Power of Purple
Fort Worth oil and gas land services company powers through downcycle
Riverside Redevelopment, Revitalization and Rebranding
Legendary wildcatter Dick Lowe, the ultimate optimist, shares his journey from broke to booming (twice)
Opening two restaurants downtown, the Bangladeshi immigrant and entrepreneur dishes about creating companies and careers
At Gus Bates Insurance, our clients rely on us to help guide them through the complex world of
Chase Kennemer General Manager D&M Leasing Fort Worth
D&M Leasing has been based in Tarrant County for 34 years and is excited to open the new Fort Worth Location, conveniently located at I-30 and Summit.
D&M Leasing is the largest leasing company in America and was recently awarded the 2015 Leasing Company of the Year award by Dealer Rater for Texas and the entire U.S.
With D&M Leasing you can save up to 50% each month over buying a vehicle, and the entire transaction can take place right over the phone.
Best of all, your new or pre-leased vehicle will be delivered to next vehicle can be.
66 Huntin’ ‘Em Where They Ain’t: Dallas entrepreneur Mike Hoque, who went from driving a limo to building a limo company, helping revive downtown Dallas’ Main Street District and launching himself into big real estate deals, is ready to bring his show on the road to Fort Worth.
50 A Phoenix Rises: Dick Lowe, one of Texas’ original wildcatters, has been bust and come back more times than he remembers. He finally got rich and stayed there.
58 Race for Revival: Revitalization, River East rebranding, move into Fort Worth’s historic district, being pushed along by the latest of the Dallas guys to come to Fort Worth in the hunt for new opportunity.
74 Purple Power: Ex-TCU Frogs football players Bryan Cortney and Jesse Hejny are building a debt-free, fast-growing land services firm during the energy industry’s stubborn downturn.
The ones in your marketing plan aren’t.
A marketing plan is a huge undertaking. With so many digital tactics and channels to consider, it can be tough to see what’s missing. And one missing piece in your digital mix can derail success.
So we’ve built a simple-to-use online tool that assesses your current marketing plan in about four minutes. You’ll receive a Digital Performance Score along with key insights to help you view your plan more holistically, putting you on a stronger path to success.
Get your score and see what’s missing. Visit www.enilon.com/getmyscore to get started. Don’t worry—the online assessment tool is free to use and there’s no sign up required.
11 Cleaning Up: Blackmon Mooring, BMS Catastrophe find growth opportunities in headquarters.
12 Slinging Tacos: Taco Heads founder teams up with Duke MBA to open first brick-and-mortar store.
14 Girl Power: Women Steering Business in fourth year of raising money to buy steers from girls who exhibit them at Stock Show.
16 The Alternative Board: Owners of Fort Worth business coaching service look to get growth on track – at their firm.
18 Comings and Goings: Lots of new businesses coming to Fort Worth, and a few leaving.
20 Face Time: THR Harris Methodist Hospital President Lillie Biggins, on leadership and the pair of scrubs she keeps in her office – just in case.
22 Stay Informed: LeadershipFortWorth launches new program for chief executives new to Fort Worth or their roles here. And U.S. Patent Office’s new Dallas beachhead looks to interact with Fort Worth community.
24 Around Town: Images from around Fort Worth.
( EXECUTIVE LIFE & STYLE )
28 Distinctive Style: A Rolex wristwatch finishes a wardrobe.
a bad idea? The two guys who founded Clarus Glassboards of Fort Worth ran toward the roar.
36 Gadgets: This tech-savvy tag helps you keep an eye on your luggage.
38 Wine & Dine: A group of Fort Worth businessmen takes its love of fried chicken to the extreme.
42 Health & Fitness: Five healthy snacks that keep you from eating the equivalent of a fourth meal every day.
44 Office Space: A young music company in North Fort Worth grows with wide open spaces and few walls.
( COLUMNS / DEPARTMENTS )
80 EO Spotlight: Entrepreneur engineer John Cornelsen sets sights on building a better model for yoga studios and an app called iJuggle that will help people manage their relationships.
84 Business Strategy: Who says starting a business during a downturn is
88 Analyze This: Fort Worth Chamber of Commerce quarterly report.
90 Analyze This: Managing oil and gas firms during downturns.
92 Analyze This: Fort Worth yearly commercial real estate forecast.
94 Analyze This: Using trusts to hand down retirement assets.
96 Analyze This: Merger mania in healthcare likely to continue in 2016.
98 Management Style:
There’s no such thing as a bad idea, say the founders of Four Day Weekend.
100 Management Tips and Best Practices: How to use scorecards to keep tabs on your business.
102 Day in the Life: Oil and gas man Toby Darden retires, then comes back.
Leaders in industry don’t work at a job, but pursue a calling. In doing so, they inspire the rest of us to better ourselves and to match our skills with our passions. They give us confidence to pursue our dreams and to go all-in building our own companies. In this issue, we feature two men who went all-in early and lost, but like many inspiring leaders, you could not keep them down.
Mike Hoque, CEO of DRG Concepts, immigrated here from Bangladesh in his mid-20s and started up a limo service with one car, grossing $90,000 his first year. In his second year, he grossed $900,000 and bought a building in Dallas to serve as his company headquarters. He then turned his focus on food and, partnering with a celebrity chef, opened a seafood restaurant. Unfortunately, it eventually failed.
In 2004, Hoque opened the Dallas Fish Market in the Main Street District between the West End Historic District and Deep Ellum that had fallen from grace. One year after its opening, Bon Appétit named it one of America’s Best Seafood Restaurants, and today the Main Street District is thriving. He has since opened five additional restaurants, including Dallas Chop House, Chop House Burger and Wild Salsa, all in a cluster around the Dallas Fish Market. This spring, he will bring Wild Salsa and Chop House Burger to downtown Fort Worth's
City Place in hopes of helping transform the dark underutilized area, just as he did in Dallas.
Like a Phoenix, Dick Lowe, 87, a founding partner in Four Sevens Oil Co., has had to come back more than once. He graduated from TCU on a football scholarship, with a geology degree in 1951. After a job as a mud logger and a site geologist, at 29, the entrepreneur quit his job and moved to Fort Worth. Lowe was willing to risk it all (walking away from a salary) to go all-in and start his own company.
A great salesman, Lowe found investors who believed in him. After drilling 16 dry holes, opportunity struck, and he drilled 32 straight good wells. Six years later, at the age of 35, he sold them, and his share was $1 million.
He then started a new company that went public, which at its peak put the value of Lowe’s stock at $77 million. Eventually, however, the company had problems, and after a failed restructure, Lowe owed $11 million and only had $3,000 in a shoebox. He was in his early 60s. That’s when his old friend Hunter Enis called.
Lowe and Enis formed Four Sevens Oil Co., and while the 1990s were productive, the real growth came in the early 2000s when they started leasing property and drilling in the Barnett Shale. In 2004, Four Sevens sold its Barnett Shale holdings of 26,000 acres to XTO Energy for $155 million. Two years later, it sold a 39,000-acre deal for $845 million, to make an even $1 billion
“Never a doubt in my mind,” Lowe says, when asked if he questioned whether he could mount a big comeback at an age when most people are contemplating retirement. Going all-in means you are totally committed to something. These two men went all-in, and their stories are inspiring to me. I hope you find them equally inspiring.
Hal A. Brown owner/publisher
Blackmon Mooring, BMS Catastrophe find new international growth opportunities in move of company’s headquarters.
BY SCOTT NISHIMURA
Blackmon Mooring and its BMS CAT catastrophe unit have been growing fast. Good thing they moved last fall into a new headquarters on Airport Freeway in Haltom City.
The new complex includes the former Hawk Electronics main building at 57,000 square feet and a second 34,000-squarefoot building that the company has converted into a document restoration facility. Blackmon Mooring and BMS CAT, forced to move out of their old Fort Worth headquarters because the site’s in the path of the Panther Island central city remake, had 25,000 square feet there.
“It wasn’t constraining our growth, but it wasn’t allowing us to flex our muscle,” Tom Head, the company’s president since November 2007, said in an interview.
The company in the next 36 months plans to add six more operating units to its current 20. Head expects the new location to boost the company’s international growth.
The old facility had Blackmon Mooring and BMS across the street from each other. “There wasn’t a lot of synergy there,” Head said. The main building in the new headquarters includes the international offices, a call center, training and meeting rooms, and radio rooms where staffers keep tabs on weather and other potential emergencies affecting clients in various
major cities where the company pre-sells its services. The rear building includes equipment that extracts frozen water crystals from documents; if the company is doing a document job involving water damage, it freeze-dries the documents on the job site, ships them to Fort Worth still
frozen, then removes the water here and dries the documents.
“That allows us to do document jobs all around the world,” Head said.
Blackmon Mooring has been in business for more than 65 years, cleaning and restoring homes and businesses. BMS CAT goes around the world cleaning up after disasters, including 9/11 in New York, Hurricane Sandy, the Asiana airplane crash at San Francisco airport, an Amtrak crash in Philadelphia, and a UPS plane crash in Dubai. It took the company one year to process the documents it recovered during Hurricane Sandy. “We get every one of those documents back,” Head says.
The company also worked the socalled “Miracle on the Hudson,” where an America West pilot had to ditch his plane in the Hudson River after losing engine thrust on takeoff from New York’s LaGuardia airport. BMS CAT crews retrieved belongings, trucked them to Fort Worth, restored them, set up a secure catalog site and reunited the goods with their owners.
Taco Heads founder and Duke MBA team up to open company’s first brick-andmortar store, envision significant expansion.
BY SCOTT NISHIMURA
The partnership that took Fort Worth’s Taco Heads to its first brick-and-mortar location from a food truck got its start in an Uber ride a year and a half ago. Jacob Watson, then a consultant driving for Uber to rack up charity dollars on behalf of his employer, picked up a ride in Sarah Castillo, who had already launched the successful Taco Heads out of a trailer in 2010.
“I know this is irrational, but I’d love to be your business partner,” Watson, an “obsessed” Taco Heads fan, told Castillo after learning who she was. Some time later, Castillo took Watson up as a 50-50 partner, and in January the two launched Taco Heads out of a tiny building that used to be a dental lab at 1812 Montgomery St. on the western edge of the Cultural District.
Castillo and Watson, who left his job at Accenture in June to “sling
The company has been growing fast in recent years. In 2007, it had nine operating units. Sales have doubled since that year, Head said. Construction, a segment the company entered six years ago, represents a third of revenue today, Head said.
The family-owned company refocused itself just before Head arrived, selling off its 400-unit franchise business to an independent company that’s now named Steamatic. Blackmon Mooring’s units today are all company-owned. Its 20 operating units employ 100-150 people per location, and its BMS CAT regional centers in Miami, New York, Orlando, Chicago, Nashville, Washington, D.C., Boston, Los Angeles and San Francisco employ 10-15 people apiece.
