor
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$63.9 MILLION FOR NORTH TEX AS
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P U B L I S H E R Noelle LeVeaux EDITORIAL EDITOR Christine Perez MANAGING EDITOR Ben Swanger ONLINE MANAGING EDITOR Kelsey J. Vanderschoot SENIOR EDITOR Will Maddox CONTRIBUTING WRITERS Richard Alm, W. Michael Cox, Hilary Lau, Jennifer Warren EDITORIAL INTERNS Mianda Mulumba, Vivasvaan A. Raj
ART DESIGN DIRECTOR Hamilton Hedrick STAFF PHOTOGRAPHER Elizabeth Lavin
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Persuasion Skills: Drawing in the Audience R O G G E D U N N , C EO, R O G G E D U N N G R O U P
my previous articles explored psychological techniques to persuade people. This article reveals techniques you should use to grab and maintain the audience’s attention when making a speech to a group. Opening with Humor Starting any speech or presentation with humor is a high risk/high reward strategy. If it works, you’re off to a flying start; if it flops, you’ve stumbled out of the gate with a bad first impression. Many great orators begin with a joke. Joel Osteen has mastered this technique and always tells a joke before he starts preaching. One of my personal favorites is his story of a father telling his young son that if he makes good grades, keeps his hair trimmed, and reads the Bible every night, he will reward his son with a car on his 16th birthday. When the son’s 16th birthday arrives, the son says, “Dad, I’ve made good grades and I’ve read the Bible every night. Now it’s time for my car.” The dad replies, “Yes, but you’ve had long hair for the last two years.” The son replies, “Dad, Jesus had long hair and Moses had long hair.” The dad retorts, “Yes they did, and they walked everywhere they went.” If you decide to gamble with an opening joke and it falls flat, I’ve doubled down with this quip: “Did you know that doctors have determined that people who laugh a lot live longer? I’m thinking this audience won’t live through this speech.” Eye Contact I was blessed to take a speech class in the second grade. Our teacher, Ms. Rainey, made us stand on a stage and whisper, but project our voices so she could hear us in the back of the auditorium. I remember being so scared that I focused on an alarm bell at the back of the auditorium. She quickly taught me
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that an impersonal, static stare at a point in a room quickly turns off the audience. I now watch the audience carefully. If I see people texting or talking to others, I focus my eye contact, voice, and body toward the section of the room where people are not paying attention. I talk directly to them in a loud voice until they put down their phone and make eye contact with me. Then I move on to another part of the room and draw in that section of the audience. A sociologist proved the value of this technique in a study. One day when the patrons checked out books, the librarians made eye contact and engaged the customers. On day two librarians checked out customers without talking to them or making eye contact. Surveyors asked people leaving the library whether the library staff was helpful. By a significant margin more patrons surveyed on the first day concluded that the librarians were helpful. Think about it; nobody wants to watch a static talking head on TV. That’s why nightly newscasts don’t focus on the broadcaster for more than 30 seconds before showing graphics, aerial views, and videos of the storm or car crash. The takeaway: In addition to using psychology, engaging the audience with humor and eye contact during a speech improves your ability to persuade.
500 N. Akard Street, Suite 1900 Dallas, Texas 75201 214.888.5000 | info@roggedunngroup.com
ROGGE DUNN represents companies, executives, financial advisors, and entrepreneurs in business and employment matters. Clients include the CEOs of American Airlines, Baker Hughes, Beck Group, Blucora, Crow Holdings, Dave & Busters, Gold’s Gym, FedEx, HKS, Texas Motor Speedway, Texas Capital Bancshares, and Texas Tech University, and sports figures like New York Mets manager Buck Showalter, NBA executive Donnie Nelson, and NBA Hall of Fame coach Larry Brown. Dunn’s corporate clients include Adecco, Beal Bank, Benihana, Cawley Partners, CBRE, Match.com, Rent-A-Center, and Outback Steakhouse. In 2021, 2022, and 2023 Dunn was included in D CEO Magazine’s Dallas 500 list, which recognizes the most influential business leaders in North Texas. He has been named a Texas Super Lawyer every year that award has been given and recognized as one of the top 100 attorneys in Texas by Texas Monthly (a Thomson Reuters service) and a D Magazine Best Lawyer 14 times.
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BE ENLIGHTENED DO YOU HAVE THE MAVERICK FACTOR?
Thanks to a historic $12 million gift from UT System Regent and alumnus Kelcy Warren, UTA now offers the nation’s first resource and energy engineering degree program. We’re preparing students to meet the challenges of the evolving energy industry and build a brighter future for everyone. UTA.EDU
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NOVEMBER 2023
DOSSIER TRENDS
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NORTH TEXAS NEWSMAKERS
YOU NEED TO KNOW
PHOTOG R APHY COU RTESY OF AU B E RG E RESORTS
Craig Reid Leans Into Southern Hospitality The president and CEO of Auberge Resorts Collection is opening two luxury hotels in North Texas over the next three years. story by KELSEY J. VANDERSCHOOT
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craig reid remembers his first trip to Dallas in 1981. He flew in to see the new Mansion on Turtle Creek. “It was fascinating that they would build a luxury hotel that had the flavor of a house, led by its restaurant, not in the commercial district,” Reid recalls. Now, the president and CEO of Auberge Resorts Collection is making his own mark in North Texas hospitality, expanding his luxury brand with two new properties here. Reid says his career has had three chapters. During the first, he came to understand the craft of hospitality while working with London-based hotelier Savoy Group. “I learned how to cook, and I learned how to be a bartender,” he explains in a polished British accent. Though his family is of Scottish descent, Reid was born and raised in Lima, Peru, where he attended the nation’s British School before moving to the U.K. for boarding school and graduating from Westminster College. After earning a scholarship while working at Savoy, his employer since he was 16, he moved to the United States to attend Cornell before making his way to Texas in 1994. He worked as a management trainee with Savoy for four years, manning front desks, shaking martinis, and learning the ropes. He then became the assistant lounge manager with Four Seasons Resorts in Washington D.C. There, he entered the second chapter of his career, focusing on the science of the sector. “I learned the strategy, methodology, how to manage people, how
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to organize the front drive to accommodate the traffic,” he says. Reid rose to regional VP in 2000 and by 2011 was promoted to president of hotel operations for the Americas. The role placed him at the head of more than 40 Four Seasons. Three years later, Reid got a call from a friend in Houston, Dan Friedkin, the chairman of Auberge. Friedkin had purchased the company in 2013 and hoped Reid would guide the luxury brand through an expansion in the U.S., the Caribbean, Latin America, and Europe. Reid jumped at the chance. “This last chapter has focused on how to create something that brings people to the property,” he explains. Friedkin offered to move the brand’s Mill Valley headquarters to Texas, but Reid decided against it. “I think Auberge’s identity is better with a bit of that Napa flavor,” he explains. Reid initially commuted between Dallas and Mill Valley, but now, with office locations in Washington D.C., New York, London, and Miami, he is based full-time out of Dallas. It also allows him to be close to the Commodore Perry Estate planned expansion projects in North Texas, building on the success of the company’s hotel in Austin. “It’s now the Rev-PAR leader in the state of Texas,” Reid says. Auberge’s new hotel in Fort Worth, Bowie House, will open in December 2023. After that, the brand will focus on a new Knox Street hotel and residential development called The Knox and The Knox Residences in Dallas. The project is led by Trammell Crow Co., Highland Park Village Associates, The Retail Connection, and MSD Partners (the real estate interests of Austin tech giant Michael Dell), and is slated for completion in 2026. Chad Dorsey is heading up interior design for the 53 residences, and Martin Brudnizki Design Studio of London and New York is leading hotel interiors. “Project leaders really want to bring that Knox Street corridor into its next chapter,” Reid says. Forty years after his first visit to Dallas, the hospitality executive is managing his own transformative project—just a few miles up the road from where it first began. “My heart is in this city,” Reid says.
HOTEL HIGHLIGHTS
Bringing The Knox to Life Auberge’s new Dallas hotel, The Knox, is slated for completion in 2026. Here are some of the project’s features and amenities: It will sit on four acres and offer 105 hotel rooms and suites, as well as 53 luxury residences. A new park will connect it to the neighboring Katy Trail. Hotel amenities will include a second-floor restaurant, several outdoor lounges, an outdoor pool bar, a fitness center, spa, movement studio, and event spaces. Residents at The Knox Residences will have access to hotel amenities, as well as a private club that includes a sunroom, bar and lounge, fitness center, and private pool.
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VALUATION and ADVISORY
OIL and GAS CORPORATE & ASSET VALUATION LITIGATION SUPPORT TRANSACTION ADVISORY
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DOSSIER
MEET THE 500
L O C A L LY S O U R C E D
MEYLING LY ORTIZ
Mixing Coffee With Culture
Managing Counsel of Labor & Employment T OYO TA M O T O R N O R T H A M E R I C A
on her linkedin profile, meyling “mey” ly ortiz describes herself as a “practical legal adviser, trusted problem-solver, master inclusionist, mentoring enthusiast, and leadership geek.” It’s a start at conveying the corporate attorney’s passions. Ortiz, who shares insights and lessons learned on her site, themeybe.com, has been with Toyota since 2016 after working in labor and employment at Littler Mendelson. Her first job was at her parents’ convenience store, where she learned how powerful it can be to let others know they are seen. “Making eye contact, listening with empathy and remembering their stories, and giving a genuine smile may not change the world, but they have the ability to change someone’s day,” she says.
EDUCATION: Southern Methodist University (JD), Texas A&M University (BA) BIRTHPLACE: “San Jose, California” BEST ADVICE: “Anyone can point out a problem, but not everyone can come up with a solution. Be the person with multiple possible solutions.” DESTINATION OF CHOICE: “A place that restores my soul is Todos Santos, Mexico. There’s just something about the serenity of both the mountains and the beach in one place.” HOBBY/PASSION: “Reading fiction. I love the little escape I get from getting lost in a new plot or from getting to know a new character.” LOCAL FARE: “My favorite restaurant is Tei Tei Robata Bar. My husband and I always start with the
sashimi special and order uni, if it is available.” TRUSTED ADVISER: “Thear Sy Suzuki, a partner at EY. The relationship started through a shared heritage; she and her family, like my parents, are refugees from Cambodia. She is a great sounding board for career, philanthropy, and motherhood—the trifecta.”
parents at each turn of the carousel as a child or memories of dates at the Texas State Fair with my now husband, cotton candy can take me there.” MUST-READ: “I recommend Think Again by Adam Grant. In the current environment of division, I love the call to think again and be open-minded to possibilities. It’s less about being right and more about being intellectually curious enough to hear other perspectives.” ALTERNATIVE REALITY: “If not for my current career, I’d be a journalist or a professor. A journalist because I love to learn about people’s stories and share them. A professor because I love to teach and mentor.”
PROUD MOMENT: “In 2021, seven other Asian American women lawyers and I founded The Podium, a nonprofit organization. We began meeting in the summer of 2020 with only a vision, and over the past 12 months, the brand and membership have grown exponentially. It’s exciting to see our experiment working.”
KEY STRATEGIES: “The first is empathy. Whether it is to understand your team members’ needs so you can help them be successful or understand another party’s motivations, it all starts with having empathy. The second is communication, even overcommunicating. It’s better than letting others fill in the blanks of what hasn’t been said. Lastly, having a learner’s mindset and being open to thinking again, especially after engaging in ‘genchi genbutsu’ which is the Japanese principle to ‘go and see’ instead of relying on second-hand information.”
GUILTY PLEASURE: “Cotton candy. Even the smell of the airy, sugary clouds can take me to sweeter, simpler times. Whether it is remembering how safe I felt seeing my
Blends include Candied Yams, Toasted Southern Pecan, and cognac infused flavor, Le Gran Duc 1928.
jessica taylor’s love for coffee started when she was a young girl, visiting her grandfather in Arkansas. As an adult, Taylor began traveling around the world, tasting different varieties and blends. “That’s when I fell in love with Ethiopian coffee,” she says. Taylor started home-roasting, and when she found her desired blend, she met with a master roaster to ensure consistency. She left her role as a national diversity and inclusion business partner with Toyota, then launched Ezra Coffee in 2021. Just two months later, the company was selected for an accelerator program at Target. Now, its six blends can be found inside Target, H-E-B, and other retail stores. The company’s blend names incorporate elements of American history, including civil rights events and leaders. “I wanted to use the bags to not only tell the stories of the blends, but also allow people to fall more in love with culture and history,” Taylor says.—Kelsey J. Vanderschoot
O R T I Z BY J A K E M E Y E R S ; LO C A L LY S O U R C E D C O U R T E S Y O F E Z R A C O F F E E
Jessica Taylor’s Ezra Coffee has gained traction due to its unique flavor blends and celebration of American history.
SAVORY SIPS
This Q&A is extended content from Dallas 500, a special edition produced by D CEO that profiles the region’s most influential business leaders. Visit www.dallas500.com for details.
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TECHNOLOGY
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in 2007, longtime restaurateur jack baum was teaching a class at smu. the adjunct professor asked his students how they would expedite the payment process in restaurants, which traditionally takes between seven and 11 minutes. Three of his students developed a concept so convincing—a tabletop tablet that allows restaurant guests to order food and drink, play games, pay the check, and more—that Baum helped co-found the company. Now known as Ziosk—with Baum serving as CEO—the Dallas-based enterprise has deployed 220,000 tablets across the country and is on pace to double that figure by midyear 2024. More than 1.3 million people engage with Ziosk’s technology every day, and Baum says that will balloon to 2.5 million in 2024. On those tablets, Ziosk processed $11.8 billion of merchant revenue through its systems last year. And by next February, Baum expects to be in more than 7,000 restaurants. Its largest clients include Chili’s, Olive Garden, Red Robin, Cheddar’s, Texas Roadhouse, and Outback Steakhouse. It’s a big bounce-back from the pandemic, which nearly destroyed the company’s balance sheet. Despite the havoc it wreaked, Ziosk didn’t lay off any of its 100 employees. “We doubled down on our development,” Baum says. After starting with one tabletop tablet model, Ziosk now sells a mini tablet, a “pro server” tablet, a tethered device for faster payments, and programmable sensors beneath tables that link to Ziosk’s new devices for faster checkouts. The company is also developing a new tech stack—supported by a $3 million research and development investment from Microsoft. “That new tech stack is so agile, we’re creating what we call a ‘hot-out-of-the-box’ solution,” Baum says. “Restaurants will be able to receive their tablets, get it all set up, and within an hour, that tablet is operating.” Prior to this innovation, it could take up to two weeks for tablets to initiate. Ziosk is nearing the $50 million mark in annual revenue, and Baum is eyeing more significant growth fueled by a funding raise. “We are about to bring in some institutional capital,” he says. “We want to make sure that we are funding our growth with as much equity as debt. We have high-net-worth ROI INSIGHTS Jack Baum says family offices and several billionaires Ziosk’s clients are reporting a 300 invested, so this raise will not be a de percent return on minimis amount of money.” investment.
P H OTO G R A P H Y C O U R T E S Y S O F Z I O S K
Ziosk’s tabletop tablets have changed the restaurant experience. Now, CEO Jack Baum wants speed and ubiquity.
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Proven Track Record for Growth Headquartered in Dallas, Canes Midstream is a midstream oil and gas company offering a full suite of custom solutions including natural gas gathering, processing, treating and compression; condensate stabilization; crude oil gathering and storage; water gathering and disposal; and NGL transportation. The Canes team, led by CEO Scott Brown, has a proven track record of developing grassroots projects as well as acquiring, optimizing, and growing existing assets. We understand that for us to be successful, we must help our customers be successful by understanding their goals, providing cost effective solutions, and making timely decisions.
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C O N V E R S AT I O N W I T H
Ann Bluntzer Guides Next-Gen Energy and Geopolitcal Leaders The executive director of TCU’s Ralph Lowe Energy Institute shows students how the industry can help move societies forward.
story by JENNIFER WARREN illustration by JAKE MEYERS
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on one of the summer’s many cruel triple -digit-degree days, Ann Bluntzer and I met at Pappadeauxs in the Mid-cities for lunch. Familiar with the menu, the executive director of Texas Christian University’s Ralph Lowe Energy Institute recommended the Chop Salad with salmon. We agree to go for it, and I add in an extra twist— piles of fried crawfish. Between bites, Bluntzer shared her recent work and industry trends. Her global background as a former foreign service officer based in Jakarta, Indonesia, was an impetus for the launch of TCU’s energy-focused MBA in 2012, a rare offering among universities. Ten years later, the program’s graduates have significant leadership roles in the industry. Before TCU, Bluntzer worked with The Nature Conservancy Land Trust in South Carolina and was executive director for nearby Beaufort County. With her knowledge of land rights and economic development, she saw more fluid options for land use relative to her environmentalist contemporaries. Each year, Bluntzer debates where to take students to study abroad—Europe or places more focused on mining, such as West Africa or Australia. Europe, she notes, serves as a great example of what not to do for students. “[European] decisions are pushed politically and emotionally, not necessarily out of security and economics,” Bluntzer says. “Reflecting on the plane ride home, students are shocked by how far ahead the U.S. is in its ability to approach a deregulated market for energy, better than most developed nations.”
But Bluntzer acknowledges the key role Europe plays in geopolitics and energy. “The heart of the geopolitical arguments that shape global policy usually start in Brussels,” she relays. “Economically, the China-India-America story is a bigger impact, but intellectually, the international policy buffs point to Europe.” Recently, she took a group of TCU grad students across Europe, with their final leg in Bulgaria. “You have imports and exports coming from the Mediterranean and Greece, and these Eastern European countries in the middle,” she noted. Specifically, the group was analyzing how these countries are relieving reliance on Russian gas. To support a growing liquified natural gas trade, they witnessed a fast-tracked pipeline being dug firsthand, starting at Hungary’s southern border and ending at Mediterranean ports. In addition to her role at the Energy Institute, Bluntzer is a full-time faculty member at TCU’s Neeley School of Business. She expresses some concern about small numbers in the energy industry and in the classroom. “We have a human capital crisis in the oil and gas industry, both on the renewable side and hydrocarbon side,” Bluntzer says. In 2012, when she was first working with the Institute, there were 400 students minoring in energy. Now, there are 80. “I hear the tone from students and the effect of misinformation, the storyline,” she adds. So, Bluntzer sits on panels and gives outreach speeches, hoping to raise awareness for the impact a career in energy could create and help numbers continue to climb. “This career path is one that is helping move societies forward,” she says.
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Our partner Willie Hornberger and his team congratulate the leaders recognized at the D CEO Energy Awards 2023. austin | dallas | fort worth | houston | san angelo | san antonio | jw.com
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DOSSIER
I N N OVAT I O N
story by
WILL MADDOX
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maneuvering the streets of northlake nowadays is a driverless electric delivery vehicle powered by a combination of remote drivers and autonomous capabilities. The vehicle, which made its debut earlier this year, is the size of a golf cart and delivers packages for printing and shipping business Postnet Northlake. The company behind the robots is Clevon, an Estonian innovator with its U.S. headquarters at Hillwood’s AllianceTexas. Clevon spun off from Cleveron, the first company to get permission for driverless last-mile delivery in Europe. It focuses on ground-based transportation and partners with AllianceTexas to pilot and develop its technology as part of Alliance’s Mobility Innovation Zone, which works with companies pushing the boundaries of transportation and logistics technology. After searching nationwide for an incubator, Clevon viewed Texas’ legislative framework and entrepreneurial mindset as the right fit. “AllianceTexas strives to change the status quo,” says Meelis Anton, Clevon’s U.S. chief operating officer. “The ecosystem and environment provide potential customers, with many large companies based here.” The vehicles travel within a 10-mile radius of the Postnet hub and are limited to 20 miles per hour. The robots have three driver settings: fully autonomous, partially autonomous with some remote human support, and fully driven by a remote human operator. After proving its concept through pilot programs and a commercial launch with Postnet, Clevon wants to expand. The company sees an opportunity to provide reliable, safe, last-mile delivery for grocers, restaurants, and other retailers. “COVID showed that our supply chain is vulnerable,” says Ian Kinne, Hillwood’s director of logistics. “Clevon is willing to solve the last mile gap, which is hard to automate and where so much of the cost and risk exists in the supply chain.” Anton sees Clevon’s advantages in the autonomous delivery space as a combination of size and energy efficiency. The electric vehicles have low carbon footprints but are large enough to deliver several sizable parcels. That said, he believes the market ROBOT ROVER is big enough for many providers. “The Clevon’s autonomous electric need is so large, and there are so many vehicles make deliveries throughuse cases, it is about finding the best fit,” out Northlake Anton says. “There is no silver bullet.” or Postnet.
P H OTO G R A P H Y C O U R T E S Y O F C L E V O N A N D H I L L W O O D
Clevon’s environmentally friendly robot couriers are pushing the frontier of autonomous last-mile delivery.
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Emotional Intelligence AWS T I N G R E G G , M B A , L C S W, L C D C , C H I E F E X E C U T I V E O F F I C E R , C O N N EC T I O N S W E L L N E S S G R O U P
What is Emotional Intelligence (EQ) and how is it relevant to a workplace? In my opinion, the padlock to growth and success is unlocked by emotional intelligence. Differing from IQ, EQ considers more qualitative indicators popularly characterized by (1) Self-Awareness, (2) Self-Regulation, (3) Motivation, (4) Empathy, and (5) Social Skills. You can take any of these five, remove it, and the outcome is likely an underperforming department, toxic culture, and actions not propelling an organization’s mission. Why is it important for leaders/CEOs to exhibit EQ? EQ is essential for leaders because it’s debatably the actual skill of leadership. Tenure at an organization does not make someone a leader. Education does not make someone a leader. Experience does not make someone a leader. Giving them a title of director or VP does not make someone a leader. It’s vital to ensure the people leading your team—and advancing your cause—actually have the skill of leadership, and with candor, this is what EQ represents. We’re all able to think back on the ‘worst’ person we ever reported to in an organization. Chances are, they earned that title in our book because they grossly lacked in one (or all) five areas of EQ. What are the consequences of having people in leadership that lack EQ? The consequences are high turnover, politicized cultural dynamics, and lack of investment of the employees, to name just a few. Plus, as a CEO, it pervasively discounts the level of respect the rest of the organization, and perhaps community, has for you for endorsing a terrible leader. Ignoring toxic leadership traits is the perfect way to lose the investment of your most talented employees. Losing investment creates turnover. Turnover of talented employees, particularly actual leaders,
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often comes with a line of other turnovers. When this happens, you play the vacancy rate catch up game, while hoping the remaining employees who are picking up the leftover workload don’t leave as well. Spoiler alert, this is a very expensive outcome both culturally and financially. Are there any training programs or ways for the CEO to practice/improve their EQ? Sure, there are incredible training programs that help draw attention and cultivate these traits, but one variable needing to be undone is the antiquated notion that CEOs must be ruthless, emotionally disconnected, and a sensationalized authority figure. Don’t get me wrong; I’m well aware the buck stops with us as CEOs, and we’re the ones typically making the painful decisions, but an opportunity exists to apply some EQ finesse in these scenarios. Ever had to let go of an employee only to have them genuinely thank you on the way out the door? How can a CEO measure EQ within their leadership team? I’m sure there are objective measurement instruments that can provide assessment, but my metric is rolling 12-month voluntary turnover. I’m betting if you pull that report per leader, it’ll correlate quite obviously who is unable to keep their team engaged, producing, and employed. Plus, chances are, you’re probably in the same boardroom with these individuals and already know who will score lower than others. Your entire company is watching how you handle bad leaders. The team that makes up your company will tell their friends in the community, which means your reputation in many facets is also on the line. Assess leaders through the lens of EQ, meticulously pick leaders with high EQ, and I have no doubt you begin leap-frogging that market competitor who seems to be ahead in all the right KPIs quarter after quarter.
ABOUT THE EXPERT: Awstin Gregg is a licensed clinical social worker and holds two additional master’s degrees in business. A former hospital CEO and a current professor at TCU and Texas A&M Commerce, he was the recipient of D CEO’s Outstanding Healthcare Executive in 2022 and was named to the Dallas 500 the same year. Gregg leads one of Dallas-Fort Worth’s fastest-growing healthcare organizations, Connections Wellness Group, receiving more than 100 distinguished awards and recognitions in the past five years. Connections Wellness Group is a nationally accredited healthcare practice, able to care for any mental health need from acute depression to general anxiety and everything in between.
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The Pipeliner’s
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2023
E N E R GY AWAR DS
How Energy Transfer’s Kelcy Warren came to lead America’s energy transformation.
story by
J E N N I F E R WA R R E N portraits by
JUSTIN CLEMONS
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AWARDS
W
WHEN THE SHALE GAS BOOM IN NORTH TEXAS’
HOLDING TANKS
Energy Transfer’s storage facility in Cushing, Oklahoma, a central hub for energy in America.
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Barnett Shale began losing steam in the wake of the 2008 –09 downturn, Kelcy Warren was worried. After all, his Energy Transfer Partners was heavily dependent on natural gas as the country’s largest transporter of the fuel. With prices plummeting from $8 to $2 per million cubic feet, reinvention was life. So, he and his executive team quietly began a transformative series of acquisitions. The March 2011 purchase of the Louis Dreyfus assets gave Energy Transfer a foothold into the natural gas liquids segment. To land the $2 billion deal, with a miniscule and imperative window of opportunity, Warren called an emergency board meeting on a Friday night to pitch and approve the transaction with lightning speed, then announce at the market’s soonest opening. This is Warren’s style—bold, agile, and inventive. He seizes opportunities when others hesitate. He frequently commends his “brilliant and hard-working” management team and others around him, noting their lockstep movements to help grow the company. On the day of our initial interview, 17 people had been in an early morning casual roundtable in his office; they like to communicate, tell stories, and, of course, generate business ideas.
TRANSPORT KING
Energy Transfer began with about 200 miles of pipeline in 1996. It now operates nearly 125,000 miles.
These days, Energy Transfer operates nearly 125,000 miles of pipeline that transports roughly one-third of the country’s natural gas and crude oil—almost 5 percent of global oil supply. “When we began this whole journey,” Warren says, “everything did not make sense until it did.” He refers to the complex juxtaposition of an infrastructure asset map that expanded and morphed to bring hydrocarbons—gifts of geology—from America’s abundant fields. Energy Transfer has processed, piped, and then handed off supply at Gulf Coast ports, the East Coast, North Dakota’s Bakken and, of course, the Permian and Cushing. “We’ve done a good job of always asking, ‘What is the best purpose of that pipe?’ versus moving resources in other modes of transportation,” he says. His simple approach has yielded rich rewards to America’s economy—and Energy Transfer shareholders. For these reasons and more, Warren is being recognized by D CEO with the top honor in its 2023 Energy Awards program. The U.S. is now the globe’s top producer of natural gas and crude oil. That happened as a result of shale oil and gas developments, driven by the creativity, sweat, and grit of drillers—and some many hundreds of billions of capital. “The brightest people in the whole industry are the explorers, the risk-takers, and wildcatters,” Warren says. He paraphrases the words of shale godfather George Mitchell: “People think we were innovators. I was drilling the shale formation we thought could work, and finally I realized if I cut back on sand that I could save money and maybe stay in the game.” “That was brilliant,” Warren says, “to do what they now call slickwater fracs, which Mitchell relayed with such humility. I love that with anyone—that attitude of, ‘I kinda stumbled on it.’ That’s what happens in this industry. You try and fail, and learn more from failures than successes.” Aside from the sheer volumes of oil and gas that started flowing in shale’s ascent—from North Dakota’s Bakken to Texas’ Permian and Eagle Ford plus Appalachia—
PH OTO G R A PH Y CO U RTESY O F E N E RGY TR AN S FE R
2023
ENERGY
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America’s hydrocarbon plumbing was ass-backwards. Someone needed to create and convert the country’s pipes and process these new hydrocarbon streams. The U.S. had been importing natural gas via Gulf Coast LNG import terminals. (Energy Transfer bought one, and re-engineered it into an export terminal, called Lake Charles.) Starting in earnest in 2016, LNG terminals are now moving large volumes of America’s natural gas to Asia and helping Europe with its Russia problem. The U.S. imports from oil club OPEC across 50 years reached a peak of 6 million barrels per day (bd) in 2008, and now stand at just over a million bd. We import roughly 8.5 million bd as of May, much of it from Canada. To help make this happen, Energy Transfer essentially had to connect America’s burgeoning energy supply to where the market was evolving. In 2014, Warren spoke of listening to the needs of his customers, independent producers like Pioneer Natural Resources, Diamondback, and XTO Energy (acquired by ExxonMobil in 2010), as
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they returned back to U.S. oilfields from abroad. Without the infrastructure in the right places, going in the right directions, there’s no market. The party is over. Incidentally, these relatively new hydrocarbon streams that his customers now had, owing to the emerging oil boom, needed to be gathered and processed. Many midstream firms did not want that piece of the business. “Now they do,” Warren says. Their fates are shared, he understands. In 2014, when the Permian’s oil boom finally hit mainstream media, Warren spoke about the directional change of hydrocarbon flows from imports in the U.S. South to the North, feeding energy to households, business, and industry. Pipelines would need to be redirected, re-flowed from the North’s Appalachian gas of the Marcellus to the Gulf Coast. “That’s a pipeliner’s dream,” he says. Where others saw a problem, Warren saw an opportunity. A decade later, he says, “Well, we were right, weren’t we, in that interview. We were correct. Look at the Dakota Access pipeline—it was moving natural gas from
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ENERGY AWARDS
EVER ONWARD
Warren says his company has an entrepreneurial mindset. “We’ll keep growing until we die,” he says.
the Gulf Coast north to Chicago.” Energy Transfer converted it to move crude south from the Bakken. Many barrels were taken off the highways and railways. Consolidation and change are ever-present, “looking at how a pipeline may have a better use,” Warren says. “You name a product in the energy sector, and we move it; we pipeline it—we don’t rail it.” Warren and team not only responded to the market and its evolution—they helped create it. Describing those times, he says, “You have to have a balanced market. If you have imbalance, it’s a disaster.” He continues, referencing the gas oversupply at one point, “We were producing 20 billion cubic feet [bcf] per day in Texas in a 12 bcf market. So, then you have yourself a real problem. Fortunately, today,” he adds, “we’re exporting 13 bcf per day of LNG on the Gulf Coast and elsewhere, too. Now we know you can produce and have a place for it to go.”
Warren has an ability to break down the industry dynamics in simple and obvious ways—often casually conveyed—that others can simply overlook or complicate.