The company’s pre-selling of services – its staff assesses scope before anything bad happens - is a key piece of the business model. “That allows us to honor the contract,” Head said. “Ninety-nine percent of what we do is about getting the customer back in business as soon as possible.”
some tacos” as he told colleagues in a farewell email, believe Taco Heads can be a successful chain.
“I saw Fuzzy’s take off,” Castillo, a 32-year-old graduate of Paschal High School and a University of Texas graduate with a degree in American studies and business minor, says of the popular local chain. “I want to copy Fuzzy’s model. They’re everywhere.”
“Our goal is to take this one location, replicate this process, and grow a team we can take to build a second, third, fourth, fifth, 20th store,” Watson, a Michigan native and Duke MBA who graduated TCU with an economics degree, says.
First, they have to nail down the model on their first store. Watson says the two are $225,000 into renovating and opening it, and they launched after an arcane zoning dispute surfaced during construc-
If you’re looking to buy land for hunting, recreation, an ag operation or just a place to retire on, there’s one name in Texas to know. Heritage Land Bank is the right financing partner for anyone buying land in rural Texas. In fact, nobody knows Texas better. Talk to a Heritage lender today about the best loan for you, including the option of fixed-rate loans with terms up to 30 years. If you’re ready to buy, we’re ready to help.
tion over whether they can convert a second building on their site to a bar and operate a patio that connects the buildings. Watson and Castillo are serving alcoholic beverages out of the restaurant and, by the end of January were able to operate on part of the patio. Some in the neighborhood have also raised questions about parking and noise as part of the zoning case.
The $225,000 is higher than the partners wanted to go, Watson says. “I think we found a lot of problems that we didn’t anticipate,” he says dryly. “But that’s part of the story – maxing out the credit cards” to open the business.
Revenue goal for the restaurant is $3 million annually, “about $800,000, $900,000 to break even,” Watson said. He and Castillo have also grown the food truck business, a key piece of their business model. “That’s who we are,” said Watson, who pared the high costs of renting a generator for the truck by buying one for $10,000 and installing it on the rear.
Service times are also an early challenge, with it taking up to 45 minutes to complete orders to packed peak crowds when the restaurant opened Jan. 8, Watson said. That was down to 30 minutes a week later. “Fifteen is the goal,” he said. The restaurant had 35 employees as of late January; “at some point, we will have to get it to 70,” he said.
He and Castillo originally announced they would open their first store in the budding South Main corridor, but retracted that and went for the Montgomery Street location first. “We need to understand our brand first” in a high-traffic location, Watson said.
Taco Heads is across the street from the site of the planned new Will Rogers arena. “We want to be a place where you can relax and hang out,” Watson said. “We want to be a place where these interactions happen.”
Women Steering Business, in its fourth year, on pace to beat last year’s $210,000 fundraising for Stock Show Junior Sale.
BY SCOTT NISHIMURA
Buying the reserve grand champion steer at last year’s Fort Worth Stock Show Junior Sale of Champions has goosed this year’s fundraising by Women Steering Business, a 4-year-old group formed to buy champion steers from girls exhibiting them at the Stock Show.
As of late January, Women Steering Business was on pace to exceed last year’s $210,000 in fundraising for the Feb. 6 Stock Showending auction, Becky Renfro Borbolla, one of the group’s leaders, said. “We’ve got more money coming in every day,” she said. “Buying the grand reserve took our group to the limelight.”
The group had 180 members in late January, up from 125 members last year. The minimum to become a member is $500, and some individual contributors are giving up to $5,000, Borbolla said. Corporate sponsorship is also up. Three sponsors – The Capital
Grille, Aflac West, and Park Place Motors – gave $10,000 apiece this year, she said. Last year, The Capital Grille and some banks signed on as sponsors, but multiple $10,000 donors are new, she said. Girls showed the top two steers at last year’s Sale of Champions. The grand champion, Bob Marley, sold for a record $240,000. The reserve champion, exhibited by a Big Spring girl, sold for $150,000 to Women Steering Business, which also bought six other steers in the sale.
Women Steering Business launched in 2013, when its leaders raised $45,000 in four weeks. The pot has grown since. Last year’s sale of more than 300 steers, pigs, sheep and lambs raised more than $3.7 million, with the proceeds going to the youth who exhibit the animals at the show. The Fort Worth Stock Show Syndicate nonprofit raises virtually all of the money each year to buy the animals at the Stock Show-ending auction.
BY SCOTT NISHIMURA
It’s been 10 years since Val and Ed Riefenstahl bought the greater Fort Worth franchise of The Alternative Board, a business coaching service with a twist: regular meetings with a facilitator and a board comprising other business owners who are members of the service.
Growth has been uneven, with Ed Riefenstahl serving on the TCU Neeley School of Business faculty, where he started and oversees a fee-based consulting program called Neeley & Associates Consultants within the MBA program. The couple also owns another consulting business, ROI Associates. And Val Riefenstahl went through a health scare of which she’s clear.
The couple is moving to reinvigorate their Alternative Board franchise, with Val Riefenstahl able to spend more time on it as chief operating officer. The DFW area has four Alternative Board
franchises, and the Riefenstahls’ has 33 of the region’s up-to-100 Alternative Board members.
Here’s how The Alternative Board works. Businesses that join typically have significant board of directors, if they have one at all. They join a board comprising businesses that may face similar issues, but aren’t competitors or key vendors. Those directors serve as the board for all of the business owners who sit on it. The board meets monthly for four hours, with a facilitator running it. One third of the session focuses on keeping the members accountable, and the other portion on issues and opportunities. The Riefenstahl franchise has four boards today, having just created the fourth. Each board has as many as 10 members.
In between the monthly meetings, Alternative Board members get one-on-one meetings with a certified facilitator. “You have a trusted advisor touching you every two weeks,” Ed Riefenstahl says.
Costs for joining the Alternative Board: $300-$695 per month.
Stumped on an issue, and members can tap Alternative Board’s local partners: Whitley Penn, business accounting; Bourland Wall & Wenzel law firm; Colonial Bank; B2B CFO; and Employer Flex, an HR solutions firm. Members can tap into the 25-year-old Alternative Board’s international network, comprising 3,300 members in 10 countries, 300 in Texas. The Alternative Board also sponsors monthly lunch-and-learn meetings at Idea Works FW, the business incubator at the Fort Worth Business Assistance Center. The Alternative Board implements Gino Wickman’s Entrepreneur Operating System, which focuses on strengthening key business components, in all of its member businesses.
One hurdle to selling potential members is they don’t think they can contribute to a board, Val Riefenstahl said. “They’re timid, but they just blossom,” she said.
The Riefenstahls say their business members earn between $200,000 and $60 million in annual revenue. The franchise sponsors the annual Fort Worth Business Plan Competition at the Business Center, this year offering a year’s membership on the Alternative Board to the first and second place winners.
The Riefenstahls – Ed Riefenstahl had been a consultant for
KPMG BearingPoint - bought the TAB franchise in February 2006, and within 30 days of starting it, Ed Riefenstahl received and accepted an offer to join the Neeley faculty. The MBA program Riefenstahl works with does about 10 projects per year for companies such as Alcon Labs, Bell Helicopter, Sabre Holdings, Lockheed Martin, Frito-Lay, and Michaels Stores.
The Texas Rangers have chosen The Cordish Cos. to be a development partner for a planned $200 million, 100,000-square-foot “dining and entertainment district” next to Globe Life Park in Arlington. The project is a partnership between the city of Arlington and Texas Rangers. The district will create 1,800 total jobs, including 1,000 construction jobs and 800 permanent jobs, the partners say. The partners also plan to develop a full-service convention hotel with at least 300 rooms and 35,000 square feet of meeting space. The hotel and convention facility will generate approximately 1,225 jobs, including 1,000 construction and 225 permanent jobs, the partners said. The 100,000 square feet of Texas Live! will start construction this year.
West Bend getting new tenants Trademark Property’s West Bend development off of University Drive and the Trinity River has signed three tenants: HG Sply Co., Tyler’s, and Drybar. HG Sply says it was founded by a bunch of “regular guys” who wanted to hang out and founded a place that sells “natural food that fuels your day.” HG Sply sells “simple clean food, classic drinks and humble hospitality.” Tyler’s is one of the top retailers of athletic and lifestyle apparel and accessories. And Drybar is a blow dry bar.No haircuts, no color. “Just blowouts!” the company exclaims.
Shooting Center plans to open in February at 2900 Shotts St. in Fort Worth. The 43,000-square-foot indoor facility features 30 shooting lanes, including six 85-yard rifle lanes, and has classrooms, event facilities, firearms simulators, and a 6,000-square-foot retail store.
Hillwood brings new senior living complex to Alliance Hillwood Properties, developer of the 18,000-acre, master-planned, mixed-use AllianceTexas, is bringing Watercrest at Alliance Town Center, an 8-acre, 207-unit senior independent living complex, to Alliance Town Center. South Bay Partners, a Dallas-based senior housing development company, has broken ground on the project in North Fort Worth. Watercrest is owned through a joint venture between the Bluhm family of Chicago and South Bay Partners. The 350,000-square-foot complex will include amenities that encourage social activity, such as a commercial kitchen, dining room, coffee shop, theater and an activity room.
store coming to Sundance IT’SUGAR, a specialty candy store and gift retailer, will open a new store at 503 Main St., between Mi Cocina and Barse Jewelry in Sundance Square in April. The store will be filled with
more than a thousand different candies. Yolk, a breakfast spot, will open in Sundance Square in March. H&M will open a 31,000-square-foot store this spring.
Macy’s closing one Texas store, in Fort Worth Macy’s is closing 40 stores nationally, but only one in Texas, at Ridgmar Mall in Fort Worth, is on the list. Macy’s announced last year that it will close 40 stores nationally in 2016, but didn’t identify the locations until January. “With Ridgmar Mall being one of them, we saw this as a perfect opportunity to put plans in place for a continued renovation of the property that align with shopping center trends across the country,” Garo Kholamian, president of GK Development, the Ridgmar owner, said. GK has begun a renovation of Ridgmar. Phase one includes changes to open up sight lines with new paint, lighting, and new railings, and Cinemark also completed a $3 million remodel.
THR Harris Methodist president, once a nurse’s aide, reflects on leadership.
BY SCOTT NISHIMURA
Lillie Biggins got her start in healthcare sweeping floors more than 40 years ago and moved into nursing and then up through a range of executive and clinical leadership posts before becoming president of the big Texas Health Resources Harris Methodist Hospital in 2012. But she always seeks out the employees today who do the job she first did.
“I walk over to them and give them a hug and say, ‘How you doing?’ ” Biggins, now 72, says.
This is part of what Biggins, who also is chairman of the Dallas/Fort Worth Airport board and spends a good piece of her time selling the region to the world, says is her leadership style.