T H E P I VOT: O F B A S I N S , PIPES, AND STREAMS The shale gas boom fizzled in Texas and moved to Appalachia. Meanwhile, the independents began experimenting with crude oil’s larger molecules—in the Eagle Ford, the Permian, and the Bakken—a higher value product. With considerable headwinds post-financial crisis and a gas bust, Energy Transfer “quietly and deliberately decided to re-invent ourselves,” Warren notes, in 2014. “We were 99.9 percent natural gas-driven. We ultimately became balanced with other streams—oil, natural gas liquids, and refined product.” Energy Transfer bought Texas Utility Fuel Co. in 2004 because of the Barnett Shale, where there were no competing pipelines. “It worked out really, really well for us,” Warren says. “But it died as fast as it grew.” Back then there were billions of cubic feet being produced, now it’s down to hundreds of millions. From its identity as a Texas company, in parallel to the changing geographic play and needs of the market, Energy Transfer recognized the market was transforming from volumes to frac spreads, arbitrage opportunities, and piecing together infrastructure needs. The industry was translating and engineering what the market was whispering. Kelcy Warren was listening. What was becoming more pronounced to him was a dual revenue stream strategy. “A pipeliner makes money two ways: on volume, which is very important, or spreads,” he says. Conceptually, it translates into: what is a hydrocarbon stream worth in the Permian or Cushing versus Galveston? “If you are pipeliner, you can never stop improving who you are,” Warren says. “There’s always one more thing you can do to get more supply or more spread, a perpetual driver. We’ve just not been afraid of anything. Most of our industry lives by fear.” In 2014, the big story was the rise of the Permian, a historical build out for which Energy Transfer was in
Building an Energy Powerhouse
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1996 Kelcy Warren cofounds Energy Transfer Partners with Ray Davis as a small intrastate natural gas pipeline operator.
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the right place at the right time. Asked about the decades-long effort, Warren says with amusement, “Well, who could get that lucky?” Scott Sheffield, renowned Permian Basin leader at Pioneer Natural Resources, expects the Permian to peak after 2030, plateau for decades, and then for gas to grow as wells change their physical properties. Warren and team anticipate any of these changes affecting the pipes. With transformative strategies and the Louis Dreyfus assets, the move into natural gas liquids began. “We weren’t in that business at all; Enterprise Products dominated,” Warren notes. “Now we are alongside them on that business.” Energy Transfer acquired Sunoco in 2012, offering a massive footprint into multiple hydrocarbon streams and a foothold in the Marcellus. The company went from being a sole-source company, a “one-trick pony,” Warren says, to being diversified across all segments. “In some ways it was a hedge: when natural gas liquids’ prices are booming, natural gas prices are low. And the reverse is true because when natural gas prices are high, you want to leave it in the gas stream.” Energy Transfer became “somewhat naturally hedged with oil, natural gas liquids, [dry] natural gas, and pipelines.”
“The brightest people in the whole industry are the explorers, the risk-takers, and wildcatters.” but you have to have some market, right?” The company needed exposure to the West. “So we bought Transwestern, which moved natural gas to California from the Permian,” Warren recalls. The 2011 Southern Union purchase for $7.9 billion included the Trunkline pipeline that Energy Transfer partly re-engineered and merged into the Dakota Access Pipeline. Then came the purchase of Florida Gas Transmission, by far the largest supplier of natural gas in Florida. “No one comes near that,” Warren says matter-of-factly. More recently, the 2021 Enable acquisition moved Energy Transfer into different regions and complementary businesses, a very much bolt-on purchase, Warren explains. Essentially, it offers infrastructure assets and access in both Oklahoma’s Anadarko Basin, the prolific Haynesville, and then to the Gulf Coast, efficiently and profitably. Two other acquisitions followed in 2022. This year, the Lotus Midstream acquisition offered a much-desired Cushing link for Warren, a spread advantage at times. “I’ve always been envious of those able to move liquids from Cushing to Midland to the Gulf Coast,” Warren says. “Now, we’ve solved that problem.” Problem solved, indeed. Energy Transfer’s revenue has grown from $1 billion in late August 2003, to $17 billion in 2012, to a peak of nearly $90 billion at yearend 2022. At times, the significant asset acquisitions looked like major leaps, even risky, to financial markets and analysts. “Nothing ever seemed risky for me,” Warren says. “It just seemed right. We’ve had critics that said otherwise, but nothing has ever felt risky.” As purchases and integration into Energy Transfer’s midstream platform occurred, a new competency was
F R O M $ 1 B I L L I O N TO $90 BILLION IN 20 YEARS As we talk, Warren reflects on a “meaningful chronology” in building Energy Transfer from its humble East Texas beginnings in 1996. “When [co-founder] Ray Davis and I started at Energy Transfer, we floundered around, just paying salaries,” he says. “Then in 2001 and 2002, Enron went belly up, which no one saw coming.” Many wannabe firms had tried to model Enron’s business plans, Warren notes. The $265 million Aquila acquisition, in hindsight a small deal to Warren, changed the game for Energy Transfer, positioning it in a bigger league. “Ray and I diluted ourselves to almost nothing and then clawed back.” A Barnett Shale-inspired pipeline acquisition in 2004 was followed by a Houston pipeline system purchase for Gulf Coast connectivity. “The Barnett was supply-driven,
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The company moves into the Barnett Shale, after acquiring the midstream natural gas assets of TXU Fuel Co. (TUFCO).
Privately held Energy Transfer Equity completes an IPO and begins trading on the NYSE under the symbol ETE.
The company builds the Texas Independence, the first large (42 inches in diameter) natural gas pipeline in Texas.
With Regency, Energy Transfer acquires the natural gas liquids business of Louis Dreyfus Highbridge Energy.
The company acquires Sunoco, diversifying its hydrocarbon streams and giving it a Marcellus footprint.
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being developed. Warren, with his University of Texas at Arlington civil engineering background, accomplished notable repurposing feats—about a dozen projects in all. The Trunkline pipeline conversion, of approximately 675 miles, was switched from natural gas to oil. It connected to the 1,170 miles Dakota Access Pipeline, now called the Bakken Pipeline system, with up to 750,000 barrels per day capacity. “The second-largest oilfield in the U.S., North Dakota’s Bakken Shale, had no market,” Warren says. “They were trucking it and railing it, which never competes with pipelines.” Controversy surrounded the construction of the Dakota Access Pipeline, running from the Bakken/Three Forks production area in North Dakota to Illinois.
AWARDS
Four facts about Energy Transfer’s industry presence: ONE The company exports about 20 percent of global natural gas liquids.
T WO It has nearly 125,000 miles of pipeline.
THREE It transports about 30 percent of U.S. natural gas and petroleum.
FOUR It’s the only provider to export from the Gulf Coast and East Coast.
A HIGHER PURPOSE On the heels of recovery from OPEC’s market share quest and a period of negative investor sentiment, then comes the mother-of-all global black swans, the Covid-19 pandemic. “The demand crash was just a bizarre time,” Warren recalls. “Demand for jet fuel plummeted; oil demand plummeted; natural gas, not so much.” The experiences with multiple hydrocarbon streams, market imbalances, and re-purposing brownfield assets has resulted in a more assertive move into exports. Energy Transfer is the largest exporter of ethane, a stream from natural gas, which had been under-utilized, literally rejected. It exports LPG, butane, and ethane to 93 countries, markets virtually not existent pre-shale. The company also picked up and repurposed major terminals, such as the defunct refinery Marcus Hook in Pennsylvania and Lake Charles LNG in Louisiana—a total of seven that advance America’s logistics hubs and export market connections. America’s third coast—the Gulf Coast—is a bastion of hydrocarbon movements and “energy transition” innovations par excellence. In 2014, Warren noted that the Gulf Coast was the fastest-growing market in the industry; hence his purchase of Lake Charles LNG. Energy secu-
rity became a prime motivator for countries after Russia upended things in Europe. Other producers in the Middle East and North Africa want in. The U.S. has dragged its feet on allowing LNG projects to proceed to meet the market. Those 13 bcfs of LNG export are now expected to grow to nearly 30 bcf in a middling range. “From my industry, which moves on spreads and volumes, I have to know how I can commit to the driller in West Texas, that I have a place to handle their supply,” Warren says. Were it not for the market’s waltz between the upstream and midstream sectors, U.S. production would have rapidly declined, a grim global outcome. Energy security, gone. For Warren’s Energy Transfer, all projects need to adhere to an internal rate of return test, without subsidies, given the recent inducements by the 2021 Inflation Reduction Act. An alternatives group analyzes “transition” type initiatives such as CO2 pipelines for carbon capture and other resources to determine feasibility and compete internally for capital. Most large-cap energy firms are now on the same page. Energy Transfer also is pursuing investments to locales where the receptivity and opportunity is return-positive. Warren elaborates: “We are pursuing investments in the Middle East and Latin America. The Panama opportunity is fascinating.” Warren’s penchant for engineering and building extends to 18th century manor houses and mews in Ireland and once-desolate Caribbean islands. Dallas’ Klyde Warren Park is a source of pride for the energy innovator, too. He was given the right to name the park after his then-9-year-old son (and only child) following a $10 million gift to support the project. The sixacre park that connects Uptown and downtown Dallas was a civil engineering coup. Since it opened in 2012, real estate values in proximity to the park have risen considerably, Warren mentions. In 2019, he and his wife Amy doubled down on their support of the green space, with a $20 million gift to help fund an expansion. During challenging times, when fatigue has set in, Warren credits his friends’ experience and instincts to
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After a $10 million gift, Kelcy Warren names the new Klyde Warren Park, a 6-acre urban greenspace, after his son.
Energy Transfer significantly diversifies its footprint by acquiring Regency Energy Partners.
It begins operations on the Lone Star Express, the longest NGL Y-grade pipeline in the Western Hemisphere.
After years of repurposing work, Energy Transfer begins commercial service of its Bakken Pipeline.
The company streamlines its organizational structure and rebrands to an ET sticker symbol.
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2023 Energy Awards L E G AC Y AWA R D
Kelcy Warren, Energy Transfer
ENERGY FINANCE LEADER OF THE YEAR
Ashleigh Bell, Elk Range Royalties Finalists: Steve Blackwell, Invito Energy Partners; Adam Powell, Valor
PROUD DAD
Warren and his wife Amy have just one child, their son Klyde, for whom Dallas’ Klyde Warren Park is named.
MIDSTREAM EXECUTIVE OF THE YEAR
Kipper Overstreet, Clearfork Midstream Finalists: Scott Brown, Canes Midstream; Marshall “Mackie” McCrea, Energy Transfer
UPSTREAM EXECUTIVE OF THE YEAR
Albert Huddleston, Aethon Energy
help him stay the course. He says of Energy Transfer’s entrepreneurial growth culture, “We’ll keep growing until we die.” Another pillar of the mindset of his team, Warren adds: “We call it like we see it—and then commit.” The company’s infrastructure assets are long-lived, serving many purposes—dividends to investors, lights on for a household, jobs, economic activity, real all-boatsrising kind of economic activity. His philanthropic efforts, stemming from his roughly $6 billion net worth, are generally under the radar but have a community resonance with global impact. Warren stepped down as CEO of Energy Transfer in 2020 and now serves as executive chairman and chairman of the board of directors. Day-to-day operations are being led by Mackie McCrea and Tom Long, who hold co-CEO roles. McCrea, who first joined the company in 1997, most recently was president and commercial officer. Long was promoted from chief financial officer, a position he has held since 2016. In thinking about his legacy, Warren does not have lofty visions. He says he hopes one day, around a table, his son will hear someone recalling, “Boy he was tough—but he was a straight shooter, and fair.”
Finalists: Joseph Wm. Foran, Matador Resources Co.; Terry Gottberg, Merit Energy; Jordan Jayson, U.S. Energy Development Corp.
R E N E WA B L E E N E R GY E X E C U T I V E O F T H E Y E A R
Lee C. Graves, ELM Solar and ELM MicroGrid Finalists: Preston Bryant, Momentum Technologies; Aaron Wilson, Solar One; Fury Zaidi, NGV Global Group
R I S I N G S TA R / F U T U R E L E A D E R AWA R D
Aaron Symank, Symank Energy Finalists: Zachary Muroff, EnergyNet; Cass Powell, Ricochet Fuel Distributors
P R I VAT E E Q U I T Y E X E C U T I V E O F T H E Y E A R
Chris Carter, NGP Energy Capital Management
P R I VAT E E Q U I T Y F I R M O F T H E Y E A R
Pearl Energy Investments Finalist: BP Energy Partners; Tailwater Capital
I N N OVAT I O N A N D T E C H N O LO G Y
John Billingsley, JBB Advanced Technologies Finalists: Cody Davis, Oil & Gas Asset Clearinghouse; Joseph DeWoody, Valor
R E N E WA B L E S A N D S U S TA I N A B I L I T Y
Bill Lantz, JGL Solutions Finalists: Marcus Randolph, Ecobat;
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Warren doubles down on his support of Klyde Warren Park with a $20 million gift to help fund a planned expansion.
Energy Transfer generates a recordbreaking $90 billion in annual revenue, a 33-percent jump from the previous year.
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Steve Thompson, U.S. Environmental Protection Agency, Region 6
ENERGY DEAL OF THE YEAR
Exxon Mobil Corp. acquires Denbury Finalists: Energy Transfer acquires Lotus Midstream; Matador Resources Co. acquires Advance Energy Partners; Vistra Energy acquires Energy Harbor
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story by
B E N S WA N G E R
portrait by
SEAN BERRY
After the data center giant he built sold for $15 billion,
GA RY W O J TA S Z E K is working his magic again with RecNation.
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Gary Wojtaszek remodeled the interiors of vintage Airstreams into offices. Those RV's serve as RecNation's global HQ in Wylie.
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G
GA RY WOJ TASZ EK WAS R EA DY F OR TH E
open road. In early 2020, before coronavirus slammed the brakes on everything, Wojtaszek (pronounced Wo-ta-sik, or in traditional Polish, Voy-tashek; he’s called Wojo by his friends) and his wife Wendy bought an Airstream camper in Florida. They brought it back to Dallas before saddling up for a 10,000-mile, cross-country camping excursion. Wojtaszek hadn’t taken an extended vacation in years. A decade earlier, in May of 2010, he was promoted to his first CEO post. He had been chief financial officer of Cincinnati Bell at the time and helped steer the company through a $525 million acquisition of Houston-based data center provider CyrusOne. As part of the deal, Wojtaszek was put in charge Wojtaszek and his wife saw the of CyrusOne. In the decade Grand Canyon, that followed, the company’s Sequioa National Park, Yosemite, and CAGR grew by at least 25 more in their 'Texas percent every year. In 2013, Bullet' Airstream.
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RecNation's boat and RV storage facilities range from 4 to 35 acres. The assets offer units that are 12x30, 12x36, and 13x48.
Wojtaszek led CyrusOne through an IPO at $19 a share, resulting in an initial market value of about $1.18 billion. “It was a rocket ship,” he says. Eight years later, in November 2021, investment giants KKR and Global Infrastructure Partners inked a deal to acquire the company for $15 billion. It was the largest data center M&A deal in history. But Wojtaszek was no longer captain for that transaction; he resigned from his leadership post at CyrusOne in February 2020. And that’s when his getaway was about to begin. As Wojtaszek drove the RV closer to his University Park home, he remembered that neighborhood rules wouldn’t allow him to park his new vehicle on his street. So, he started calling storage facilities— only to discover there wasn’t a single open RV parking space across North Texas. A spot eventually became available, but for a while, Wojtaszek thought he was going to have to stash the oversized vehicle in a CyrusOne data center parking lot. He and his wife soon were ready to hit the road and embarked on a journey through as many national parks as the couple could handle. (They have visited 34 to date.) Seeing the country from different campsites, Wojtaszek fixated not on the mountains. Nor the prairies. Nor the oceans. He was captivated by the countless boat and RV storage facilities he encountered along the way. Many were just grass or gravel lots with covered parking or rundown metal shelters. After returning to Dallas after the long excursion, Wojtaszek began digging into the economics of these assets. At the same time, he was receiving offers to run large data center companies, but he turned down each opportunity. “I wanted to do something entirely different,” he says. “And that was really my wife’s inspiration. She said, ‘Hey, how about you explore this RV storage facility thing?’ And I know she was saying it from the perspective that this could be a small, family business thing that could keep me busy. And believe me—there was no intention of building another big, public company again. But I just couldn’t help myself.” His wife was right about several things. Wojtaszek’s new business is family-run. He convinced all four of his children to join him in the venture. (See sidebar on page 35.) And the company is keeping Wojtaszek busy. But what started as a road trip reverie is now RecNation. The Wylie-based company has raised $800 million in capital (and deployed $400 million of it), has more than 70 employees, and a portfolio that includes 53 assets in six states. Two years in, there’s nothing small about it. The company—which
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Wojo’s Family Recipe Gary Wojtaszek convinced all four of his children to leave their careers behind and join the burgeoning family business. Here's how. The pandemic was the perfect opportunity for Gary Wojtaszek to convince his four kids to come home and work for the family startup. “They were all bored,” he says with a laugh— except maybe for Kaitlyn, who was the chief of staff for Q.ai, Forbes’ AI startup. “My daughter, by far, was the hardest to convince,” he says. So, what moved the needle for RecNation’s director of business development? “Leaving the world behind that I knew was
calls a collection of four vintage Airstreams repurposed into mini offices its corporate headquarters—is still private. But Wojtaszek says there is just something about an IPO he cannot help but be tempted by. “We’re structured in anticipation as a REIT, where we can take it public,” he says.