“People have to feel valued; they have to feel like what they bring to the table makes a difference,” Biggins says. “The other thing I’ve learned is that no job is too small.”
Biggins, who grew up on Fort Worth’s North Side, says she always wanted to be a nurse. Her mother was a caregiver, and so was her older sister. “I wanted to be a nurse,” she says. “That’s where I started and where I stopped.”
She started as a housekeeper at John Peter Smith Hospital and made her way to nursing school, where she obtained a bachelor’s degree in 1974 from the University of Texas at Arlington. She later earned a master’s degree from Texas Woman’s University in Denton and worked for
Columbia/HCA Plaza Medical Center, JPS, and Parkland Memorial Hospital in Dallas before landing at THR Fort Worth in 1997 as vice president of operations. In 2012, she became president and is responsible for improving THR Fort Worth’s performance in cost effectiveness, clinical outcomes and patient satisfaction.
An early riser known for sending out emails at 4:30 a.m., Biggins has leaned on a long list of mentors who have helped her in faith and professionally, starting, she says, with her parents and grandparents. Her first nursing director taught her the role of nursing. Her mentors have also included the late Parkland CEO Ron Anderson, the former THR CEO Doug Hawthorne, and the current CEO Barclay Berdan.
Biggins loves dropping in on patients, part of the rounds that THR senior leaders are required to make. How she says she often finishes conversations with patients: “Oh, by the way, my name is Lillie, and I’m the hospital president.”
Biggins is also known for keeping scrubs and shoes in her office in case they might come in handy, but they never do these days, a sign, she says, that things are running smoothly.
Biggins, who has four children and 11 grandchildren with her husband James, talks about retirement, but she’s not saying when or if that might happen. “I don’t plan on going anywhere, except to rub my dog one day,” she says. “That’s my retirement message.”
LeadershipFortWorth launches program for CEOs new to the city or their roles.
BY SCOTT NISHIMURA
LeadershipFortWorth is adding to its stable of programs for established and emerging business leaders, launching LeaderPrime, a short program for chief executives new to town or their roles.
In a retreat, Feb. 18-19, at The Ashton Hotel and follow-up session, March 31, for as many as 15 new top leaders, LeaderPrime will educate the executives on issues affecting business and quality of life in Fort Worth, connect them to an array of program hosts who include Ed Bass and Ross Perot Jr., and pair them up with people who represent causes they care about. “This is for people who are not yet connected to Fort Worth,” Harriet Harral, LeadershipFortWorth’s executive director, says. The CEOs who are participating in the program include Joel Fitzgerald, the new Fort Worth police chief; Walter Amaya of GE Manufacturing Solutions; and Robbie Briggs of Briggs Freeman Sotheby’s International Realty, she said.
The fee for participating in the program is $3,800, or $4,500 if the leader’s spouse also participates. The city of Fort Worth’s promotion and development fund kicked in $15,000 for startup costs, and Hillwood, another $10,000, Harral said.
LeaderPrime grew out of LeadershipFortWorth’s strategic planning over the last two years, and its brevity – the 43-year-old organization’s LeadershipClass program for established leaders is nine months - addresses the time demands new CEOs face, Harral said. To measure outcomes in connecting the CEOs to the community, LeaderPrime will ask the CEOs to identify a point of passion – say, education - during the retreat. Then it will arrange a one-onone meeting during the follow-up session, March 31, with a leader representing that passion. “By the end of that day, we’ve got that connection made,” Harral said.
Patent Office’s new Texas Office makes it easier on applicants, includes “The Shoe.”
QUICK STAT: Since 2010, the U.S. Patent Office has issued more than 60,000 patents in the seven states, including the Lone Star State, that the agency’s just-opened Texas Regional Office in downtown Dallas now serves. The new office, in the Terminal Annex Federal Building, will make it easier for inventors and patent applicants to move their cases along, the agency says. It reduces backlog of cases at headquarters and enables locally based patent trial and appeal board judges to hear disputes. The office will also conduct outreach within the region and expects to draw traffic from various sectors, including universities, oil and gas, technology and biotech.
“Having a regional office, a physical office in the market, is the first line,” Russell Slifer, deputy director of the U.S. Patent and Trademark Office, said in a recent interview at TECH Fort Worth, the nonprofit that’s been helping emerging tech companies since its launch in 1998. “Anytime you’ve got resources locally, I think it provides a huge benefit.”
The new office drew more than 700 applications for the first 50 posts it’s filling locally. “We have a great talent pool, advanced degrees and experience in different industries,” Slifer said.
“Each patent application (typically triggers) three office actions requiring communication,” Slifer says. “You can do anything on paper. The downside is the inability to identify when the individual on the other side of the table is not on the same page with you.”
Public search facility; training room; communication hubs available for use for private phone calls, WebEx, or conferences with patent examiners; hoteling rooms for use by patent employees working at remote sites; library with reference books; two business service centers; and “The Shoe.”
THE SHOE President Jefferson stored the first patents in shoe boxes beneath his bed. Years later, the Patent Office used wood and metal “shoe cases,” bookcases with multiple drawers, to store patents. The Patent Office used the shoe cases until the early 2000s, when files became electronic. In tribute, the Texas office’s Room 5020 is the designated Shoe. The room features lounge furniture, whiteboard wall, and team space. – Scott Nishimura
(2) TCU recently held its Basketball Preview luncheon. Left to right: TCU Women's basketball coach Raegan Pebley; Leta Andrews, winningest high school coach of all time; and Susan Farris and Cathy Brown, James L. West Alzheimer's Center
(3) Mayor Betsy Price recently held the 2015 Mayor's International Luncheon. Left to right: Mayor Besty Price and Humberto Antunes, CEO of Nestlé Skin Health S.A. and chairman of Galderma Pharma S.A.
(4) Leaders in Government recently featured House Speaker Joe Straus at a luncheon. Left to right: House Speaker Joe Straus and Dee J. Kelly, Jr.
Left to right: City Council member Gyna Bivens; Councilmember Kelly Allen Gray; Councilmember Ann Zadeh; Richard Casarez, Oncor Electric Delivery; and Tarrant County Commissioner Gary Fickes
2
3 4 4
LAUNCH YOUR
with a tailored Executive MBA
T REASUR E ,
For the past 62 years, Jewel Carity has added vibrant color and life to Cook Cildren’s.
Thank you!
BY FWTX STAFF
Any etiquette book will tell you that a major part of a good first impression is a firm handshake. But, what about an attractive one? The way you adorn your wrist might say more to those you’re doing business with than meets the eye.
What today is a luxury, was born out of necessity. Wristwatches first became popular during World War I when soldiers in the trenches didn’t have the, eh hem, time to dig through their pockets to learn the hour. The same can be said for today’s business world. When you’re in the trenches (read: having a busy day) and need to know what time it is, a watch, not your iPhone, is the only thing that will do the trick in fast fashion.
We wanted to know what the watch of choice was for one of the area's most experienced jewelers, so we turned to Pieter Andries. The jeweler celebrated 50 years in the fine jewelry design business last year. Andries started his career as a goldsmith in 1965 before he built a successful jewelry manufacturing company with his wife, Marilyn. Their creations were sold across the country in stores including Saks Fifth Avenue and Macy’s. After many years of fine-tuning his skills and crafting a business model, Andries and his wife opened Pieter Andries Creators of Fine Jewelry in 1992 in Westlake. In 2000, the store moved to a new state-of-the-art showroom with an attached workshop and manufacturing facility in the heart of Southlake.
When it comes to watches, Pieter
The Cellini Dual Time with a black guilloche face and an 18-carat Everose gold finish.
The watch of choice for Pieter Andries, this detailed face shows two different time zones. Watch your sun set on the horizon while it gradually appears in the aperture at the bottom of the dial.
Andries doesn't shy away from playing favorites. After all, his store carries Rolex exclusively.
He wears the Rolex Cellini Dual Time. Named for Italian goldsmith and sculptor to the popes Benvenuto Cellini, the model combines classic function with contemporary design. A sophisticated dress watch with a strap instead of a bracelet, Cellini comes in three different styles: Time, Date and Dual Time. Andries prefers the Dual Time model specifically because of its understated elegance and functionality. Traveling frequently to Belgium to visit the Pieter Andries' diamond buying office, the watch allows him to keep track of time in both Texas and Antwerp.
Justin J. Sisemore has been recognized by his peers as a 2016 “Rising Star” in Texas Monthly and Super Lawyers Magazines, as a “Top Attorney” in Fort Worth, Texas Magazine for the last eight years, and has been a guest speaker for the Tarrant County Family Law Bar Association and various law firms throughout Fort Worth. Samantha M. Wommack has been recognized by her peers as a “Top Attorney” in Fort Worth, Texas Magazine for the last three years. Zoe Meigs, of counsel, is an AV Preeminent Rated attorney and has been recognized for the second time as a “Top Attorney” in Fort Worth, Texas Magazine. We are proud to welcome Jerold H. Mitchell and Chris B. Norris to the Sisemore Family Law Firm. Jerold H. Mitchell has also been recognized by his peers as a “Top Attorney” in Fort Worth, Texas Magazine. With a combined 40 years of experience in complex civil and family law trials and appeals, our firm provides an extensive range of family law services: all aspects of divorce, cases with complex property divisions, and custody disputes. While we represent clients throughout Texas, we regularly serve Tarrant, Dallas, Collin, Parker, Johnson, Denton, Hood and Wise counties. The Sisemore Law Firm works diligently to provide highly competent and efficient service to each and every client. Our firm also works with various civil litigation firms throughout the DFW Metroplex to assist their clients in family law matters. Visit our website at www.thetxattorneys.com to view our client testimonials.”
BY NICOLE CRITES
There comes a time when corner offices and cubes are no longer conducive to team building. That’s when you have to get out of the office and “into the wild.” New environments can relieve the pressure that an office often breeds and provide opportunities for bonding. Escaping the conference room also blurs the lines of hierarchy, making it easier for team members to open up and relax. From luxurious to adventurous, here are five spots within driving distance for those times when you can’t pack the whole company on a plane.
THEINN AT DOS BRISAS 10000 Champion Drive, Washington, TX 77880 dosbrisas.com Located in Washington, Texas, in the eastern foothills of the Texas Hill Country sits a family-owned, five-star ranch resort that stands out among the rest. The Inn at Dos Brisas was featured in the 2015 Forbes Travel Guide, which credits the warm staff and five-star cuisine for making it a go-to destination. The restaurant uses organic ingredients cultivated from the farmland and orchards on the property and is the only Forbes five-star
dining experience in the state. Available activities include horseback riding, fly fishing, hunting, golf and organic farming classes in the private garden. The inn, a 3-hour and 15-minute drive from Fort Worth, may be smaller than other resorts with 10 rooms (that boast plenty of amenities), but the intimacy could prove helpful to inspiring a creative, team-building environment.
S. Quinlan Park Road, Austin, TX 78732 lakeaustin.com
Named the No. 1 Resort in Texas & the Southwest by the Condé Nast Traveler Reader’s Choice Awards, this resort on Lake Austin is tucked away in the Texas Hill Country. Touted as a “sanctuary for rest and renewal,” Lake Austin Spa Resort can help employees get a clear mind. The spa is dedicated to wellness with more than 20 different fitness classes, including lakeside yoga, kayaking and Hill Country hiking. More relaxing options include a full-service, award-winning spa and sunset cruises. Just a 3-hour drive from Fort Worth, all-inclusive group packages include high-end accommodations, gourmet meals and a variety of activities and events. And, these meeting spaces aren’t your typical conference rooms. The unique facilities
“There’s an entrepreneurial spirit unique to Fort Worth, and FWinc. captures that perfectly. It’s become a ‘go-to’ read for me.”
offer views of Lake Austin from rooms with ornate antique décor and multiple al fresco options.
205 W Doyle St., Granbury, TX 76048 innonlakegranbury.com
Less than 45 minutes from Fort Worth, The Inn on Lake Granbury was recently honored as Texas Meeting and Events Magazine’s top choice for small busi-
ness retreats in Texas. There is plenty of meeting space for groups that, in the past, have included Fortune 1000 companies, business start-ups, non-profits, churches and universities. The inn that sits on 3 acres of lakefront property features views of the lake, luxurious guest rooms, suites and houses as well as a saltwater pool complete with a waterfall. Groups can stay on the property and have breakfast, lunch and dinner at the inn or make the 2.5-block walk to the downtown square. But, make sure you stick around for the complimentary treats – a buffet breakfast with items like banana walnut French toast, green chile cheese grits and a blueberry blintz soufflé in the morning, plus happy hour with apps and wine – all thanks to renowned Chef Wolfgang Weichart, who has been part of the chef catering team for three different U.S. presidents.
ROUGH CREEK LODGE AND RESORT 5165 County Road 2013, Iredell, TX 76649 roughcreek.com
Despite the name, a stay at this resort is anything but rough. Rough Creek Lodge and Resort, located just 70 miles from Fort Worth in Glen Rose, is a ranch-style resort that also overlooks scenic House Lake. When it comes to activities, the list includes zip lining, rock climbing, hayrides and many more, as well as a 66-foot water slide and lazy river. Other team-building exercises include hunting, sporting clays, model rocket launching and paintball. When the group is tired from all of the outdoor activities, Rough Creek provides a relaxing spa and great cuisine.
HARBOR
KINGDOM LAKE 1693 Park Road 36, Graford, TX 76449 harborliving. com
Surrounded by cliffs and hillsides, this resort on Possum Kingdom Lake is just 75 miles from Fort Worth and has a boutique hotel with 18 rooms on the water’s edge. Attendees can gather for lakeside Texas-meets-Southwestern dining at The Grille or watch the boats go by during happy hour on the patio. When it’s time to get down to business, The West Wing, a newly remodeled corporate retreat center seats up to 60 and has ideal phone systems and audio/visual equipment for product meetings. The country lodge also has a one-mile walking trail, patio with rocking chairs and fire pits ready for late-night gatherings.
Your passion fuels your success. And we’re as dedicated to you as you are to your business.
MassMutual will listen to your needs, seek solutions to your financial challenges and help you plan for what’s ahead.
Jason Bach, CFP® General Agent
MassMutual Dallas-Fort Worth 1200 Summit Ave, Suite 210 Fort Worth, TX 76102 817-529-1212 www.dallas-fortworth.massmutual.com
MassMutual Financial Group refers to Massachusetts Mutual Life Insurance Co. (MassMutual), its affiliated companies and sales representatives. Local sales agencies are not subsidiaries of MassMutual or its affiliated companies. CRN201609-186028
This technologically savvy luggage tag proves you don’t have to sacrifice form for function.
BY KENDALL LOUIS
Nothing ruins a business trip like lost luggage. According to USA Today, around 20 million bags are lost or mishandled a year. Which means, if you travel often enough, it’s bound to happen. Usually, before your bag is even lost, you’re filled with anxiety wondering if it will meet you at your intended destination or if you’re destined to end your trip watching an empty carousel go round and round. Or, worse. You could begin your trip with nothing but the clothes on your back. Many travelers opt to carry on to avoid the unknown. But factors such as big trips, small regional jets and multiple bags can often make it impossible to do so.
Well, maybe it’s time you LoJack your luggage. The CalypsoTag ($169) from European-based CalypsoCrystal is the ideal way to keep a virtual eye on your checked bags. At first glance, the tag looks like a sleek way to identify yourself as the owner of your luggage. But, thanks to some nakedto-the-eye technology, the CalypsoTag serves a much larger purpose. Simply buy the tag, attach it to your bag, download the corresponding app and watch your luggage from your smartphone.
The tag uses technology developed by Chipolo and a low-power Bluetooth chip built inside the tag. It pairs with most smartphones including iOS, Android and
Samsung devices. With a range of 200 feet, the CalypsoTag remembers the last location of your luggage even when it’s out of range. So, when the airline has no idea where your luggage is, you can take matters into your own hands.
A small built-in battery lasts up to six months and can be easily replaced. The technology also allows you to avoid crowding around the carousel, checking bag after bag in hopes of finding yours. Instead, take a seat in baggage claim or make a stop at Starbucks, and your phone will alert you when the bag is nearby. Then make your way to the conveyer belt, spot your attractive tag, pick up your bag and continue on your way.
The beauty of the form in the CalypsoTag starts with carefully selected raw materials and evolving design. Last September, the fashion-forward tech company released the CalypsoCrystal 2016 Collection with luxurious new material that includes customwoven jacquard and leather.
Handmade in Florence, skilled artisans create each piece with extra strong yarn and handpicked premium Italian leather produced exclusively for CalypsoCrystal in Milan, Italy. The timeless pattern comes in four different colors including Zurich Night (black), Paris Glory (orange), Sydney Morning (yellow) and Atlanta Mist (grey).
Such luxury and artisanal attention also translate to exclusivity. Less than 1,000 pieces of each design are made and assigned a serial number, ensuring that only a select few can own any given CalypsoCrystal product.
Available at CalypsoCrystal.com
Five successful Fort Worth businessmen embark on a mission to find the best fried chicken in the city. But, there's one catch. They only have four days to do it.
BY KENDALL LOUIS
Louis Baldwin
Retired CFO of XTO Energy and current owner of Waco
Bend Ranch
Arguably the biggest fried chicken fan of the group, he paid great attention to each chef’s process including preparation, brining, batter and technique.
Steve Humble
Owner of The Squire Shop
Naturally the best dressed, he often arrived at meals in a full suit with a pocket square, and always cleaned his plate.
Jim Dunaway
Retired owner of Dunaway Associates Engineers
The organizer and idea man, he created the grueling and delicious schedule.
Dan Lowrance
Retired President and CEO of SPM Flow Control
A diligent note taker, he was the chicken scratch of the group. He doesn’t recommend 12 fried chicken dinners in four days.
BABE’S CHICKEN DINNER HOUSE
230 North Center St., Arlington BUTTON’S 4701 W. Freeway
DREW’S PLACE 5701 Curzon Ave.
LITTLE RED WASP 808 Main St.
LUCILE’S STATESIDE BISTRO 4700 Camp Bowie Blvd.
MASH’D 2948 Crockett St.
MAX’S WINE DIVE 2421 W. 7th St., Ste. 109
PARIS COFFEE SHOP 704 West Magnolia Ave.
COLONIAL COUNTRY CLUB
3735 Country Club Circle
FORT WORTH CLUB 306 W. 7th St.
SHADY OAKS COUNTRY CLUB
320 Roaring Springs
RIVER CREST COUNTRY CLUB 1501 Western Ave.
When this power five reached out with the idea to evaluate the best fried chicken in Fort Worth, we should have known that they meant business. After all, each of their resumes alone is nothing short of impressive. But, the five of them combined? It’s the Who’s Who of the Fort Worth oil and gas world, including the man that keeps them so welldressed.
To start things off, they put it simply. “We all like fried chicken,” said Jim Dunaway, the de facto leader of the taste testers. In his role, Dunaway put together a rigid and well-researched schedule. But, hey, business is business, right?
“We wanted to also make it a ‘challenge,’ so we decided to eat at these 12 places in four days, 96 hours,” Dunaway added. So committed to naming a winner, there was one day in which the team had four chicken dinners within 24 hours.
The five Fort Worth friends are all natives of the city, save for Steve Humble, who made his way here in the early 70s from
James Taylor
Retired owner of Taylor Distributing
A stomach of steel, he ate chicken fried steak the night after the challenge concluded.
Oklahoma, where he says he was raised on his grandma’s fried chicken. All Southside and West Side residents, their knowledge and memories of Fort Worth run deep. So, it was no surprise conversation often turned to “old Fort Worth” and some historic restaurants that are no longer. Their childhood memories brought them back to places like Massey’s, a Fort Worth icon where the Texas House of Representatives officially declared the signature dish “the greatest chicken fried steak served in Cowtown.” Holloway’s Fried Chicken and Youngbloods also made the conversation. I joined the crew at Drew’s on the second day, when morale was still high and stomachs hungry. After eavesdropping on their rapport and Fort Worth knowledge, it was clear the fried chicken fate was in good hands.
THE RULES The team decided that all chicken must be fried, bone-in and skin-on. It was also required that the fried chicken be a regular menu item, not a special or something cooked just for the sake of research. Drive-through restaurants
Knowing that Fort Worth’s private club scene is also in on the fried chicken game, the team created a subcategory for “Best Fried Chicken from a Private Club.” Colonial Country Club was the clear and unanimous winner.
Dr. Darrin D'Agostino of The UNT Health Science Center ran a CardioIQ test, courtesy of Quest Diagnostics, on four of the participants before and after the chicken challenge. The result showed that all but one participant saw a major increase in inflammatory cells that drive heart disease. "This really highlighted that what we eat can make an immediate impact on us," said Dr. D'Agostino. Good news for the taste testers: he expects a return to a normal diet will fix the levels.
were not eligible. The result was a list of 12 restaurants, although only 11 were eligible for top honors after a visit to Mash’d revealed that its chicken was indeed skin-on but not bone-in. Rules are rules. Four of the spots on the list fell into a subcategory, “Best Fried Chicken from a Private Club.”
When their mouths weren’t full, the “fried chicken guys” discussed each meal at length. Points of topic were the crust, tenderness, seasoning, greasiness, moistness, portion size, presentation, side dishes, biscuits, bread and price. When it came down to it, the guys had to just consider the chicken. “After all, what really makes any difference other than the chicken,” said Dunaway.