A
F T ER G R A D UAT I N G from Rutgers University in the mid-1990s, Wojtaszek took a job with General Motors doing corporate finance work. After about a year in New York, he operated out of Belgium before leaving in 1998 to join Delphi Automotive, a $28.4 billion automotive products and technology supplies arm of GM. As a regional treasurer, Wojtaszek worked out of Paris, France, and played an instrumental role in setting up new processes in Europe following Delphi’s split—via a lucrative IPO—from GM in 1998. Three years later, Wojtaszek joined communication semiconductor company Agere Systems as chief accounting
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Offspring, from left to right: Ryan Wojtaszek, Christian Wojtaszek, Matt Wojtaszek, and Kaitlyn Wojtaszek.
daunting,” Kaitlyn says. “But now, I’m one of the biggest advocates for RecNation, and joining the business was the best decision I’ve ever made.” Christian, who has been there from the start, admits things didn’t begin as smoothly as anticipated. “I was taking a risk to start a business,” the director of revenue management says. “It’s not the natural progression, but I can’t quantify how rewarding it is. When we started in October 2020, we didn’t have any processes in place, and we purchased a facility with 600 customers. We didn’t know how to turn them over to our system; we had all these outdated processes, so it was a little bit of a nightmare.” Wojtaszek’s son Matt is a senior financial analyst and Ryan, his youngest, serves as a financial analyst. “The culture my dad has built is such a breath of fresh air,” Kaitlyn says. “We have Taco Tuesdays, we have barbecues, and we play in a bowling league—I love coming in every day because of that culture.”
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officer and VP of finance. One of his first tasks was to help the company restructure after a $3.6 billion IPO; ultimately, in 2007, the company went through a $4 billion all-stock merger with LSI Logic Corp. After Agere’s sale, Wojtaszek was recruited by Laureate Education, the world’s largest for-profit education company, to step in as CAO and treasurer. There, he executed his first leveraged buyout to take the company private. After the $3.1 billion transaction, Cincinnati Bell came calling. The phone company approached him with one objective. “They asked me, ‘How do we strategically reposition this company?’” Wojtaszek recalls. He took the prompt and helped lead Cincinnati Bell— which was getting into the data center market in Cincinnati with four assets—through its acquisition of CyrusOne. At the time, Cincinnati Bell was generating about $1.2 billion in annual revenue. Wojtaszek then led CyrusOne’s 2013 IPO; by 2016, he engineered a way to buy back Cincinnati Bell's remaining stake in CyrusOne. Internally, Wojtaszek was building a people-first culture. Mike Schwartz, former VP of finance at CyrusOne who now serves as RecNation’s CFO and COO, says it wasn’t just talk. “Before Gary recruited me to CyrusOne, I used to always hear people say things like, ‘I really love my job,’ and I used to think they were full of shit,” Schwartz says. “I knew nothing about data centers but when I first joined, the culture was so strong, and people genuinely loved working there. He created a culture like I had never seen before.” Kim Doan, former director of training and
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culture at CyrusOne, admits she had misperceptions about Wojtaszek before she met him. “[At Cincinnati Bell,] Wojo was the CFO, so I just figured he was going to be a boring numbers guy,” she says. “But he was interested in people, and he truly was open for feedback. When he became CEO of CyrusOne, he surrounded himself with people of all skill sets and always made sure to give people the empowerment and autonomy to succeed.” Doan ran new hire orientation for CyrusOne and says Wojtaszek attended each session. He showed up undercover and unassuming, mingling with others in the room, and striking up conversations. “He would sit right next to new hires and get to know them,” Doan says. “At the end of the orientation, he got up on stage to close and told everybody he was the CEO. People alRecNation has launched a mobile ways looked around shocked. He’d always say, ‘If any of you want phone app for its to leave, no questions asked, I will give you a check for $5,000!’ 13,000 storage customers—up In all that time, nobody ever left. They liked our culture and from 1,300 just 18 most important, they liked Wojo.” months ago. By the start of 2019, CyrusOne’s portfolio was up to 50 global data centers, many of which cost $300 million to build. Wojtaszek started positioning CyrusOne for a leveraged buyout at $70 a share—a 368 percent increase over its 2013 IPO. “But someone started leaking that we were selling, and the stock rode up to $90,” he says. “So, at that figure, no one could come in with that kind of offer.” In January 2020, Wojtaszek was forced to cut 12 percent of the CyrusOne staff. “Pricing in data centers was on a continual decline for a decade,” he says. “Unlike other industries, where prices go up—particularly because of inflation—we were constantly fighting the headwinds. And we were overcoming this through continued growth. But there came a point where I just didn’t see enough demand. And so, we needed to make cuts to ensure profitability. It was anything but fun, but I had a job
“Believe me, there was no intention of building another big, public company again. But I just couldn’t help myself.” GA RY WOJ TA SZ E K
to do to ensure profitability, and we delivered our numbers.”Doan was one of the employees Wojtaszek had to lay off. “But to this day, Wojo is someone I’d invite into my house for a beer or a coffee,” she says. A month after the news of the layoffs got out, Wojtaszek submitted his resignation; the job was getting monotonous. “I was just ready to go,” he admits. “After the LBO
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didn’t happen, I realized how burnt out I was. I had aspirations to reposition CyrusOne, to take it private, then bring it back to market as this reincarnation effort, but I lost my motivation to want to achieve big, big things.” Through its $15 billion sale, CyrusOne, for the time being, is private. And a roadmap that’s similar to what Wojtaszek envisioned is seemingly being explored by the new guard.
P H OTO G R A P H Y C O U R T E S Y O F G A R Y W O J T A S Z E K A N D R E C N A T I O N
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N WOJ TASZ EK’S new map, thousands of X’s mark the spots for opportunity in the U.S. There is currently about 11,000 facilities—including self storage—that offer boat and RV storage units. According to McKinsey, from 2019 through the pandemic’s height, sales of recreational products surged by more than 30 percent. The RV market—currently valued at $48 billion—is expected to expand at a 4 percent CAGR between 2023 and 2035, reaching more than $80 billion by the end of 2035, according to GlobeNewswire. And Wojtaszek is capitalizing, having acquired 53 storage assets; by 2028 he plans to own as many as 350. RecNation has no plans for ground-up builds, but each acquisition is given a significant facelift. “We will buy a facility—and it could just be a grass parking lot—then we will go in and put in fencing, security cameras, gravel, and blacktop. Then, we put in a structure— either a canopy or closed units—on it,” Wojtaszek says. “We reserve about 15 to 20 percent of our capital for that.” After he returned from his national parks trip, Wojtaszek founded the company in October 2020 with his oldest son Christian, who was just starting his career at PwC. Together, the father-son duo bought three assets in a short span of time. “I had to ask Christian: ‘Are you going to be an actuary, or do you want to do something fun?’” Christian hopped on board full-time and, eventually, so did Wojtaszek’s three other kids—Kaitlyn, Matt, and Ryan—as did Wojtaszek’s nephew Danny. In the first year or so, RecNation acquired six properties in the fragmented asset class and was doing everything from the comfort of the family’s University Park home—running scale efficiency models and automation efforts, putting together legal structures, and operating a makeshift call center. All the while, RecNation achieved profitability. “When you take underperforming assets and just clean them up and put formal processes and procedures in place to focus on the right things, you can really make a big difference quickly,” Wojtaszek says. “We’ve been profitable since that first year.” Around Christmas 2021, Wojtaszek secured a $300 million equity investment from private investment firm Centerbridge Partners. “If I’m going to recruit my kids to give up their careers, we’re going to go build something big,” Wojtaszek says. “I want them to look back in 10 years and say, ‘Oh, man, look at what we built and look at what I learned.’ All these kids at the end of this should be able to start their own companies.” With the capital in place, Wojtaszek accelerated his recruiting efforts beyond his own home and built out an executive team for RecNation consisting entirely of former CyrusOne executives. “After Gary left CyrusOne I told him, ‘Call me when you’re ready to do your next thing, and I’ll leave to join you,’” Schwartz says. “However, to be honest, when he told me about RecNation, it was difficult for me to get my arms around the whole thing.” But Wojtaszek sold Schwartz, and he joined. Now, like his boss, Schwartz is dreaming big. “I’d like to take the company public,” Schwartz says. “Taking this company from a startup, putting all the systems in place, getting our first audits done, to going public jazzes me up.” By December 2022, Wojtaszek was ready for a significant debt raise. As of May 2023, he had pulled together $500 million from Goldman Sachs, Morgan Stanley, Raymond James, Key Bank, Royal Bank of Canada, TBK, Truist, and Citizens Bank. “When Gary came to Truist, we were all thinking small scale,” says Matt Wyatt, a senior vice president at the bank. “But Gary knew where RecNation was headed—
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and keep in mind, especially for real estate debt, this has been the toughest market in more than a decade.” Truist is currently RecNation’s lead bank and helped it increase the lending group to seven other banks. “Our deal just got off the ground, and next thing you know, instead of talking about tens of millions of dollars, we’re talking about hundreds of millions dollars to raise,” Wyatt says. “The sky’s the limit for this company.” RecNation is diversifying its revenue through various other streams, including the launch of an RV rental business, RecRental. Through a partnership with the largest RV rental company in the U.S., RVShare, RecNation is piloting the rental program in DFW. RecNation has also launched an RV cleaning and minor repair business, RecRepair, and Wojtaszek recently received approval from the state on its fourth revenue stream to become an RV dealer. “Those businesses are all monetizing other parts of the business that we’ve made,” he says. “So, it’s all just yield enhancers; it’s additional cash flow with no additional capital—we just have to work on the business model. Once we get it down, we’re going to go around the country, and we’ll copy and paste it in each of the major metro areas.” Many possibilities abound. “In real estate, there are a lot of folks who are good at acquiring assets but not particularly focused on building an operating business,” Wojtaszek says. “And that’s what makes us unique—actually, to the point now where we’re getting requests from other companies developing boat and RV facilities asking us if we would [handle management], which is exactly what the big public storage rooms do. We have an opportunity to be like a CubeSmart or Public Storage and manage these assets, and companies can pay us a fee off the top.” Another equity raise is planned for next year. Wojtaszek aims to operate at a debt-to-equity ratio of 1:1 (with allowance for 3:2). RecNation is targeting assets in the Sunbelt and Mountain States for the next 18 months, and the company is hoping its latest $500 million debt raise will fuel expansion in 20 to 25 states. While scaling to 350 assets, Wojtaszek expects the company’s headcount to grow by 200 percent. For the next five years, he anticipates revenue to grow by 30 percent on a continual annual growth rate. “RecNation has the same mojo that CyrusOne had for years, but ironically, I’ve grown RecNation faster in the first two years than I did at CyrusOne,” Wojtaszek says. “We’ve got that small, startup, scrappy mentality, and I have no doubt we’ll be able to produce big growth numbers for a long time.”
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Woodwright Hardwood Floor Co. has worked on Old Parkland, the Offices at Turtle Creek, and the PGA of America HQ.
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Light on the
portrait by
SEAN BERRY
After her husband Steve passed away in 2016, homeschool mom-turned-CEO Lorie Welch stepped in to save the family business.
OV E R T H E PA S T S E V E N Y E A R S , Lorie Welch has been learn-
ing nearly everything there is to know about coming to stand on solid ground—literally and figuratively. She’s the CEO of Woodwright Hardwood Floor Co., a role she’s held since 2016 when her husband, Steve, unexpectedly died after a quick and painful battle with throat cancer. You can find her company’s work across the floors—and sometimes walls, ceilings, and other creative installations—of Dallas-Fort Worth’s corporate offices, residential developments, hotels, higher education campuses, stadiums, civic buildings, museums, healthcare facilities, performing arts venues, and more. Woodwright works closely with design firms such as Gensler, Corgan, and The Beck Group and is responsible for most of the flooring in Old Parkland, including more than 25 intricate, handmade medallions. Other clients have included Keurig Dr Pepper, Toyota Music Factory, and The Kimball Art Museum in Fort Worth.
Other Side
story by
HILARY LAU
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T H E CO M PA N Y T H AT H E R L AT E H U S B A N D A N D
his uncle, Tom Peterson, founded in a garage in 1985, she faced a big challenge: Could she keep clients and win new contracts from skeptical architects and general contractors who were unsure how the homeschool mom-turned-CEO would fare? Welch met her late husband, Steve, in 1996 while she was working at a furniture store in Addison. He was recently divorced and had kept his house but none of its furnishings. He didn’t buy anything that day, but he did invite Welch to dinner at a nearby T.G.I. Friday’s. As they got to know each other, Welch saw Steve’s passion for his business and deep knowledge of various wood species and constructing floors. She describes him as “nerdy, in a cool way,” with a proclivity to talk about wood and its material intricacies at length. The couple married in 1998. By then, Steve, who had bought out his uncle’s interest and owned the company outright, had become a well-established name in the commercial flooring industry. Welch spent most of her time with their two children—a son, Ransom, and a daughter, Copeland—on the family’s ranch in Aquilla, about 90 miles outside of Dallas. Somewhere along the way, Steve found a best friend in Spike Cutler, whom he met through his insurance agent when Cutler was a young construction attorney. Now, with a three-decade tenure, Cutler represents commercial construction contractors like Woodwright. In building his company, Cutler says, Steve worked to differentiate Woodwright and deliver a perfectionist’s vision of top-tier service. He brought most manufacturing functions in-house, and if he couldn’t buy equipment to complete a creative installation, Steve would have it built or build it himself. Cutler remembers a few Woodwright “inventions,’’ such as its pioneering use of mesquite wood as a hardwood flooring material, one of the first laser cutters he’d
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H O L D I N G T H E F LO O R The morning after Steve passed, Lorie held a crisis meeting at her parents’ home in Aquilla, next to where she and Steve lived. Cutler and James Colten, Steve’s right-hand man who is now Woodwright’s chief operating officer, were still in shock. “The challenge was that the company was so tightly associated with Steve, and we had one shot to present to the world that Steve was gone before the world found out itself,” Cutler says.
K I M B E L L BY S T U D I O M A T C H A N D T U R T L E C R E E K BY B R U C E D A M O N T E
Welch took over
seen, and some kind of machine with “like 15 hydraulic rams in a row” to achieve a sandwiching effect. “The bottom line is, it was a culture of both innovation and quality,” Cutler says. “There was nobody as good as Steve, and he was often consulted by people from around the world on special design problems to find innovative approaches and get stuff done.” Under Steve’s leadership, Woodwright completed high-profile flooring projects across North Texas at the Winspear Opera House, the Tobin Center for the Performing Arts, the Kimbell Art Museum, and the George W. Bush Presidential Library, to name just a few. In 2009 and 2015, the company won the prestigious National Wood Flooring Association’s “Wood Floor of the Year” award. When Steve died on Jan. 26, 2016, his family, friends, clients, and community members were shocked. “Steve was one of my very best friends in the world,” Cutler says. “It was a gut blow when we lost him.”
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How It’s Made Woodwright’s main vendor is a Californiabased company called Saroyan, which sources wood from Belarus, Russia, and Poland. Its most popular species is European White Oak. “It doesn’t have a lot of character marks, it’s very straight grain, it’s very clean and contemporary,” Welch says. Here’s how the flooring is made:
STEP ONE Woodwright purchases pre-cut planks that are dried in a kiln to prevent cracking and splitting.
S T E P T WO They’re evened out to a uniform thickness and cut into a tongueand-groove system.
STEP THREE After the wood is sanded, stained, and sealed, the planks are ready to install.
The team wrote a statement and pulled together a list of priority customers—general contractors and architects that Woodwright relied heavily upon for business. Colten quickly hit the road, driving to meet face-to-face with many of its key general contractors. The message was this: Steve was gone, but Lorie was committed to Woodwright. The company would carry on. Its team was fully intact, and it was financially solid. There was no loss of drive, direction, or quality. In the meantime, Welch was, as Cutler puts it, “making damn sure that was the case.” Within 48 hours, her role quickly shifted to that of Woodwright’s new leader, and the stigma of being the wife in over her head became a real thing. She was scared. “Steve was the innovator, always coming up with new and different ideas,” Welch says. “How many new and different ideas are there when you’re talking about wood flooring? You’d be surprised.” As the company worked through contracts that were in place before Steve’s death, unease about whether Lorie would sell the business set in. There was palpable hesitation to award Woodwright any new projects as clients waited to see whether she could run the company that her late husband built at the standard he had set. “I don’t blame them,” Welch says. “There was a time that was rough, and everybody was just in wait-and-see mode— them waiting to see if we were going to be here and us waiting to see if they were going to come back.” She found community and support among her family, friends, and employees—some of whom have now been
The Kimbell Art Museum’s Renzo Pavilion in Fort Worth features Rift White Oak in a variety of platforms. The Offices at Turtle Creek, an 18-story office building, showcases Livesawn and End Grain American White Oak.
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with Woodwright for 25 to 30 years. Welch also got involved in trade groups like the Subcontractors Association of the Metroplex and the Association of Professional Women in Construction for support and to learn about the industry. She quickly built a network among subcontractors and other insiders who provided camaraderie and “no bullshit” advice. “Lorie buckled down and learned the business, and in doing that, she reassured the community that Woodwright was here and here to stay,” Cutler says.
ON SOLID GROUND Détente eventually came with the general contractors and architects, and Woodwright began winning business again—now with Lorie at the helm and Colten at her side. She is particularly proud of the company’s work at Old Parkland and in arts spaces like the Dallas Performing Arts Center. But at the end of the day, she humbly attributes much of the credit to her late husband for the company’s success. “When Steve died, we were poised to take off,” Welch says. “It’s fortunate or unfortunate timing, depending on how you look at it. In the past five years, we’ve done some really high-profile projects.” Today, Welch says Woodwright’s backlog is deep, and the company is on track to do $11 million in revenue this year—just $1 million shy of a record it set in 2019. It has 82 employees—another record—and is always hiring. The company is not averse to a lack of experience in new hires because it gives her professionals an opportunity to teach the standard of service and skills that Woodwright and its clients expect. “When somebody wants a material that precisely matches or complements a particular color palette, and it needs to be done to a higher standard, they call Woodwright,” Cutler says. “What I see is a continued emphasis on the highest quality and the highest artistry because other people will say, ‘We can’t get that.’ Woodwright says, ‘Hold my beer.’” For her part, Welch sees future growth in the company’s material sales business, which will bring in $1.5 million this year and potentially double that figure next year. It has many projects in full swing; it recently wrapped up work on the Gucci store at NorthPark—an oak floor with marble stars hand-routed in—and will be involved in a new tower at Old Parkland, along with other projects in Las Colinas, Houston, and Austin. “Steve put all of the things in place for this to be possible,” Welch says. “I think he’d be so incredibly proud of not just me but the entire team. My kids and Woodwright saved me; they got me through losing him and showed me the light on the other side.”
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clearforkmidstream.com
PREPARING AMERICA’S NATURAL GAS FOR DELIVERY TO THE WORLD. Clearfork Midstream is raising the bar when it comes to midstream services for natural gas producers operating in the Haynesville Shale.
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NOVEMBER 2023
FIELD NOTES
N O R T H T E X A S B U S I N E S S A D V I C E , A N A LY S I S ,
a n d
C O M M E N TA R Y
INDUSTRY CHANGE
Beyond the Balance Sheets Moe Haidar, CFO P H O T O G R A P H Y B Y YA R O S L AV D A N Y L C H E N K O
DIALEX A , AN IB M CO.
“if i could change anything about the finance industry, i’d like to see it evolve more aggressively. We must keep transitioning from a ‘thermometer’ to a ‘thermostat.’ Traditional finance roles were largely about reporting, ensuring compliance, and maintaining accurate books. These roles are important and must be retained, but the rapid pace of technological advancement and the need for agility demand that finance professionals become more proactive. They should adopt a ‘thermostat’ role by being more involved in forward-looking activities, such as strategy and planning, to drive growth and transformation. Their involvement is crucial in decision-making processes, helping to ensure that the company’s financial strategies align with its overall objectives. And more important, the finance team must understand and leverage AI, as it is rapidly reshaping all functions, and finance is not an exception. As AI gets a larger role, ethical considerations, including data privacy, bias and fairness, accountability, and transparency, become essential.”—as told to Ben Swanger
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H E A LT H C A R E
Hospitals Under Attack With their access to diverse sensitive data, hospitals and other medical organizations are valuable targets for cyberattacks. But the industry is waking up to the threat. story by WILL MADDOX
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T
here are three essential things to know about data security in healthcare: First, there are many more attacks than reported. Second, healthcare data may be the most valuable data. And third, a breach in a healthcare setting could literally mean life or death. Without a federal standard, each state sets its own rules about what constitutes a data breach, so law enforcement only becomes aware of breaches that meet each state’s criteria. Cyber Defense Labs CEO and former FBI executive Robert Anderson estimates that the public is made aware of just one in 10 cyber-attacks. “I was the No. 3 guy in the FBI, briefing Congress, the Senate, the Attorney General, and the Vice President, and I had no idea what was going on,” Anderson says. “That’s the reality.”
P H OTO G R A P H Y BY M A R C T R A N
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P H OTO G R A P H Y BY M A R C T R A N
FIELD NOTES
There’s also a lack of awareness about the risks to healthcare facilities. They make ripe targets for attacks because they hold important information. Beyond personally identifiable data (social security, driver’s license numbers, and the like), healthcare facilities maintain personal health information (demographics, diagnoses, medication), and payment card information (credit and debit card numbers). This combination is extremely valuable to those who have it and can sell it on the dark web. When millions of files are stolen and sold, they can be used to cross-reference or confirm other stolen data sets and allow bad actors to build complete profiles of potential victims. If hackers have an address and add a driver’s license or a credit card number, they can start to make fraudulent purchases, apply for new cards, or worse. So, why don’t healthcare facilities address their data security weaknesses and lock everything down like a digital Fort Knox? It primarily has to do with the need for healthcare professionals to be able to access systems quickly. “We create friction for the adversary or those who want to do harm and create less friction for the experience,” says Texas Health Resources Chief Information Security Officer Ron Mehring. “We must ensure that clinicians can get into systems quickly and treat patients. It’s about how to maintain an equilibrium and a balance.” Crucially, attacking data in a health system could impact the facility’s ability to function and care for patients. If a bank gets hacked, accounts may be locked. Although it may be a hassle, it is improbable that anyone will die as a result. If a hospital is compromised and bad actors can access technology in the facility, the damage could be catastrophic. “It’s a notch up from a traditional breach because now you have lives in danger,” Anderson says. Healthcare systems are also notoriously slow-moving when it comes to technology and don’t always prioritize the latest security platforms. Due to consolidation in the electronic health record market, most systems use one of two medical record software programs. For hackers, this is an ideal scenario. Identifying a weakness in one of the EHR programs could mean a pathway to accessing thousands of facilities and the information they hold.
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Third-party vendors are another weak link that has led to data breaches. The entire system is at risk if the vendor that sends emails or transfers files does not have adequate data security safeguards. Recent data breaches at UT Southwestern Medical Center and Medical City Healthcare’s parent company, HCA Healthcare, resulted from third-party vendor data security weaknesses. “We are trying to make sure that the third parties that interact with the different entities in our extended ecosystem are at the same water line,” Mehring says. “That we’re all taking security seriously, playing by similar rules with similar expectations.” Healthcare facilities were already prime targets for data breaches, but the pandemic made them more vulnerable. COVID-19 pushed care into the digital realm, which was transformational for the industry but created exponentially more access points for hackers, as providers and patients entered sensitive information from home and remote sites. With every email, login, or other digital interaction, risk increases. Like other businesses, healthcare companies are learning that a culture of data security and well-trained employees can go a long way to prevent breaches. Being savvy about avoiding phishing emails, deploying solid passwords, and ensuring that partners and vendors are on the same page regarding data security can curtail many of the threats. Consistency is critical. “The practitioner has to be right all the time, but the attacker only has to get one right,” Mehring says. “The blocking and tackling of cybersecurity matters.” Staying ahead of the hackers is a monumental task. Breach opportunities are vast, and incentives are lucrative, especially when foreign governments sponsor hackers. Caring for patients and running a business are the priorities for healthcare leaders, but the potential impact of cyberattacks could be devastating. “Hospitals are particularly vulnerable and typically do not have the money to deploy the right talent and technology necessary to fight these sophisticated groups,” says Matthew Yarbrough, a partner at Michelman & Robinson, who specializes in cybersecurity “Hospitals are the No. 1 target, and we will only continue to see more Texas hospitals attacked.”
L E G I S L AT I O N
Fighting Back Because data breaches of private companies can impact national security and the broader economy, government can also play a role. STA N DA RDI ZED CRI T ERI A Diverse state reporting standards mean law enforcement is often unaware of attacks. A national standard to define a data breach and reporting criteria could help. CON T ROL L ED DATA The recently passed Texas Data Privacy and Security Act allows consumers to confirm whether a company is processing personal data and request deletion of their data to avoid being a victim of future breaches. B OA RD EXPERT I SE The Security and Exchange Commission mandates that public companies disclose the board and management’s role in assessing and governing cybersecurity risks, effectively requiring companies to have individuals with data privacy and cybersecurity experience on boards and in the C-suite.
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FIELD NOTES
ON TOPIC
What’s the toughest business challenge you have had to overcome? edited by BEN SWANGER
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illustrations by JAKE MEYERS
DAVID McLEAN
FLORENCIA FORTNER
DEEG SNYDER
Partner M CG U I R E WOO DS
President and CEO THE CONCILIO
Co-managing Director and Principal GENSLER
“When McGuireWoods’ Dallas office opened, I was desperately trying to build a client base and was told many times, ‘We would love to hire you, but the best way to do that is to find something to work on together.’ It was just a fancy way to say, ‘We’ll hire you, if you bring us an opportunity.’ So that’s what we did. We found proprietary investment opportunities to bring to investors with whom we wanted to take as clients.”
“Part of my challenge has been people putting me into boxes because of my education, my background, or being a Hispanic woman. I had a conversation with another leader about our similar fundraising challenges, and he was holding me to lower expectations because of my background. This fueled my desire to defy the stereotypes and work together with my teams in our fundraising efforts to benefit the communities we serve.”
“Many of our challenges come when we must admit we disappointed a client. It often comes with admitting fault, apologizing on behalf of our team, and making a personal commitment to do better. It’s rare that people say they are sorry, admit failure, and work to correct the situation. You must own mistakes, and that’s not something people run toward quickly enough as problems arise.”
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D C E O W E E K LY
Get the latest news, trends, and insights shaping the Dallas business community. CHRISTINE PEREZ Editor, D CEO
S I GN UP N OW
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NOVEMBER 2023
OFF DUTY THE PERSONAL SIDE
o f
DFW BUSINESS LEADERS
ART OF STYLE
P H OTO G R A P H Y F BY G A R Y A L L R I D G E
SNEAKERHEAD AND AT&T EXEC DAVID WILLIAMS LEANS INTO BOLD FASHION
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OFF DUTY
WHAT I DO: “I’m the assistant vice president of hyper-automation at AT&T. I lead an automation team that optimizes operations across the company.” STYLE ICONS: “Tony Stark? Bruce Wayne? I’m not sure. I haven’t found someone whose style I follow. I really like originality, so I focus on being creative, fun, and functional.” ON THE JOB: “Most of what my organization automates has been viewed as ‘impossible’ or something you can’t do. It takes confidence to push through those challenges. My style reflects the fact that I’m not afraid to take a chance—and hopefully it works out well.” FASHION INSPIRATION: “I’m mostly inspired by Gen Z and some millennials. The youngest generation to enter the workforce has changed so much with work from home. This extends into colored hair, piercings, tattoos, and yep, clothes, too. The boldness of our youngest colleagues inspires me to try attire that’s new and fun.” STYLE DEFINED: “I’d describe it as profesh and approachable.” FASHION ESSENTIALS: “A watch, colorful shoes, and swag—I never leave home without it.” GO-TO LOOK: “A form-fitting, longsleeve shirt with jeans and fun shoes.” HOW I ACCESSORIZE: “I use bead bracelets, a pocket scarf, or light jewelry. I prefer custom everything.”
SNAPSHOT
Getting the Crowds Hyped When football began damaging his knees in high school, Colliers EVP Chris Teesdale discovered a new sport: cheerleading. chris teesdale played football until the ninth grade in Amarillo, when he was told by doctors that it was wreaking havoc on his knees. He wanted to find a way to stay involved with athletics; a buddy, who was a cheerleader, suggested he join him on the squad. “I said, ‘Oh, I’m not cut out for that,’” Teesdale recalls. “But eventually, he convinced me to try out, and I cheered
my last two years of high school.” He went on to cheer for three of his four years at Texas Tech, including a highlight of cheering at the 1973 Gator Bowl. The sport exceeded his expectations. “It was fun and entertaining, leading the cheers,” he says. “I didn’t realize it at the time, but it’s also very cool to be able to do things that influence a large crowd.” A trip to a cheerleading camp at SMU during his senior year of high school changed his life. It was there where he met Lawrence Herkimer, a legend who is known as the grandfather of modern cheerleading. Herkimer noticed Teesdale’s skills and offered him a summer job at the National Cheerleaders Association, which was hosting camps throughout the country. “It was a huge compliment,” Teesdale says. “I was on the NCA staff all through college. I got to travel from coast to coast; we also put on three clinics in Germany.” Through his work with Dallas-based NCA, he came to love the city and decided to launch his career here. Today, he’s executive vice president at Colliers and one of the region’s top industrial brokers. “What kicked open doors for me was cheerleading,” Teesdale says. “It gave me confidence when I was starting my real estate career.”—Christine Perez
P H OTO G R A P H Y C O U R T E S Y O F C H R I S T E E S D A L E
continued from page 049
RAH-RAH CREW
Chris Teesdale (back row, third from left) traveled the world as a coach for the NCA.
WRECK ‘EM
He cheered for three years at Tech, taking a semester off to backpack through Europe.