Ever the curious crew, the team spoke to each chef during the chicken tasting, inquiring about how the bird was prepared and often talking their way into a behind-the-scenes kitchen tour. Their findings revealed that each place has its own distinct style,
method and recipe.
TEM After the 12 meals were complete, each judge ranked the fried chicken from No. 1 to No. 8 in the regular category and No. 1 to No. 4 in the private club category. “We were all just really impressed with how good it was, and we didn’t realize how difficult of a task it was going to be to select the place,” said Dan Lowrance. But nonetheless, it was
finally time to count their chickens.
THE WINNER With four of five firstplace votes, Drew’s Place was the No. 1 winner for Best Fried Chicken in Fort Worth. The participants measured all the four top-scoring restaurants — Drew’s, Buttons, Paris Coffee Shop and Babe’s — very closely. “We didn’t have any bad chicken; it’s just that some were better than others,” said Jim Dunaway.
BEST MASHED POTATOES
Colonial Country Club
BEST GREEN BEANS
Babe’s Chicken
Dinner House
BEST GRAVY
Little Red Wasp and Drew’s Place
BEST DESSERT
Babe’s Chicken
Dinner House and Paris Coffee Shop
BEST AMBIENCE
Babe’s Chicken
Dinner House
BEST NASHVILLE HOT CHICKEN
Little Red Wasp
BEST PLUCK FOR THE BUCK
Drew’s Place
Casey Borgers
NO ONE KNOWS FORT WORTH LIKE WE DO.
See Fort Worth real estate through the eyes of three natives — each with more than 20 years’ experience. Discover a unique combination of market knowledge and personal relationships that can make all the difference in finding sites and making deals. And no other team works harder to help your business thrive.
When it matters most, trust PIPER to deliver more.
BY LEXI JOHNSON
Aprofessor at Purdue University recently found that the number of calories Americans consume as snacks has increased to 580 calories per day, which is roughly the equivalent of a fourth meal. But, when you’re stuck at your desk and can’t escape for a healthy green alternative, you’re often left with no other choice but to betray your recently declared diet. Instead of heading to the office snack machine, usually filled with nothing but bad choices, make the most out of your bite break and indulge in any of the five options below. Stick to one of these, and you can rack up on snacks instead of calories.
1). Alchemy Pops These frozen pops are a refreshing alternative compared to an everyday office snack. Created by a TCU grad, Alchemy Pops are made from only in-season ingredients locally sourced from Texas farmers. No artificial flavors, colors or preservatives are used to make the pops, and they are sweetened with organic cane sugar and local honey. The frozen treats are estimated to be less than 300 calories per pop. Flavors change by season and include inventive twists like honey lavender, cold brew coffee + cream and grapefruit hibiscus. Available at Pearl Snap Kolaches in Fort Worth and Farm to Fork Foods in Arlington. alchemypops.com
2). Hail Merry Grawnola Dallasbased Grawnola is a versatile snack that can be taken on the go or mixed with a cup of Greek yogurt. Created by founder Susan O’Brien, a raw foods expert, these 3.5-ounce packets contain only 190 calories per serving and are gluten free and grain
free. Composed of wholesome ingredients like almonds, orange juice, dried apples and pecans, the ingredients in grawnola are dehydrated instead of roasted or baked in order to reserve essential nutrients. Available at Central Market and Sunflower Shoppe. hailmerry.com
3). Justin’s Classic Almond Butter Packets These small 1.15-ounce, on-thego squeeze packs make healthy snacking easy whether you’re riding your bike on the Trinity Trails or you just can’t leave your desk. Made with California almonds, the 190-calorie packet fits in your pocket and is tasty by itself or paired with fresh banana or apple slices. Founder Justin Gold started the company in his home kitchen in 2004 and has since gone on to be recognized as Entrepreneur of the Year by Ernst & Young. Available at The Fresh Market and Central Market. justins.com
4). The Good Bean Roasted Chickpeas One serving of these crunchy and crispy chickpeas has as much protein as almonds, the fiber equivalent to two cups of broccoli and the folate equivalent to three cups of spinach. To top it off, there are no artificial ingredients hiding in the nutrition facts, and there are seven different flavors available to satisfy any craving, sweet or salty. At 120 calories per serving, feel free to have a bag…or two. Available at Sprouts. thegoodbean.com
5). Wholly Guacamole Minis Wholly
Guacamole started when a DFW-based restaurant owner decided to implement a special technology to create a prepackaged guacamole without additives and preservatives. Now, the Saginaw company has turned the classic dip into a filling on-thego snack. At 100 calories per mini pack, these vegan and kosher individual servings are made with hand-scooped Haas avocados. Peel the lid back for a small squeeze, or open it all the way to enjoy the whole snack. Available at Tom Thumb and Albertsons. eatwholly.com
Your smile is more than just a response; it’s the symbol of your personality and the centerpiece to your overall look. As a pioneer in the field of cosmetic dentistry, Dr. Mitch Conditt combines technical skill with artistic vision to create a smile that will represent who you are and fit your lifestyle and aspirations.
An instructor to thousands of dentists from all over the world, Dr. Conditt takes a great deal of pride in having built a practice where patients—like you—feel rejuvenated simply because of the amount of care and experience that has been invested in their personal smile needs.
Contact Dr. Conditt’s practice today to schedule your smile consultation. We are ready to help you start the journey to a smile that is unlike any other.
A young music licensing company grows an innovative business amid tasteful design, very few walls and wide open spaces.
BY KENDALL LOUIS / PHOTOGRAPHY BY MAX KUTZ
Adrive to the Musicbed offices in North Fort Worth might lead you to believe you will land in the monotony of suburbia. But, quite the contrary – a step inside the two-story warehouse, just west of Alliance Town Center, reveals you are actually in the middle of a creative paradise…and maybe a few-dozen hipsters.
While near suburbia might not immediately come to mind as the proper location for a fast-growing music licensing company that works with movie studios, up-and-coming artists and international ad agencies, the space was just what Musicbed needed when it moved from a Near Southside office location a year ago.
Fort Worth natives and Southwest High School graduates Daniel McCarthy, 29, and Nic Carfa, 30, founded Musicbed in 2011. The
Divorce can lead to some ugly vows. But, like any other important business dealing, your due diligence can protect you throughout the process. Knowing the complexities of prenuptial agreements, separate and community property and ensuring a positive relationship with your children – these are the essentials we bring to the transaction. The lawyers at Nunneley Family Law will represent you with business acumen and insight so you can vow to reach the result that’s fair to everyone, and plan for what comes next.
nunneleyfamilylaw.com
817.577.2332 Hurst, Texas
Barbara Nunneley is a fellow in the American Academy of Matrimonial Lawyers and a Certified Specialist in Family Law by the Texas Board of Legal Specialization.
full-service licensing platform provides music, from independent artists, for anything that has music behind a motion picture. That includes everything from wedding videos to national commercials and films.
“We work with major advertising agencies to find and place music in their advertising,” said Josh Read, vice president of marketing.
Chances are that you hear music licensed by Musicbed regularly without even knowing it. Its client list has grown to more than 170,000 and touts major players including Netflix, Nike and ABC. The duo started off working with 35 musicians and has since expanded to the tune of more than 700 artists. The Musicbed selection is large, but the team is picky about the music it selects. It receives more than 50 submissions a day, but only accept less than 1 percent of musicians.
It was this growth that lead to a move for the Musicbed headquarters. The team looked closer to town, but eventually landed on something that could only be found on the outskirts - a 16,000-square-foot warehouse sitting on 9 acres. The industrial-style warehouse was no problem for CEO Daniel McCarthy. A creative with a design background, he designed and decorated virtually every corner, transforming the empty warehouse into an imaginative space, thanks to a sizable three-month renovation.
A palette of grey and white sets the stage for levels of creativity. Polished concrete floors and stark walls create a canvas for neutral furnishings highlighted by brown leather and other modern, yet understated masculine touches. McCarthy stocked the office with mostly
Park Place presents the state-of-the-art Mercedes-Benz S-Class. Discover how this luxury sedan leads the way with an industry-first Magic Body Control suspension, smooth 7-speed automatic transmission and the largest rear backrest recline angle in its segment. And where better to experience the S-Class than at a dealership that sets standards of its own: Park Place.
choice pieces from Restoration Hardware and West Elm. Open spaces and glass doors cultivate a collaborative work environment.
Multiple common areas also blur the lines of work and play for the more than 40 employees. The kitchen has espresso machines, an oversized island and a large dining table. It overlooks a patio ripe for happy hours with benches and umbrellas.
And then you reach the warehouse behind Musicbed headquarters - a studio with walls and floors painted black. “The goal was to create the best sounding music venue in the Fort Worth area,” said Read.
That’s no small order for a city with spots like Lola’s, Live Oak and Shipping & Receiving. But, the Musicbed team worked toward this goal with nearly $200,000 worth of production-quality equipment provided by Musicbed session sponsors including Rode Microphones, Guitar Center, Presonus Speakers and Blackmagic Design.
The venue is used to host the site’s best-selling bands once a month. The shows are free, and Musicbed brings in food trucks, attracting up to 200 people a show. Each session is filmed and then turned into curated content for the Musicbed website, which boasts between 150,000 and 200,000 visitors a month.
When asked why Fort Worth is the right spot for Musicbed, the answer is simple.
“The option is to move to Los Angeles or New York. But, as soon as we did that, we would be much more location focused. Here we are able to create what we want because we aren’t influenced by the Hollywood scene,” said Josh.
Also operating out of the sleek office is a Musicbed spinoff company, Filmsupply. It offers a similar service, licensing stock video footage with a library of clips from filmmakers.
As for what they will do with their 9 acres of space? Read has an idea. “Probably expand and build more offices.”
That will be a sight to see and hear.
You don’t need to wait until the beginning or the end of the year for a financial review, especially if your investment mix, risk tolerance, or time horizon has changed recently. When meeting with your financial advisor, consider whether the following areas of your life are on track.
Retirement Planning – Have you determined approximately when you expect to retire and how much you need to accumulate as a nest egg? If your retirement is close at hand or if you are already retired, your financial advisor can help you calculate how much you can withdraw for annual living expenses without depleting your assets.
Diversification – During the past several years, investors have experienced considerable volatility as many types of stocks declined and rose in sync. But longer term, owning a mix of different types of investments may help to stabilize your portfolio when one area of the financial markets experiences a downturn.
Risk Tolerance – How do you react when a portion of your portfolio declines in value? Your financial advisor can help you craft a mix of stock, bond, and other investments (known as asset allocation) that suits your feelings about risk and your investment horizon.* Remember that even if you are a conservative investor, earning a rate of return that exceeds the rate of inflation is critical when pursuing long-term goals.
Net Worth – Have your total assets minus total liabilities (such as loans and credit card debt) gone up or down during the past year? Many investors may be facing a smaller net worth because of declines in the value of stock and real estate holdings. If this describes you, don’t despair. Consider whether you can start saving more in an attempt to rebuild your assets. Or you may want to review your asset allocation to determine whether an adjustment could help you build wealth over the long term.
Estate Planning – Do you have a will? Have you reviewed your beneficiary designations? Have you considered the tax implications of transferring your estate to your heirs? If your estate plan was prepared some years ago, it may be time for a review to make sure it is appropriate for your current circumstances.
Everyone’s financial life is unique, and you may face other considerations that are important in the short term. By taking time to review your finances throughout the year, you may ultimately find yourself further along in pursuing long-term goals.
Contact one of our Financial Advisors for a No-Obligation Review and Consultation.
Oil and gas man Dick Lowe, “never a doubt” in his mind, enjoying life after financial bust and comeback.
BY SCOTT NISHIMURA / PHOTOGRAPHY BY ALEX LEPE
There’s a framed piece of art – a gift from the city’s exclusive Exchange Club – that hangs in Dick Lowe’s home office on the west side of Fort Worth. “How a Phoenix Rises from the Ashes,” its title says, but Phoenix was crossed out by the artist and replaced with “Horned Frog.” It shows a caricature of a triumphant Lowe, the oil and gas wildcatter and TCU booster who finally struck it rich and stayed rich, dropping cash on the university and another favorite charity amid the ashes of two plane wrecks symbolizing a pair of ventures that busted wildly in the late 1980s.
That’s fortunately the last time Lowe, now 87, was busted – he was in his 60s then, if you’re doing the math - and the last time he had to deploy what he says has been a simple strategy for those times he’s been dead broke. “Quit drinking, quit eating bad food, exercise rigorously, walk every day, think about nothing but making money.”
“The only stress I had was I was broke; I didn’t have other forces working against me,” says Lowe, a direct, fearless and persistent negotiator who cashed in twice with partner Hunter Enis and others on the Barnett Shale for a total $1 billion in sales in the last decade. Lowe had a minority interest in a third $225 million sale of Barnett Shale assets that were assembled by his son, Brad Cunningham. “People who go broke and start feeling sorry for themselves are screwed,” Lowe says.
It turns out nothing keeps Dick Lowe down. Not even the rogue golf cart that tipped over at the Shady Oaks Country Club in midJanuary while Lowe was driving it and trying to catch up to his group, sending him airborne and falling on top of him. (Cue the artist again.) Lowe, with just a cut lip and bruised thigh, was back at things and headed out of the country several days later for a week-long vacation in Costa Rica. “Dick’s doing an interview on how to drive a golf cart,” his wife of 30 years, Mary, joked a day before they left for Costa Rica. “Did you hear about Dick’s accident?” Enis, shaking with laughter, said at the start of an interview with FW Inc. about his partner.
The last time Lowe was broke, it was just a few years after he had taken the fall for a band of unnamed TCU boosters who got caught making payments to football recruits. Lowe says he took a 20-year break from being intimately involved in the program “to just be a fan.” In 2011, he and Enis cut a $15 million check for the renovation of TCU’s Amon Carter Stadium.
and royalty interests, but not drilling any wells. And the company has no debt. The market will “start going up again, maybe this summer,” Lowe says. “All you’ve got to have is the demand curve. The supply curve has gotten a lot better.”
Larry Brogdon, chairman of the TCU Energy Institute and the geologist who steered Lowe and Enis toward the Barnett Shale and became their partner at Four Sevens, tells his students Dick Lowe is “like a rubber ducky. You turn him over and put him under, and he pops back up. He’s the most persistent guy I’ve ever seen. And optimistic. Ultra-optimistic.”
LOWE’S START: AGE 11 Ask Lowe how he got his start in the industry, and he remembers it like it was yesterday. He grew up in Wichita Falls, and his father was a landman and the family had very little money, mostly, Lowe says, because his dad would deal only with honest oilmen. “My career started when I was 11,” Lowe says. “The way it started was I just couldn’t believe the South lost the Civil War.”
So he rode his bike to the library and read up on the war. The librarian took an interest in him, he says, and showed him how to use criss-cross directories, which matched addresses of homes to the occupations of people living in them. “We lived around a lot of really expensive houses, and I was just determined to figure out who owned the most expensive homes,” Lowe says. Using the directories, he found “the vast majority were in the oil and gas business.”
“Mary and I had $3,000, in a shoebox. No car, no credit cards, no home, no income. We had nothing. That’s when Hunter called.” – Dick Lowe
The last time Lowe was broke, he and his wife completed the last of a series of moves into smaller homes, this time into a little rent house off of White Settlement Road. Mary had sold her engagement ring, and Dick Lowe arrived home one day to find a friend testing the StairMaster in the couple’s garage. “Mary was keeping us in money by selling furniture and everything,” Lowe says.
These days, there are fewer stresses. Four Sevens Oil Co., the Fort Worth firm founded in 1990 by Lowe and Enis, both former Frog football players, is on the sidelines, with energy prices depressed and potentially headed lower. The firm is buying mineral rights
Lowe asked his father how to get into oil and gas. “He told me to go to college and get a geology degree, get a job with a big company, then go out on your own,” Lowe says. “He said ‘I want you to go to college, but I want you to know right now I can’t afford to send you.’ ”
Lowe then turned to football, because he heard there were college scholarship opportunities for kids who played football. But he was undersized, and he didn’t get much opportunity to play early on in high school, he says. “The first three years I played football, I didn’t get in the game,” he says.
“I had a coach who tried to get me to quit – for three years.” Then, Lowe says he learned how to hit with his elbows. “I broke my friend’s nose,” he says. “Then they started paying attention to me.”
Lowe got a scholarship offer from the legendary TCU coach Dutch Meyer, whose Horned Frogs won the national championship in 1938. Lowe had paid an official visit to Texas A&M and had several more visits to go, he says, when he arrived for a visit to TCU. Meyer told Lowe he needed to decide immediately. “Well, how long do I have before I have to make up my mind?” Lowe says he asked Meyer. “He says, ‘you’ve got 30 seconds.’ ” Lowe said yes.
At TCU, Lowe played guard for the football team and majored in geology, where he got impatient and interrupted a lecture. “I said, ‘I want to know if we’re ever going to learn anything about how to find
oil and gas,’ ” he says. The professor made Lowe stay after class for the last six weeks of school under threat of not passing him and allowing him to receive a degree, Lowe says. “Then when I went to look for a job, he gave me a negative recommendation.”
With a friend’s help, Lowe got his first job in oil and gas, as a mud logger in Sweetwater, analyzing samples of rock for oil. Nine months later, Lowe heard about another job in Graham, and he hitchhiked there, getting a job as a wellsite geologist. Impatient with periods of inactivity, Lowe told his boss he wanted to develop prospects, and lease them and drill the sites. His boss approved, and Lowe, still in his mid-20s, hit the courthouse, where the staff showed him how to search records for property ownership. One of the employees even recognized two of the owners he was researching and called and introduced him.
GOING INDEPENDENT At 29, Lowe went independent, moving to Fort Worth about the same time. “I quit a good job,” he says. “But if you’re an employee, you make a salary. I wanted to make equity.”
One thing he hadn’t considered before he resigned: “I didn’t realize you needed a capital source. I didn’t have one. So I just started coldcalling people. Doctors, dentists, bricklayers, just anybody I knew who had money.”
One of Lowe’s hallmarks: “I was totally sincere and determined,” he says. “If they don’t buy it, at least they like your attitude.”
But success didn’t come immediately. “I drilled 16 dry holes,” over four to five years, Lowe says. “I starved to death for years and years and years.”
Then, opportunity struck in a big play discovered in New Mexico and West Texas. The acreage was all leased, but Mobil was farming a site out, and Lowe had a friend in oil and gas who did a report on the prospects for the field. Lowe traded him the engineering and tried unsuccessfully to raise money in Fort Worth and Midland.
Lowe flew to New York, where a friend who worked for a chemical company connected him to his boss, who took an interest and turned Lowe onto several other prospects, whom Lowe cold-called. It took six weeks, but he raised the money. Lowe offered one well at a time and ended up owning a large chunk of the deals as three quarters of the investors opted out down the line.
This time, Lowe says he drilled 32 straight good wells. A company offered to buy them, and Lowe accepted. His share, at age 35: about $1 million. “I was a millionaire for the first time,” Lowe says.
One of Lowe’s next ventures was the purchase, with borrowed money, of Tenneco acreage on the W.T. Waggoner Ranch in Wichita County. The deal started to go sour, and
a friend suggested Lowe go public. Lowe had started a company in Canada, and he contacted his manager there, who connected him to a group of Canadian investors. The group bought the deal, then backed out, forcing Lowe to have to fly to Canada and have to re-seal the deal over dinner and drinks, he says.
American Quasar went public, its stock eventually rising to $33 per share from 50 cents as the company drilled wells in the United States and Canada, including in a big Utah discovery. Lowe’s stake in the company was worth $77 million at its peak, and he borrowed to buy a home and a ranch.
Then American Quasar drilled a well into a giant gas discovery in British Columbia, 90 miles from a pipeline in the mountains. American Quasar struck a deal with British Columbia Petroleum Corp. to build a line connecting American Quasar to the pipeline, but only if American Quasar built six wells, a landing strip and roads, Lowe says.
With an agreement to sell the gas in California, Lowe assembled $60 million in debt from a consortium of banks. “We are ready to go,” he says. Then Canada slapped a punitive tariff on gas exiting the country. “We were stuck,” and American Quasar’s value and Lowe’s holdings took a beating, he says. “We were broke,” he says. “But we had a bunch of acreage. If we wildcatted that and were successful, we were set.”
A subsequent financial deal to save American Quasar fell apart, and then a friend referred him to the financier Richard Rainwater, who was interested, but didn’t want Lowe involved in the entity because of the potential stigma, Lowe says. “I told him, ‘I don’t care if you make me janitor; I want equity,’ ” Lowe says.
The company was restructured as Wolverine in 1988, but it went
bad, too, Lowe says. “I owed $11 million, and I was broke,” Lowe says. Besides the move to a rent home and the sale of various other assets, Lowe’s car was repossessed. “I called the bank and said, ‘Listen, you’ve repossessed this car; how do you want to come get it?’ ” he says. The bank asked Lowe to drive the car to the bank. He did, but had no way to get home. “I had to call a friend for a ride,” he says. Lowe says he’d whittled his debt to $1.25 million. But in a dispute with his bank, he ended up filing for bankruptcy.
“Mary and I had $3,000, in a shoebox,” Lowe says. “No car, no credit cards, no home, no income. We had nothing. That’s when Hunter called.”