WEEKEND LOOK: “I lose the jacket. My dress shirt becomes a vee-neck. And when I’m at home, I put on furry animal-slippers.” FAVORITE STORE: “My go-to’s are MTailor, GOAT, and Neiman Marcus.”
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SANCTUARY STAY
The casitas at Amanera Resort were designed by architect John Heah to bring the outdoors in.
BOOK LOVERS
The resort’s Casa Grande features a fully stocked library among other amenities.
W E L L T R AV E L E D
Playa Grande, Dominican Republic The northern region of the island nation that’s home to Amanera Resort is a favorite stop for Dallas restaurateur Miriam Jimenez. story by KELSEY J. VANDERSCHOOT
INFINITE VIEWS
An infinity pool outside Casa Grande overlooks the beach and provides views of the Caribbean.
The main lodge includes a cigar lounge with custom-made Amanera cigar selections.
GOLF GALORE
Nearby Playa Grande Golf & Ocean Club offers 18 holes on more than 370 acres of coastline.
CHILL OUT
Visitors can escape from the Dominican humidity by taking a dip in private pools that sit outside casitas.
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P H OTO G R A P H Y C O U R T E S Y O F A M A N E R A R E S O R T
UP IN SMOKE
OFF DUTY
WATERSIDE GEM Amanera’s main restaurant, housed within Casa Grande, overlooks the resort’s tropical beach.
P H OTO G R A P H Y C O U R T E S Y O F A M A N E R A R E S O R T
I
it was dark when i arrived at amanera Resort in the Dominican Republic, but the beauty of the location and the hospitality of its people shone through. I was welcomed to one of the property’s 25 casitas with a pot of Dominican Tea, a flavorful blend of passion fruit, green apple, lemongrass, ginger, mint leaves, and local honey used to boost the immune system and enhance relaxation. As I sipped, I looked out at the private pool and patio outside my casita—an area where I spent a great deal of time immersed in the sounds of nearby ocean waves. Situated on the north side of the country near tourist destinations Puerto Plata and Playa Grande, Amanera Resort boasts a secluded beach, cliff-side infinity pool, fully stocked library, and elevated dining. Each casita is designed to showcase the serenity of the outdoors from every angle, designed by architect John Heah of Heah & Co. We started the first day with the resort’s Jungle Breakfast experience. Staff guided us through a hike up nearby hills, offering local fauna facts while carrying my pre-ordered breakfast items. Pro tip: bring a towel because the Caribbean humidity is no joke. Once we reached the top, a pavilion with scenic beach views provided the perfect setting for a morning coffee, fruit plate, lox bagel, and yogurt parfait.
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After a luxurious meal, we returned to the property for a salsa and taco-making class led by one of the resort’s chefs. We made guacamole, green salsa, and red salsa from scratch, then pork, shrimp, and fish tacos while the chef coached us on prepping, cooking, and blending our creations. When we were finished, we enjoyed a well-earned pairing and sipped on a cocktail beachside before heading to the Bay View Casa. The resort’s only two-bedroom accomodation, owned by hedge fund manager Bill Ackman, can be rented out for private dinners and events. It was perfect for our barbecue dinner, prepared by a master Peruvian chef. We feasted on lobster and grilled octopus before sharing a tomahawk steak. We washed it down with Morir Soñando (meaning to die dreaming), a creamy mix of milk, citrus juice, and rum. I then made a trip to the resort’s spa. I chose to indulge in the Waxing Moon treatment, 120 minutes of bliss that begins with a foot soak and massage, then moves through a coffee, rosemary, and black pepper exfoliating scrub. A coconut wrap envelops the skin, while a head pressure point massage relieves stress. Finally, cocoa butter is massaged into the skin to relieve muscle pain. After I was ready to get moving again, I went to the resort’s Beach Club for its Dominican night, which showcases traditional Dominican BBQ SEASIDE STROLL A scenic, one-mile walk (local fish and meats) and musifrom Amanera Resort will take visitors to cians. Before my night ended, I charming local craft made sure to try the Mamajuana, goods stands. local spices, tree barks, and indigenous roots steeped in Dominican rum, red wine, and honey. This unique beverage was used medicinally by the ancient Taino natives who inhabited the island; trust me, it will sneak up on you, but only in the best way—wrapping you in its strong flavor and the spirit of Dominican culture.
T R AV E L T I P S
Exploring Playgrounds Miriam Jimenez hails from Santo Domingo, but Puerto Plata is her go-to destination up north. “There is more local presence in Puerto Plata,” says Jimenez, owner of Miriam’s Cocina Latina, a Dominicaninspired restaurant near Klyde Warren Park. “The region has great restaurants and beaches.” Sámana is another town she recommends. There, beachgoers can see many types of snails, especially after the early low tides that go out around 6 p.m. In February, whales visit to have their young. For Dominican dishes, Jimenez recommends Sancocho, a stew of meat and root vegetables. “It can be 100 degrees in the Dominican Republic, and we are going to have Sancocho,” she says. “It’s a very hot soup, but we love it.”
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GAUCHO GETUP
A young Pablo Antinori dressed up as a traditional Argentinian gaucho (Spanish for cowboy) for the holidays.
FAMILY FUN
Antinori (front right) is the second youngest of five kids. Ggatherings with aunts and uncles were common.
ROOTS
Co-Founder SOCORRO TEQUIL A
as told to KELSEY J. VANDERSCHOOT illustration by JAKE MEYERS
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Antinori’s first job in the United States was unloading shipping trucks and stocking items at a Super Target in Ohio.
PUPPY LOVE
A 9-year-old Antinori, with his dog, Leon. The youngster moved from Argentina to Bolivia before starting elementary school.
from a very young age, pablo Antinori remembers moving back and forth between Bolivia and Argentina, helping his parents run their restaurants. “Helping, eating, and drinking all the Coca-Cola I could,” he jokes. When he was 18, the co-founder of Dallas-based Soccorro Tequila joined his mother in Ohio, where she had moved for a better life. He began learning English and working nights at a Target Supercenter before landing in Dallas and eventually managing several restaurants, including Pakpao and El Bolero in the Design District. In 2015, Southern Glazer’s recruited him to work in multicultural trade development. Five years later, he launched Socorro Tequila with co-founder Josh Irving. Here, he shares more about some hoops he had to jump through to get to America. “For me to leave from Bolivia to the U.S., I needed a Bolivian stamp that showed I entered
Bolivia in the last 30 days. Because I had been there for two years, I didn’t have that stamp. So, I took an 18-hour bus trip from Santa Cruz to the border with $20 in my pocket to convince the Bolivian Border Patrol to give me a new stamp. I went in there and explained, ‘This is my situation.’ I then said, ‘I can buy you some empanadas.’ The guards said, ‘Let’s wait for the captain. Come back in two hours.’ I came back, and they said, ‘Yeah, we will do it.’ So, I went with my 20 bucks, bought some empanadas for the guys in there, and then they sent me out with the right stamp. I went back, waited another 10 hours for my bus, and went home.”
P H OTO G R A P H Y C O U R T E S Y O F P A B L O A N T I N O R I
PABLO ANTINORI
HARD WORK
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10/3/23 12:13 PM
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ADVERTISEMENT
ASK THE EXPERT
Tax Saving Strategy for Business Owners M AT T F I T Z S I M M O N S , M A N AG I N G PA R T N E R , T H E WAT C H M A N G R O U P
Can the sale of a company be part of the business owner’s wealth management plan? Yes, and many business owners aren’t aware of the potential tax savings if they consider doing some charitable planning before the sale occurs. The typical business owner spends a lot of time and money on their business, and often, it can be worth millions of dollars when they are ready to sell. Many don’t have financial advisors to consult because most of their net worth is tied up in their business. I have had many conversations with business owners who sold their businesses and never knew they could have utilized the sale as part of their charitable planning strategy. It’s possible to donate a portion of the business to a charitable account before—rather than after—the sale, which would avoid capital gains. They tell me they wish they had known about this sooner because of the considerable tax savings. How does donating a portion of the sale of a business to charity work? It isn’t simple, and it takes some time and engagement with your wealth manager, CPAs, and attorneys. Essentially, you are donating part of your business before its sale by putting the desired amount of ownership into a charitable account, such as a Donor Advised Fund. There are strict IRS requirements on timing, which is why it is so important to speak with a wealth management professional long before any sale occurs. I recently worked with a few business owners whose potential tax savings were well into the millions for each partner. Obviously, this resonates when someone can lower their tax bill and simultaneously give more to charities that are important to them. An analysis of the business and a valuation are required, but if you own a business and are charitably inclined, it’s worth looking into. It’s a tangible value proposition.
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What type of professional should business owners consult to properly guide them through this process? You want to engage a CPA or a wealth management firm that is focused on forward-thinking tax strategies. The firm should know the right questions to ask to build a charitable planning strategy, be well versed in the charitable world, and have a successful record of implementing strategies to help clients reduce taxes while achieving their philanthropic goals. What are some other ways I can potentially save on taxes by donating assets to charity? Obviously, contributions to charity reduce your taxable income and lower your tax expense in the current year. But assets with embedded capital gains are ideal for donating into a charitable account to achieve the tax deduction and more. For example, someone could consider donating shares of Microsoft that were bought many years ago instead of writing a check for the same amount directly to a charity. The logic is the same as with the business contribution. By donating a security with an embedded capital gain, a future tax expense is eliminated. When the security (or business interest) is donated to a charitable account, it can be sold and there is no tax liability because the account itself is a charitable organization that is tax exempt. Other illiquid assets are potential candidates as well, such as wine collections, art, or antique cars. Once an asset or security is sold in the charitable account, the owner of the account may direct the proceeds at their discretion directly to charities as they see fit over time. There are many ways to use these charitable accounts to optimize tax savings and give more to the causes that are important to you.
ABOUT THE EXPERT: Matt Fitzsimmons has worked in the investment industry for more than 25 years, serving both individuals and institutions as an independent advisor. He is a graduate of the Schwab Executive Leadership Program, an exclusive training program for the next generation of leaders in the RIA industry. He earned a B.B.A. in finance from Southern Methodist University. Fitzsimmons is a managing partner at The Watchman Group, a firm focused on wealth creation through thoughtful financial planning and disciplined investment strategy. Entering its 20th year in business, the firm is committed to the highest standard of care for its clients nationwide.
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9/29/23 1:33 PM
Your Wealth, Your Journey, Your Way of Life. Personalized Wealth Management Services.
The Watchman Group | 469.241.0122 | info@watchmangroup.com
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The DEC Network’s Dallas Startup Week Sponsored by Capital One
In the eighth year of Dallas Startup Week, Troy Aikman and Ruchi Desai, two of the CoFounders of EIGHT Beer, were the second featured Keynotes at DSW’s Future of Venture Forum. DSW’s Future of Venture Forum sponsors included IOOGO, EisnerAmper, and Frisco EDC, all in partnership with North Texas Angel Network. Be on the lookout for more DEC Network events coming in 2024 by visiting their website at thedec.co
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STATE OF
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SHUTTERSTOCK
A Regional Economic Development Update As Dallas continues to attract more businesses and people, surrounding cities are also benefitting from its growth. CEOs and their employees who crave a small-town feel, as well as businesses looking for tax advantages and other perks, are quickly claiming space in Dallas and its suburbs. Here, local economic development experts reveal why their cities are in demand for corporate and residential development.
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STATE OF
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Town of Addison Economic Development & Tourism Department AddisonED.com EDC Contact: Wayne Emerson 972.450.7034 wemerson@addisontx.gov
Population:
17,000 County:
Dallas Major Businesses: Mary Kay Cosmetics, Hitachi Consulting, Concentra, Bottle Rocket Studios, Wingstop, Cinepolis USA, Supreme Lending, Projekt202, ExponentHR, Systemware, Gehan Homes
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How has Addison sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years on the economy and daily work life? Strategically located in the heart of Dallas-Fort Worth, Addison is naturally poised to tap into the expansive talent pool of the region. What amplifies Addison’s allure is the upcoming Addison Circle TOD project, a significant investment that underscores the Town’s forward-thinking approach. The transit-oriented development promises to be a magnet for top talent, blending the benefits of an amenity-rich environment with the convenience of integrated transportation, especially given its anticipated alignment
with the DART Silver Line’s 2026 launch. How does Addison differentiate itself from others in the region? Addison boasts a unique blend of connectivity and convenience with unparalleled access. The Addison Airport, a significant hub with national reach, stands out as one of Texas’ busiest general aviation airports. The introduction of the DART Silver Line in 2024 promises to strengthen Addison’s ties to the broader region, providing a direct and efficient route to DFW International Airport and reinforcing the Town’s already favorable proximity to an international gateway. Its strategic placement on the Dallas North Tollway, coupled with its close proximity to Interstate 635, further positions Addison as a convenient and accessible point within Dallas-Fort Worth.
What are businesses looking for in a site location today that they weren’t looking for a few years ago? Today’s businesses are increasingly valuing locations that emphasize functionality and well-being for their employees. Addison addresses these evolving preferences with its diverse amenities—green spaces for relaxation and recreation, an extensive range of dining experiences with more than 200 restaurants, and a variety of accommodation options with its 20 hotels. Walkability is another modern priority, and Addison delivers through spaces like Addison Circle Park and Vitruvian Park. The presence of cultural events, such as Taste Addison and Oktoberfest, enriches the local experience. Collectively, these features position Addison as an attractive and contemporary choice for businesses scouting for new site locations.
P H OTO G R A P H Y C O U R T E S Y O F T O W N O F A D D I S O N
Town of Addison
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Bonham EDC Contact: Gayle Cooper, CEcD 903.335.1557 gcooper@cityofbonham.org Population:
23,393 County:
Fannin Major Businesses: Tongrun International, Clayton Homes, Trans Cable International
Which industries are demonstrating the most interest in your area today? Developers are currently our largest investors. We have developers from both Dallas-Fort Worth and out of state wanting to build planned area developments. Two are currently in the works, with one of them moving forward quickly. They include single- and multi-family residences, with commercial, on 617 acres. Our prime commercial corridor, Highway 121/Sam Rayburn Freeway, is attracting retail, QSRs, and restaurant activity. How is technology impacting the needs of businesses moving into the area? There is so much tech expansion in Sherman! This is impacting our need to provide housing. Bonham’s lakes and lifestyle amenities are very attractive to tech workers; they will happily drive the 25 minutes to Sherman and their place of employment.
What are the most important needs of businesses when choosing a site location, especially now? Businesses today need a solid workforce more than anything else. Today’s workers want a lifestyle, and we can provide that for them. Families are moving out of cities into small towns, fleeing large cities for the slower pace and freedom that a small town offers. Millennials, too, appreciate the ability to walk and connect in low-traffic, pleasurable surroundings. What financial, tax incentives, or other programs have been created to help Bonham attract businesses? BEDCO offers sales tax incentives and/or infrastructure assistance for high-value businesses. That high value takes many forms—unique restaurants, niche retailers,
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high sales volume retailers, and smaller supply-side industries for the iconic manufacturers of Sherman. In addition, the City offers 380 agreements for property tax assistance. What events are occurring that will drive further success for Bonham? The opening of Bois d’ Arc Lake is already having a huge impact on our economy. Lots around the lake, with a baseline of $250,000, sold out immediately upon offering, with other lots available. Bois d’Arc is going to be the weekend or full-time home for a great number of Dallasites. They will need retailers to keep their homes stocked and restaurants and lifestyle amenities for nights out. We can provide what they want.