BARNETT SHALE CALLS Enis, who played quarterback at TCU for Coach Abe Martin and then went pro, had gone into oil and gas in 1978 when he was in his early 40s and was looking for a partner. Lowe told Enis he was broke. “I said, ‘No, you’re like getting the No. 1 draft choice with no bonus,’ ” Enis says.
Lowe, Enis knew, was a good oilman with experience and connections. The pairing matched up Lowe’s skills as a dealmaker with Enis’s business sense, Brogdon, the geologist, says. “I’ve seen Dick get so mad” during a negotiation, Brogdon says. “And it was all for show. He’d be giving the attorneys a mouthful, and then he’d walk by and wink at me.”
their wives, Mary and Shirley
ly,” Brogdon says. “Leases were $150 an acre,” later rising to $27,000 an acre during the peak. “It was crazy.”
Enis and Lowe tracked the progress of Mitchell Energy and its billionaire leader George Mitchell, who figured out how to use “slick water” to fracture the shale and get to the gas, and then modeled Four Sevens’ approach after that. Mitchell also pioneered the drilling of horizontal wells in the Barnett Shale, and Four Sevens followed. “All of the information is public, so we just got the public information and did what they did,” Enis says. Higher gas prices and cheaper costs of extracting the gas meant “all of sudden, it made it economic,” and allowed independents like Four Sevens to get in, Brogdon says.
Brad Cunningham, Mary Lowe’s son from a previous marriage, ran the Four Sevens land department, which went from Cunningham and three landmen to 150 landmen at the peak. Many were exTCU athletes. “We wanted people who had a real strong work ethic, and we wanted people who were competitive,” Brogdon says.
XTO Energy called at one point and asked to visit and examine Four Sevens’ production, Lowe says. XTO offered $140 million, which Lowe declined. “How much money do you need?” Enis, using an expletive, asked Lowe, Lowe recalls.
XTO called back and offered $145 million for 26,000 acres, which Lowe declined, Lowe says. XTO then offered $155 million. In a meeting, “Hunter said, ‘we’ll take it!’ before I could say $165 million,” Lowe says. That deal closed in 2004.
“People who go broke and start feeling sorry for themselves are screwed.” – Dick Lowe
Four Sevens continued to assemble assets in the Barnett Shale, and then took the package to market again. This time, Chesapeake Energy was the lone interested buyer and offered $825 million. “I said, ‘That’s nice, but that won’t buy it,’ ” Lowe says. Chesapeake returned and offered $845 million, which Four Sevens accepted. That 39,000-acre deal closed in 2006, and Four Sevens shared the proceeds with its 50-percent partner Sinclair Oil.
Lowe and Enis formed Four Sevens and started drilling in Jack County with nothing but a handshake deal, an arrangement they say remains today, to the consternation of the legal team. “This is our contract,” Enis says, showing a color photograph of him and Lowe shaking hands. “If you’re worth a damn, that’s all you need,” says Lowe, who, Enis notes, also eschews computers and smartphones in favor of a yellow legal pad.
The 1990s were productive, even with outmoded technology in vertical wells. Lowe had borrowed $1 million from Enis to get into Four Sevens, and he repaid that after winning a lawsuit against his bank that came out of the bankruptcy.
Then in the early 2000s, the Barnett Shale – the huge natural gas formation - happened to Four Sevens. Enis and Lowe got interested as gas prices and technology improved, assembling acreage and leases and drilling its first wells beginning in 2002.
Four Sevens got in on the Barnett Shale early. “We were really ear-
There was very little basis for the $845 million number from Four Sevens’ side, Enis says. “$845 million plus $155 million is a billion,” Enis says. “That’s very scientific, isn’t it?”
Four Sevens did its last big sale in 2008, when it sold a package to Chesapeake for $225 million, with Cunningham having the biggest interest.
Cunningham, 50 today, had flown corporate jets for Justin Industries when he got interested in oil and gas and joining Four Sevens. When he asked Lowe for a job, “Dick said, ‘You got any money? You’re going to have work for free for one year,’ ” Cunningham recalls. Cunningham, then 30, worked the one year in the field in Jack County, logging wells, running pipe, and starting wells. “After a year, I was out of money,” says Cunningham, who asked for a job again. Lowe, as he had promised a year earlier, let Enis make the decision. Enis hired Cunningham, who later became partner.
After the 2006 sale, Cunningham went to Lowe and Enis and
asked them to stay in the game. Lowe recommended securing a pipeline right-of-way and signing up drill sites in Fort Worth. Do that, and “you’ve captured all the gas,” Lowe told Cunningham, who subsequently led the leasing of 7,000 acres. In 2008, Cunningham, tired of the messy politics that came with leasing in the city, decided he wanted to take the package to market. Lowe recommended calling Chesapeake. Natural gas prices peaked in the spring of 2008. “Brad never drilled a well,” Lowe says, with pride. “He’s a lot smarter than Hunter and I.”
Four Sevens can still blow a wad of money. Early on, it sold a package of Parker County leases for $500,000, keeping a 12.5 percent back-end interest. That company sold, and Lowe negotiated a $54 million price for its interest in the Parker County assets. The money didn’t last. “We drilled a bunch of wells in Lubbock County,” Lowe says. “No good.”
ON THE SIDELINES Today, the pace is decidedly more relaxed at Four Sevens. The principals meet daily to discuss trends, examine logs, and decide whether to pursue any acquisitions, they say. The group doesn’t get too wrapped up in when oil prices might come back.
“I think we’ll start to see prices start to come back by the end of ’16, beginning of ’17,” Cunningham says. “But that’s just my opinion, and it’s guaranteed to be wrong.”
The market presents strong opportunities for lean companies with no debt and “a little bit of cash,” Enis says. “There’s billions of dollars on the sidelines waiting to get into oil and gas. If we were young, we’d be back in the middle of this right now.”
Today, Dick and Mary Lowe live just a few miles away from, but decidedly more comfortably than, the rent home they once occupied. Their impressive home has a pool and a massive man cave that includes bar, shuffleboard and pool tables, juke box, collection of artwork and TCU memorabilia, and a bathroom with urinal. More than enough room to entertain friends and the Lowes’ family: three sons including Chad Cunningham and Burk Lowe, five grandchildren, and one great-grandchild.
Lowe routinely lifts weights and likes to play golf in the afternoons twice a week with a regular group at Shady Oaks, near his home. During a two-month vacation this summer at Ruidoso in New Mexico, he played golf nearly every day, hurting himself in the process. He jokes about how most of his longtime friends have died. Still, even if he needs a golf partner, there are some people Lowe won’t play with. “He won’t play with me unless he’s wearing a helmet,” says Brogdon, who admits to having once hit a ball backwards and being very susceptible to a dramatic fade.
And Lowe freely indulges in his TCU passion, attending all football games at home and on the road, often sitting with the athletic
director Chris Del Conte in the visitor’s AD box during road games. Lowe and Enis were one of six founding $15 million donors toward the Amon Carter Stadium renovations. Both recall a visit Del Conte paid to pitch them on becoming founding contributors.
Lowe and Enis both say they had agreed to give a total $5 million, and told that to Del Conte when he showed up. “I was expecting a big hug,” Lowe recalls. “He says, ‘Nooooo, I can’t take $5 million from you boys; I need 15.’ ” Enis recalls the conversation the same way. “He wound up getting $15 million,” Enis says. Del Conte, through a spokesman, said he doesn’t recall that specific exchange.
Lowe says he wasn't forced to disassociate himself from the football program after the recruiting fiasco, but he took a long break anyway.
“What I did was stupid, it was wrong, it was ridiculous, and it was goofy, and it wasn’t really me,” says Lowe, who never identified any of the other boosters involved in the infractions, even though he says the chancellor Bill Tucker pressed him for the information.
Through all of his ups and downs, Lowe says his wife Mary, a longtime benefactor of Fort Worth’s Presbyterian Night Shelter, the other charity depicted in the Lowe caricature, stuck it out, remembering people of significantly less fortune. Even though Dick Lowe was busted at an age when most people are contemplating when to start their Social Security checks, Lowe says he knew he’d be able to mount a comeback. “Never a doubt in my mind,” he says.
There was no retrieving his wife’s engagement ring. “But she got one as similar to it as I could find,” he says.
BY SCOTT NISHIMURA / PHOTOGRAPHY BY ALEX LEPE
THE FIRST THING HE SAW, PRETLOW RIDDICK SAYS, WAS THE SCENIC BLUFF OFF OF OAKHURST SCENIC DRIVE AND ITS VIEWS OF DOWNTOWN ACROSS THE TRINITY RIVER. Riddick, one of the latest Dallas real estate guys to traipse over to Fort Worth in the hunt for opportunities, saw past the worn post-World War II-era townhome development on the bluff site that was for sale, and instead soaked in the easy access to the central business district, Riverside Park, bike trails, and hilly sites with trees.
Then Riddick found the nearby Race Street commercial district to the east in the city’s Six Points Urban Village - a triangle bordered by East Belknap, North Sylvania, and Race streets, filled with sleepy storefronts and vacant lots, and close to established neighborhoods like Oakhurst, Scenic Bluff, Sylvan West, and Carter-Riverside, where millennials and others have been buying homes, pushing up valuations. Riddick, whose Criterion Development Partners of Dallas specializes in apartment and mixed-use projects in neighborhoods close to mass transit, employment centers, and popular amenities, smelled opportunity (even though Six Points’ only transit is bus lines), and not just in the Fuzzy’s Tacos building he ended up buying.
“This was like a little mini-downtown for the neighborhood,” he said during a recent interview at the Fuzzy’s, which was busy with lunchtime diners, including loyalists who make the short drive out from downtown. “All we need to do is introduce quality multi-family housing.”
If Race Street is a jigsaw puzzle, Riddick, through Criterion, has busied himself in the last two years trying to buy as many pieces as he
can, largely putting the property under contract before the acquisitions surfaced publicly. Including the Scenic Bluff site, Criterion entities have purchased more than 30 pieces on the bluff, along Race Street, and inside the Six Points triangle, according to property records. Riddick, who declines to discuss how much property he owns in district and what he has under contract, also has several properties in the Race Street area under contract to buy from Flora Brewer, the longtime Fort Worth real estate owner who’s most notably been selling her holdings in the city’s East Lancaster homeless corridor.
Riddick, in the interview, says he plans a 276-unit, high-end multifamily community on the bluff property, with construction starting this year and occupancy expected in early 2017. Next to the apartments, Criterion plans a 40-60-lot townhome, courtyard home, and single-family development on the northern end of the property closest to the Charleston Homeowner Association gated community. Criterion hopes to reach agreement with a single-family builder early this year, Riddick said. He expects the homes to be 1,800-2,800 square feet in size, and sell for between $275,000 and $400,000.