P H OTO G R A P H Y C O U R T E S Y O F B O N H A M
Bonham Economic Development Corporation (BEDCO) cityofbonham.org/163/BEDCO
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The Colony EDC Contact: Keri Samford 972.624.3127 info@thecolonyedc.org Population:
45,000 County:
Denton Major Businesses: Nebraska Furniture Mart, Scheels
DFW 2 0 2 3
How does The Colony differentiate itself from others in the region? We have unique businesses in The Colony, some of which are the only ones in the state of Texas. We are the home of Grandscape, a true Texas Destination and home to Nebraska Furniture Mart, Scheels, Akira Back, and Windmills, along with more than 50 other entertainment destinations, restaurants, and retailers. Which industries are demonstrating the most interest in The Colony today? Sports entertainment venues and restaurants, such as Pop Stroke, Cosm, Fritz’s Adventure, Fire Side Surf, and World Springs, are all currently under construction in The Colony. In addition, we have one-and-
only or first-to-market venues, such as Red Phone Booth, Lava Cantina, Andretti Indoor Karting, Davio’s Northern Italian Steakhouse, and Cigars International to name a few. What financial, tax incentives, or other programs have been created to help The Colony attract businesses? We can be very competitive in
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the market with our partnerships for the right businesses. We structure any deal with a win-win attitude and strive to ensure our partners have the tools they need to succeed. Depending on the project, the needs to bridge the gap will differ. We evaluate each project independently and structure our deals accordingly.
P H OTO G R A P H Y C O U R T E S Y O F T H E C O L O N Y
The Colony Economic Development Corporation TheColonyEDC.org
STATE OF
D C E O M A GDACZEI O NM E .ACGOAMZ I N E . C O M
10/2/23 2:53 PM
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STATE OF
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Dallas dallasecodev.org EDC Contact: Robin Bentley 214.670.1685 robin.bentley@dallas.gov
Population:
1.3 million County:
Dallas Major Businesses: AT&T, Energy Transfer, HF Sinclair, CBRE Group, Southwest Airlines, Builders FirstSource, Texas Instruments,Tenet Healthcare, Jacobs Solutions, AECOM, EnLink Midstream, AMN Healthcare Services, Primoris Services, Atmos Energy, ATI, Brinker International, Comerica, Copart, Match Group, Matador Resources, Frontier Communications
AT&T Discovery District
How has Dallas sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years in the economy and daily work life? Dallas remains an attractive option for companies looking for new or expanded locations due to its urban core and dynamic business environment. Dallas has long been focused on sustainability and livability through smart city innovation, public transportation, mixed-use development to create walkable neighborhoods, and cultural and recreational opportunities, including our great parks system and the Dallas Arts District. As businesses have adjusted their work models, maintaining Dallas as a great place to live and work ensures we have the talent for existing and future companies. We continue to be a hub for corporate headquarters and expansions
Downtown from the Trinity River basin
and are excited by the growth in biotech and life sciences, anchored by the Medical District and Pegasus Park. How does Dallas differentiate itself from others in the region? Dallas is the only urban choice in North Texas—a welcoming community where density, diversity, and innovation intersect. Dallas has 340 square miles of new and historic neighborhoods; 150 million square feet of office space; 1.3 million residents; a comprehensive transportation network, including five interstates, three airports and DART; world-class arts, museums and parks; and a diverse economy. During the past two fiscal years, the City has committed almost $235 million for incentives, which leveraged commitments for $1.7 billion in new capital investment and will lead to the creation or retention of 8,814 jobs. What financial, tax incentives, or other programs have been created to help Dallas attract businesses? Dallas has long had a variety of tools and incentive programs,
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including tax increment financing districts, Property Assessment Clean Energy financing, New Markets Tax Credits, Foreign Trade Zones, tax abatements, Chapter 380 grants and loans, general obligation bond program, freeport tax exemption, and Opportunity Zones. In January 2023, our new Economic Development Incentive Policy was approved to encourage development in southern Dallas and other areas that historically have experienced under-investment. It establishes additional tools to spur additional development in target areas (census block groups with a poverty rate of 20% or greater), including a new as-of-right-now tax abatement program, a Chapter 373/community development program, the Infrastructure Investment Fund, and a predevelopment loan fund. Finally, the recently established Dallas Economic Development Corporation will help us market and attract businesses to Dallas.
P H OTO G R A P H Y C O U R T E S Y O F AT&T A N D C I T Y O F D A L L A S
City of Dallas Office of Economic Development
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Farmers Branch EDC Contact: Allison Cook 972.919.2507 allison.cook@farmersbranchtx.gov
Population:
40,000 County:
Dallas Major Businesses: Brinks, TD Industries Trinity Industries Scout & Cellar Tenet Healthcare Interstate Batteries Freeman Company
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How has Farmers Branch sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years in the economy and daily work life? The city reinvests in our infrastructure, public parks, and redevelopment initiatives. We also reach out to businesses to learn about their needs and how we can help. How does your city differentiate itself from others in the region? Our location in the region includes Dallas North Tollway, Interstate 35E, and LBJ Freeway which helps with transportation logistics for distribution companies. We are also built out, so redevelopment initiatives and catalyst public private partnerships are the main focus, given our geography. What are the five most important needs of businesses when choosing a site location, especially now? Real estate is always first. If
the asset doesn’t work for the company, you cannot overcome it with incentives. Transportation corridors, low response time for police/fire impacting insurance costs, reasonable tax rates for real and personal property, commute to majority of workforce, and proximity to vendors or competition in trade area are a few of the needs for our area. What type of opportunities exist for businesses looking to relocate or expand into Farmers Branch? The commercial real estate sector includes Valwood Industrial Park as well as the east side of town for retrofit of existing older light industrial. In addition to light industrial, Class A buildings are primarily located along the tollway, providing options for industries as diverse as manufacturing to financial services. What financial, tax incentives, or other programs have been created to help Farmers
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Branch attract businesses? Farmers Branch offers the triple net freeport exemption, which helps companies reduce their business personal tax obligation. We created the Commercial Façade Grant Program to incentivize owners to reinvest in their assets. At times, we offer property or sales tax rebates depending upon the return on investment. What does the Farmers Branch EDC evaluate when looking to attract a new business? We look at the whole picture in regard to direct and indirect revenue to the city. What are some of your predictions for how the region’s economic outlook may change during the next three years? Our diversity of industry allowed our city to manage the financial pandemic impacts. My prediction would be to expect the unexpected and remain fiscally conservative to manage the next potential crisis.
COURTESY OF F A R M E R S B R A N C H
City of Farmers Branch
farmersbranchtx.gov
STATE OF
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Paving the Way to a
Low Carbon Future
What else would you expect from a
City in a Park? FARMERSBRANCHTX.GOV/SOLAR
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Fort Worth EDC Contact: Robert Sturns Population:
956,709 County:
Tarrant Major Businesses: Alcon, American Airlines, BNSF, Bell, Flight, Clevon, Eosera, GKN Aerospace, Linear Labs, Lockheed Martin, Sinclair Digital, TimelyMD
DFW 2 0 2 3
How doe Fort Worth differentiate itself from others in the region? While it may be the 13th largest city in the U.S. and the fastest-growing large city in the nation, Fort Worth is still being built-out, with plenty of developable land available. Mega-sites at Walsh and Veale Ranches in west Fort Worth offer opportunities for large projects, but there’s also great potential in the central city. More than $2.5 billion in planned development is slated for downtown Fort Worth in the near future, including the Texas A&M-Fort Worth campus and the expansion of both the Fort Worth Convention Center and Omni Hotel. Which industries are demonstrating the most interest in Fort Worth? Fort Worth continues to see significant interest from businesses in the city’s established industries, including aerospace/defense and advanced manufacturing. The city’s
emerging industries are also picking up momentum; companies like MP Materials and Sinclair Digital are leading the charge on sustainable energy, while others like Clevon and Volvo Autonomous Solutions are pioneering the future of self-driving vehicles and new forms of mobility innovation. What type of opportunities exist for businesses looking to relocate or expand into your city (by use type)? Fort Worth is home to DFW International Airport, and the city’s global logistics hub at Alliance is one of the world’s premier inland ports, thanks to a multi-modal transportation network that includes interstate, rail and air, making the city perfect for companies with people and products on the move. The nearby Mobility Innovation Zone (MIZ) continues to be the staging ground for significant
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advances in last-mile delivery, and the city’s growing Medical Innovation District offers opportunities for collaboration with local hospitals and Fort Worth’s robust community of entrepreneurs in the life sciences industry. What financial, tax incentives, or other programs have been created to help Fort Worth attract businesses? Fort Worth has several tools to attract businesses, including Chapter 380 grants and tax abatements, opportunity zones, foreign trade zones, property assessment clean energy financing, neighborhood empowerment zones, and enterprise zones. Fort Worth also utilizes tax increment finance districts and public improvement districts, and offers local tax credits for ongoing research and development projects that take place within the city.
COURTESY OF F O R T W O R T H E C O N O M I C D E V E L O P M E N T
City of Fort Worth Economic Development Department itbeginsinfortworth.com
STATE OF
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WHERED I S C O V E R Y BEGINS FORT WORTH,TEXAS
U T AR E S E AR C HI NS T I T U T E I NF O R TWO R T H
T H E R EI SAC I T YWH E R ET H EF R O NT I E RI SAS T A T EO FMI ND . WH E R EL E G AC I E SAR EB U I L T , ANDH I S T O R YI SS T I L LB E I NG WR I T T E N. WH E R ET O MO R R O W’ SI NNO V A T O R SAR EB L AZ I NG NE WT R AI L S , ANDWH E R EAC U L T U R EO FC O MMU NI T YAND C O NNE C T I O ND R I V E SE C O NO MI CG R O WT H . NOMA T T E RWH A TYO U ’ R EL O O KI NGF O R , I T B E G I NS I NF O R T WO R T H . C O M @F WE co nDE V
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Garland EDC Contact: Ayako Schuster 972.205.3800 ASchuster@GarlandTX.Gov Population:
240,854 County:
Dallas
How has Garland’s Economic Development Department sustained interest as an attractive option for companies seeking new alternatives and locations? We take a collaborative approach to facilitate economic development projects. Appreciating that each project and company is unique, we assess the challenges facing each project and explore innovative solutions. Garland Economic Development works closely with City departments and other stakeholders to ensure a responsive and coordinated development process, including zoning considerations and permitting. What does Garland’s Economic Development Department evaluate when looking to attract a new business? We model traditional quantitative metrics, such as new tax value, job creation, and
payroll, as well as target industry. We also consider projects comprehensively, focusing on destination-oriented developments that foster a sense of place. This is a strategy underscored by the successful redevelopment of Garland’s Downtown Square. The City is committed to development that offers unique retail experiences to both residents and visitors, while enriching the community. What’s next for Garland? Garland is excited to have recently adopted a new economic development strategic plan, which emphasizes a balanced approach to expanding the City’s tax base. The plan calls for standard redevelopment and industrial expansions, as well as growing sales tax through destination-oriented developments and increased density in many underutilized spaces. We’re looking forward to partnering with developers on upcoming projects that focus on in-fill
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opportunities and revitalization of the city through redevelopment opportunities. Since Garland is nearly builtout and developing available sites can be challenging, our department is always seeking creative solutions with private partners. How is technology impacting the needs of businesses moving into the area? The evolving landscape of cloud computing, cybersecurity and AI is significantly influencing the requirements of businesses, particularly within the data center industry. Garland has seen substantial growth in its data centers, with Dallas-Fort Worth becoming a hub for the sector. Garland is exceptionally well positioned for this sector, with robust infrastructure capabilities, a skilled workforce and accessibility to clients.
P H OTO G R A P H Y C O U R T E S Y O F G A R L A N D
City of Garland, Economic Development Department GarlandEDP.com
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REIMAGINE
REDEVELOP
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Mansfield EDC Contact: Jason Moore 817.728.3651 jason.moore@mansfield-texas.com Population:
75,000 Counties:
Tarrant, Johnson, and Ellis Major Businesses: Mouser Electronics Hoffman Cabinets Sellmark
How has Mansfield sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years on the economy and daily work life? Mansfield, Texas, has sustained interest as an attractive option for companies by offering a resilient business environment. Despite the challenges of the past few years, the City has invested in infrastructure, workforce development, and quality of life initiatives to support businesses. Additionally, the city’s strategic location in Dallas-Fort Worth provides access to a large consumer market and transportation networks. How does Mansfield differentiate itself from others in the region? Mansfield differentiates itself from other cities in the region through a combination of factors, including a strong education system, a
Texas Health Mansfield
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Julian at Southpoint
family-friendly community, and a diverse economy. The City emphasizes its commitment to balanced growth, which preserves its smalltown charm while embracing innovation, advanced manufacturing and commercial development. Which industries are demonstrating the most interest in Mansfield today? Mansfield has seen interest from various industries, including healthcare, life sciences, advanced manufacturing, logistics, and technology. Dallas-Fort Worth’s diverse economy has attracted businesses across sectors. How is technology impacting the needs of businesses moving into the area? Technology is impacting the needs of businesses moving into the area by driving demand for skilled tech talent and modern office spaces. Mansfield is adapting to these needs by bringing an innovation district to the market that will include class A office and
be an attractive new home for incoming tech, bio manufacturing, advanced manufacturing companies. How has the Dallas-Fort Worth region’s market growth impacted development and offerings in Mansfield during the past three years? The Dallas-Fort Worth region's market growth has positively impacted Mansfield by driving commercial and residential development. The city has experienced increased demand for housing, retail, and services due to the growing population in the region. What financial, tax incentives, or other programs have been created to help Mansfield attract businesses? Mansfield EDC offers various financial incentives and programs to attract businesses, including tax incentives, grants, and workforce training assistance. MEDC has recently introduced a new incentives policy, significantly broadening the range of incentives now available.
P H OTO G R A P H Y C O U R T E S Y O F M A N S F I E L D E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N
Mansfield Economic Development Corporation Mansfield-Texas.com
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Minutes to everything. Second to none. With quality as a goal in everything from development and public facilities, to education and recreation, Mansfield is recognized as one of the best places to live, work and play in the country.
WALNUT CREEK COUNTRY CLUB, GOLF LESSONS, HISTORIC DOWNTOWN
1200 E. Broad St. Mansfield, TX 76063 | 817.276.4200
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McKinney ECD Contact: Michael Kowski mkowski@mckinneyedc.com Population:
211,397 County:
Collin Major Businesses: Raytheon Intelligence & Space Globe Life Independent Financial Encore Wire Dynacraft, a PACCAR Company Amazon LifePath Systems Simpson StrongTie Blount Fine Foods SRS Distribution, Inc.
How has McKinney sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years on the economy and daily work life? In the economic landscape of the past few years, McKinney has emerged as a beacon for companies seeking stability, growth, and innovation. Flexible Incentive Programs— recognizing the financial challenges many business have faced, the EDC revamped its incentive programs. Tax breaks, streamlined permit processes, and subsidies have been tailored to attract businesses of all sizes, from startups to established enterprises. The City has fostered partnerships between local universities, vocational training centers, and businesses to ensure a steady flow of skilled workers tailored to industries’ evolving needs and create a diverse talent pool.
How does McKinney differentiate itself from others in the region? McKinney uniquely blends historical charm with contemporary conveniences, prioritizing green initiatives and sustainability. McKinney’s community-centric ethos, underscored by regular events and a tight-knit vibe, complements its dedication to educational excellence. Our proactive EDC tailors strategies to current industry trends and remains committed to inclusive growth, promoting diversity of companies and workforce. Which industries are demonstrating the most interest in McKinney today? Technology and Innovation. McKinney’s proximity to Dallas-Fort Worth has made it an attractive hub for tech startups and established IT enterprises alike. The McKinney National Business Park and several co-working spaces across the city area testament to the area’s commitment to fostering the tech ecosystem. What type of opportunities exist for businesses looking to relocate or expand to McKinney?
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McKinney is the largest land mass city in Collin County, and we are only one-third developed. There will be new pockets of development opportunity popping up all over McKinney as the 380 Bypass gets built, and further as the Collin County outer loop is expanded. Twenty to 30 years from now, we believe that McKinney will just be hitting the stride of its full development potential. How has the region’s market growth impacted development and offerings in McKinney during the past three years? During the past three years, the rapid market growth in Dallas-Fort Worth has significantly influenced McKinney’s landscape. The city has witnessed a surge in both residential and commercial real estate developments to accommodate the expanding population and businesses. Additionally, McKinney has seen an enrichment in its cultural and recreational amenities, an expansion in educational institutions, and a growth in the retail and hospitality sectors.
P H OTO G R A P H Y C O U R T E S Y O F M C K I N N E Y
McKinney, Texas UniqueMcKinney.com
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10/2/23 10:36 AM
MCKINNEY, TEXAS: WHERE INNOVATION MEETS OPPORTUNITY New Class A Commercial Office and industrial space now available, just north of Dallas. Check out our unique non-dilutive funding program for startups, the Innovation Fund. Learn more at UniqueMckinney.com
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Legacy West
STATE OF
DFW 2 0 2 3
Plano EDC Contact: Doug McDonald 972.208.8300 dougm@plano.gov Population:
292,000 Counties:
Collin, and Denton Major Businesses: JPMorgan Chase, Toyota Motor North America, Liberty Mutual, Capital One
Redevelopment of Collin Creek
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How has Plano sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years regarding the economy and daily work life? The post-pandemic “flight-to-quality” has increased the demand for walkable amenities for companies to offer their employees a more positive experience as they return to the office. Our business parks have a distinct corporate address with amenities that combine office with residential, shopping, and dining, creating a vibrant working environment that is highly sought after. There are few places in Texas that offer the amenities of Legacy West, Granite Park, or the Shops at Legacy, which is one of the many reasons why there has been a sustained interest for a Plano address.
Granite Park and Legacy
How does Plano differentiate itself from others in the region? Plano has the No. 1 park system in Texas, well-developed roads and infrastructure, lowest effective tax rate in Dallas-Fort Worth, access to mass transit, pro-business initiatives, and a quality of life that is unmatched with superior housing, schools, public safety, and four major hospitals. Our focus remains on the corporate tenant, which is why Plano continues to attract major global brands with an impressive roster today of 65 Forbes Global companies. Plano is also taking a proactive approach to redevelopment and reinvestment. Assembly Park and Collin Creek are two largescale examples of successful partnerships to transform former shopping malls into mixed-use destinations. Plano
is also reinvesting in its core infrastructure with more than $530 million in active capital projects. What type of opportunities exist for businesses looking to relocate or expand into Plano by use type? Plano continues to have a strong reputation for office/ corporate operations and new economic development tools, and workforce programs have been recently developed for companies looking to relocate or expand. We also have one of the hottest tech/R&D districts in the region with the Research/Technology Crossroads, which will soon have access to the DART Silver Line and will connect our research/R&D jobs directly to the innovative students at UT Dallas and DFW International Airport.
P H OTO G R A P H Y C O U R T E S Y O F P L A N O
Plano Economic Development planotexas.org
DCEOMAGAZINE.COM
10/2/23 10:36 AM
PLANO Big Names Call Us Home.
Come be part of a global business community that boasts some of the world’s top companies, including Toyota Motor North America, FedEx, JPMorgan Chase, Samsung Electronics America and more. If you’re looking to make a name for yourself, join the leading corporations that already have.
Plano is home to over 14,000 businesses and 67 Forbes’ Global 2000 companies.
Smart People. Smart Place.® | planotexas.org
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Rockwall ECD Contact: Phil Wagner 972.772.0025 Population:
51,461 County:
Rockwall Major Businesses: Channell Commercial, Pegasus Foods, SPR Packaging, Whitmore Manufacturing, KE Andrews, Special Products & Mfg, Interstate Wire, L3Harris, Karat Packaging, Pratt Industries, Bimbo Bakeries
What are the five most important needs of businesses when choosing a site location, and how does Rockwall stack up? Available labor. Rockwall benefits from more than 2.8 million workers in a 45-minute drive time, with more than 200,000 employed in various manufacturing disciplines. While the region has a strong pipeline for assemblers, machinists, and other production workers, Rockwall residents are employed in architecture and engineering, legal, management, and finance at concentrations above the national average. Land and infrastructure. The Rockwall Technology Park is a light industrial business park, equipped with roadways, water, sewer, drainage, and multiple options for both electricity delivery and natural
gas supply. Additionally, many sites are served with regional detention that allows for more vertical development on less acreage. The Technology Park is preparing to open an additional 210 acres of shovel-ready property in late 2023, with contiguous sites as large as 70 acres. Quality of life. Rockwall boasts a unique quality of life, stemming from the peacefulness of being located on the shores and hills overlooking the beautiful 23,000-acre Lake Ray Hubbard. Rockwall schools have been given an “A” rating by the TEA for several years running, and community crime rates are a fraction of both state and national averages. In addition, Rockwall housing is considered to be roughly 15% lower in costs than comparable properties in Collin, Dallas, and Tarrant counties.
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Logistics and access. Rockwall is located off Interstate 30, where TxDOT is currently investing more than $800 million to add up to eight new lanes. The community will benefit from another $1.7 billion in anticipated funding for other state roadway projects. Rockwall is conveniently positioned near five rail transload facilities within a 30-minute drive time, as well as multiple airports, including DFW Airport and Love Field, within 45 minutes. Taxes and incentives. Rockwall has one of the lowest consolidated tax rates in the state, with a new rate of $1.565445 per $100 valuation for tax year 2023. The REDC offers robust financial incentives via cash grants or when applicable, significant discounts on land prices.
P H OTO G R A P H Y C O U R T E S Y O F R O C K W A L L
Rockwall RockwallEDC.com
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City of Wilmer/ Dallas County Inland Port EDC Contact: Rona Stringfellow 972.441.6373 rstringfellow@cityofwilmer.net Population:
7,180 County:
Dallas Major Businesses: Ace, Proctor and Gamble, Whirlpool, Unilever, Yokohama, Smuckers, Amazon, Sprouts, CarMaxx, TriColor, Stream Data Center, Nike, Ryder, Crate & Barrel, Trina Solar
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How has Wilmer sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years on the economy and daily work life? The City of Wilmer is one of the last cities in southern Dallas County with available land area. Wilmer is currently 12.5 square miles with the ability to grow up to 22 square miles. Wilmer is affordable, with a staff that understands the speed of business. Although there is a large amount of development, the staff is still able to get reviews done in a timely fashion. How does Wilmer differentiate itself from others in the region? Location to the major interstates with proximity to an Intermodal facility. Available talent and labor with multiple transportation networks. It is
still relatively rural but within 15 minutes of downtown Dallas. Wilmer’s abundant, affordable acreage in five industrial parks along with a workforce of two million, make Wilmer even more attractive. And, as Wilmer grows, so does the need for more retail, restaurants, hotels, and a grocery store.
tor & Gamble, Whirlpool, Ace Hardware, and Medline. It was recently announced that Trina Solar plans to build a more than one-million-square-foot facility to manufacture photovoltaic modules, specifically large power output Vertex modules, in Wilmer. This will be the first of its kind in the western hemisphere.
What are businesses looking for in a site location today that they weren’t looking for a few years ago? Connectivity of fiber as well as redundancy; ability to work with a knowledgeable staff; electric reliability; water and sewer availability; rural proximity as well as proximity to the arts and culture of Dallas, Fort Worth, and Arlington; a willingness to explore creative financing opportunities, and the ability to adjust to changes in the development climate. After Union Pacific (UP) chose Wilmer for its global intermodal facility, the City attracted Fortune 500 companies like Unilever, Proc-
What financial, tax incentives, or other programs have been created to help your city attract businesses? Wilmer’s low tax rates, along with generous incentives, are moving opportunity forward! For qualifying companies, the City of Wilmer offers tax abatements for real and business personal property, including abatements on qualified leasing arrangements. And, as Wilmer continues to grow, so does the need for more retail, restaurants, hotels, and a grocery store. The infrastructure plan for southern Dallas County is equally important to support continued growth.
COURTESY OF N E A R M A P
Wilmer
DCEOMAGAZINE.COM
10/2/23 11:50 AM
America’s Logistic Hub
LOCATION! LOCATION! LOCATIO
Only 15 minutes from Dallas
Population 6,690 • Available land area
Nestled within four major highways, the City of Wilmer is an ideal location for transportation related industries. The City envisions attracting advanced manufacturing and Nestled healthwithin technology compliment four majortohighways, the Citycurrent of Wilmer is an ideal location for trans health sector companies. Our doors arerelated openindustries. for business! Recent deals The City envisions attracting advanced manufactu include Crate and Barrel, Nike, & Trina Solar. Come grow with us!
health technology to compliment current health sector companies. Our d open for business! Come grow with us!
www.wilmeredc
Rona Stringfellow, ICMA-CM Economic Development Director 972-441-6373 (office)
RO N A S T R I N G F EL LOW | Economic D evelop ment O f f icer | O f f ice : 972.4 41 .6 3 73 | w ilmer e dc .co m
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City of Anna Economic Development Corporation OpportunityAnnaTx.com EDC Contact: Joey Grisham 214.831.5394 Population:
23,960 County:
Collin Major Businesses: Branco Manufacturing, Omnimax USA
Have an
ideal
location?
DFW 2 0 2 3
Which industries are demonstrating the most interest in Anna today? Retail, medical, dining, industrial and multifamily have exhibited the most interest. Recent openings include Chili’s, Chipotle, Home Depot, and Texas Roadhouse. In the past three years, Anna has added more than 80 new businesses and finalized agreements for projects representing over $3 billion in investments. Thirteen multifamily developments will also be under construction by the end of 2023. What financial, tax incentives, or other programs have been
created to help Anna attract businesses? Anna supports business growth through a range of programs and incentives including grants, infrastructure assistance, permit fee waivers/reductions, streamlined permitting process, tax increment reinvestment zones, and public improvement districts.
What does your EDC evaluate when looking to attract a new business? Anna is a city that starts with “yes” and is open to all new business propositions that diversify our offerings for neighbors and support our vision as one of the fastest-growing cities across North Texas.
COURTESY OF A N N A
Anna
STATE OF
Anna says
“YES” An up-and-coming city with a booming population, Anna offers 61 square miles with a wealth of available sites for development, a prime location at the intersection of five major highways between Dallas and Sherman’s rising tech hub in Grayson County. Combine these with an educated workforce, diverse housing in established and flourishing neighborhoods, and stellar schools, and you’ll see why Anna is worth investing in.
To learn more about how Anna can help you realize your vision, visit opportunityannatx.com/annasaysyes or contact Joey Grisham, Director of Economic Development at 214-831-5394.
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Grapevine P H OTO G R A P H Y C O U R T E S Y O F G R A P E V I N E
Grapevine Economic Development ChooseGrapevineTx.com EDC Contact: Garin Giacomarro 817.410.3105 ggiacomarro@grapevinetexas.gov Population:
52,017 County:
Tarrant Major Businesses: Paycom, Kubota, GameStop, Southland Holdings, DFW International Airport
STATE OF
DFW 2 0 2 3
Which industries are demonstrating the most interest in Grapevine today? Grapevine is a premier destination for hospitality, dining, and entertainment. Our geographic location and reputation for family-friendly attractions makes this city the logical first choice for businesses that generate foot traffic, with cutting-edge users, like Meow Wolf leading the pack. What are businesses looking for in a site location today that they weren’t looking for a few years ago? The what hasn’t changed
as much as the how. In the information age, accessibility means more than basic infrastructure; companies need strong supply lines, a ready supply of talent, and access to the digital economy. Grapevine is proud to offer city-wide connections to high-speed internet, public transportation in every form, and direct access to one of the world’s
busiest cargo and passenger airports. What financial, tax incentives, or other programs have been created to help Grapevine attract businesses? We believe in partnerships. As such, Grapevine offers sales tax revenue sharing, tax increment financing, and grant funding for qualifying projects.
CAREFULLY CRAFTED for everyone, From Main Street to
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City of Sachse Economic Development SachseEDC.org EDC Contact: Jerod Potts 469.429.4764 EDC@CityofSachse.com Population:
31,388 Counties:
Collin and Dallas Major Businesses: Evolve Biologics, Applied Energy Company
S A CeeH] sak [s
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How has Sachse sustained interest as an attractive option for companies seeking new alternatives and locations? The last few years have shown that the suburbs represent an attractive and economically productive investment by businesses and retailers. The City of Sachse will continue to marshal the strength of the Dallas-Fort Worth region and our community’s unique offerings to ensure we are top of mind for site selectors, developers, homebuyers, and everyone in-between.
The Station is a mixed-use development in Sachse located along the PGBT between Miles and Merritt Roads.
What type of opportunities exist for businesses looking to relocate or expand into Sachse? Sachse offers a number of economic incentives for businesses seeking to expand in our community, specifically those meeting one of our target industries. Some of the target industries in Sachse include life sciences, technology, health and wellness, niche and specialty retail, and destination retail.
How does Sachse differentiate itself from others in the region? Sachse is a development-friendly community. The City wants those investing in our community to succeed. City staff mobilizes quickly to provide support and resources to anyone looking to start a project in Sachse. The philosophy in Sachse is that all City staff play an important role in economic development.
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10/2/23 11:40 AM
Thank you to all our sponsors for Rising Up at FightNight. Generous support for FightNight XXXIV allows us to “Rise Up” and continue our work throughout our region. Together with TREC Community Investors, our members and our community partners, we are breaking down barriers for Dallas’ most underserved communities to energize neighborhoods, foster community pride, and change lives. Thank you for Rising Up to Build the City You’ve Imagined.
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CROSS-COUNTRY Margo Jones traveled the U.S. to establish a network of nonprofit theaters.
Dallas’ Theatrical ‘Texas Tornado’ MARGO JONES December 12, 1911–July 24, 1955
story by WILL MADDOX
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P H OTO G R A P H Y C O U R T E S Y O F F R O M T H E C O L L E C T I O N S O F T H E D A L L A S H I S T O R Y & A R C H I V E S D I V I S I O N , DA L L A S P U B L I C L I B R A R Y.
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orn in livingston, texas, Margo Jones attended Girl’s Industrial College in Denton (now Texas Woman’s University) and wrote her thesis on Norwegian playwright Henrik Ibsen, foreshadowing her life as a theater pioneer in Dallas and the world. After studying theaters on trips ranging from the DFW neighborhoods, to Japan and England, she earned notoriety in 1939 when Stage magazine named her one of 12 outstanding directors outside of New York—the only woman on the list. She met playwright Tennessee Williams early in his career and helped him get the attention of national critics. She directed his play “The Glass Menagerie” and used the ensuing fame it brought her to open the first nonprofit resident theater in Dallas as part of her goal to build a network of theaters outside of Broadway. Known as the Dallas Civic Theater, its first production was in 1947 at Theatre ’47 in the Gulf Oil Building at Fair Park. It was the first professional theater-in-the-round in the country. Known as the “Texas Tornado,” Jones wanted “to create the theater of tomorrow today” and helped many actors and directors enhance their careers— notably producing the play “Inherit the Wind” about evolution before Broadway would touch it. In 1955, she tragically died when poisoned by a chemical used to clean her carpet. Today, her legacy lives on through the Margo Jones Theatre at SMU and the more than 300 nonprofit resident theaters that followed her lead nationwide.
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9/26/23 10:10 AM
Matador Resources Celebrates 40 Years! Matador Resources would like to thank its shareholders, bond holders, lenders, service company providers, board of directors and employees for helping continue our 40 year legacy of dedication, hard work and success.
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9/28/23 1:46 PM
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