“After the first-phase apartments, the focus will turn to Race Street from there,” Riddick said. On about 2.75 acres inside the Six Points triangle, Riddick said he plans a mixed-use development including 200 apartments and ground-floor commercial and live-work spaces. The area generally is bounded by Race, Retta, Plumwood, and Blandin streets, although Riddick said he doesn’t own or control every piece in that rectangle.
Riddick has also moved to put retail, restaurant and office tenants in his commercial spaces along Race Street. Recent move-ins include
the Gypsy Scoops ice cream shop; 97w architects, whose principals moved out of their homes and are now working on various Race Street projects for Riddick; Kwame Baah, a shoe designer whose owner manufactures in Ghana; the Creativity and Wellness Center for art classes; the home offices of Kincaid’s Hamburgers; and other office tenants. Coming early this year, Riddick said: a pizza restaurant from the owners of the Dino’s Live sports bar on the street. Dino’s owners declined requests for an interview with FW Inc.
Riddick is actively on the hunt for other tenants. He has as many as four restaurant spaces available and is looking first for a breakfast joint. He wants to recruit a bike shop and an entrepreneur willing to open a “co-work” space like one in Dallas’ Gaston Yard, renting space to creatives, salespeople or entrepreneurs. His Race Street spaces, about 25 percent occupied when he took them under control, are now about 60 percent full, Riddick said.
even its denizens aren’t sure what to call it. It’s officially part of the Six Points village, but it’s also commonly referred to as Oakhurst and Riverside, and the commercial district as Race Street. Riverside Arts District, reflecting the area’s eclectic, artsy color, is another possibility. And now, River East has bubbled up as a potential brand for the whole, promulgated by Riddick and others.
Criterion’s plans for the neighborhood dovetail with a city-planned $4 million overhaul of the Race Street segment between Oakhurst Scenic and Belknap, expected in two phases beginning later this year. The improvements will include construction of wide sidewalks that allow businesses like restaurants to establish street-front patios; reverse-angled parking; pedestrian lighting; bike lanes; landscaping; decorative pavement; street furniture; and public art.
One of the more interesting spaces available: an old, fire-damaged art deco post office that Riddick bought. Riddick said he first considered tearing it down, but then decided to demolish only the wrecked roof and retain the walls, creating a compound with an enclosed rear space. Riddick is marketing the property as a restaurant, with an outdoor market area. The building has been hosting weekend spring, summer and fall markets, and Riddick says he’s even taken inquiries for rental as a wedding venue.
One of Race Street’s biggest draws is its compact, walkable and bikeable size. “It’s a very concentrated area,” he said. “It’s not spread out over several miles or several streets. We want this to be a place where the surrounding communities will visit on a regular basis.”
The entire area – from Riverside Park to the Six Points intersection, with Race Street in between - is a blank canvas, so much so that
Some prospective tenants have asked about the schedule for the street improvements, indicating they may want to wait for the street work to occur first. But others have decided to jump at the lower first-in rents. “We’re taking the entrepreneurial firms that can’t afford the Near Southside rates,” said Will Northern, of Northern Realty in Fort Worth, who, with his new commercial agent Michael Karol, are marketing property on the street for Riddick. “The rents are less, and you have a landlord that’s willing to put up money.”
Julie Markley, who opened Gypsy Scoops on Race in September after a search for a brick-and-mortar location to manufacture the ice cream she had been producting in limited quantities in her food truck, is one who jumped. She signed a five-year lease at $1,500 a month for her 1,450-square-foot space. Markley initially intended to open the store for retail hours only when she was there making ice cream, but she says Riddick talked her into regular store hours and she recently expanded her hours until 8 p.m.
The model has been complicated. Markley says foot traffic has been slower than she expected, but transferring production to the store significantly pared her ice cream costs because she was having to substantially supplement her limited production with purchases of much more expensive Blue Bell and Henry’s Homemade. It costs her $20 to make a three-gallon tub of her own ice cream, $27 for a tub of Blue Bell, and $50 for a tub of Henry’s Homemade, which she had to switch to after Blue Bell shut down production because of a listeria problem. Markley, who often caters corporate events, says her food truck can carry up to 22 tubs per gig.
“We can roll through 12 tubs at one gig,” said Markley, who said
she’s now switched entirely to selling her own ice creams, with greater production allowed by the store.
Riddick, who wanted an ice cream parlor and has been pursuing restaurant prospects among Fort Worth’s food truck operators, made it easier for Markley to make the jump, gutting the space, fixing the floor, installing the grease trap, putting in bathrooms, and redoing the electric and plumbing at his expense, Markley said. She focused on the finishes, putting in light fixtures, bar and countertops, and painting the floors.
She estimates she spent only $10,000 of her own money to open the store. Without Riddick’s help, “I don’t think we’d have been able to do it otherwise,” said Markley, 40, an Army brat and University of Georgia-educated business major who once worked for RadioShack and whose husband is a federal fish and wildlife agent.
Riddick has been quoting retail rents of $12-$18 per square foot and office rents of $12, and offering tenant improvement money to his recruits. Markley said her $1,500 rent compares to a $2,500$3,000 range she saw in some of Fort Worth’s hot districts like the Near Southside.
The activity has generated a lot of tire-kickers. The 97w firm, headed by architects Steven Halliday and Jason Eggenburger, has done about 20 test fits for prospective tenants, including a coffee shop, tea shop, bike store, daycare, farmers market and restaurant in the post office, and other restaurants, Halliday and Eggenburger said. The firm, which has done several projects for developers Will Churchill and Corrie Watson on the Near Southside including the Cartan’s Shoes makeover, The Space event venue and the incoming Heim Barbecue and Gus’s World Famous Fried Chicken restaurants, also did the Gypsy Scoops project and a retail and and office project for Riddick on Race.
Halliday and Eggenburger, who moved onto the street a year ago, say they field questions about street activity and crime from prospective tenants. “When you leave here at night, it dies down,” Eggenburger says. A fatal shooting occurred at a motorcycle bar on Race Street in 2014, but that bar is now gone and Riddick has purchased the building and is marketing it for a restaurant or retail user. “We’ve been here for a year, and we’ve seen nothing” in terms of crime, Halliday said.
Race Street’s activity will only accelerate as more people move into the district with the planned new residential, they said. “It already has the artists and creatives congregating this direction,” Halliday said. In the revitalization of such an area, “artists are the first wave, and artists make the area desirable.”
Brittany Elliott and Henry Vasquez are another of the creative types who’ve just moved onto Race Street; the couple opened the Born Late heavy metal record shop in July in a building owned by the Six Points electrician Garland Horn. In October, they opened a tattoo parlor in the rear of the record store. Elliott and Vasquez had been selling records out of their house by mail order, and Elliott had been tattooing in Dallas. The tattoo shop opened late, after Elliott ran into resistance from some in the neighborhood who questioned the
BY SCOTT NISHIMURA
RACE STREET DOESN’T HAVE AN ANCHOR LIKE FORT WORTH’S HOSPITALS TIEDOWN, the Near Southside. But a small traffic generator is coming: the Travis Academy of Fine Arts, the K-12 arts school for homeschooled kids that’s become its own nonprofit since the Travis Avenue Baptist Church started it 15 years ago.
The fast-growing Travis Academy, which today has 920 students in classes at the church, plus 30-40 part-time staff, has been preparing to move to the Riverside Baptist Church at the Six Corners intersection of Race, East Belknap Street, and North Riverside Drive since the two entities agreed to a deal in 2014 that keeps Riverside in the building for as long as it wants. ETA: Probably “a couple of years,” Erik Williams, the academy’s head of school, says.
The academy is embracing its potential role in the Six Points Urban Village’s development of an arts district. “I think we’re a big part of it, and I’m afraid they’re waiting on us,” he says. “I’m coming as fast as I can.”
THE PLAN Renovate the 85,000-square-foot Riverside, including converting gym into choir rooms and a bowling alley into ballet studios, tear down a small building and build a band hall. The complex will be more than 90,000 square feet at finish. The 800-person sanctuary will remain. The project is five phases, but the first phase would enable the academy to move all classes into the facility at the same time, Williams said.
THE MONEY $20 million total, for all five phases, but the first phase is $10-$13 million, Williams said. The Hahnfeld Hoffer
Stanford architecture firm has completed the design, allowing the academy to launch fundraising.
The academy has classes for choir, orchestra, private lessons, community theater and drama, audio and video, ballet, art, computer, photography, band, chamber ensemble, and songwriting and composition. It also offers core classes in biology, English, history, speech, and Spanish. Enrollment is 60-70 students per grade, Williams said. Classes now run three days a week, with 85 of 120 occurring on Mondays. But they’ll likely expand to five days a week at the new facility. “That’s the hope eventually,” Williams said. “We’ll creep into that.”
GROWTH The academy’s growth has jumped significantly in two years, adding 50-60 students this year. Two years ago, enrollment was between 600 and 700 students, Williams said. “We’ve just about filled every class that we had this year,” Williams said.
Parents typically drop their children off at Travis Avenue and then go shopping or eat nearby, Williams said. Older students typically venture out during breaks to go eat. The academy has food service at Travis Avenue, but isn’t contemplating it at Riverside, Williams said, meaning more opportunity for nearby restaurants. Activity on Race Street will “happen quicker” once the academy moves in, Williams said. “And it’ll flourish.”
propriety of such a use on Race Street. Fort Worth Zoning commissioners and City Council members finally allowed the use, but Elliott can’t advertise it on exterior signage.
The record store’s reputation has already drawn members of out-of-town bands, who’ve stopped in while on tour, Vasquez, 48, said. Elliott, 28, does tattoos by appointment only and caters to a strong clientele, she said. They say their store fits well on Race, even though Elliott says she wonders whether the couple should have looked longer, given that they can’t advertise the tattoo business.
“I don’t know of a single record store and tattoo shop anywhere in the history of the world,” Elliott says. “You have a funky and unique street full of eclectic businesses.”
Neighborhood people have been trying to push funky ahead, with the Race Street weekend markets (they’re shut down for the winter), community garden launched in 2012, and “Build a Better Block” events in the fall of 2012 and 2014. The Build a Better Block events featured pop-up stores in vacant spaces. The Riverside Arts District, a nonprofit that’s been the point for the events and has building community through arts and culture as its mission, has been working on its bylaws and moving toward creating a board. “It’s starting to happen,” Debby Stein, the arts district’s founder and “chief improv officer,” said. Farther west, Scenic Bluff homeowners Kendra and Ben Schalk are heading a committee to promote events at Riverside Park, including a 5K called the River East Race to be held June 11 this year.
The activity has also drawn one other major developer into the picture: Legacy Capital Co. of Dallas, which owns 8 acres at the northeast corner of East Belknap and Oakhurst Scenic Drive, including the popular Smoke Pit restaurant. Legacy, which plans mixed-use on the property and plans to retain the Smoke Pit, is still looking for other pieces to assemble, Peter Aberg, a Legacy partner, said in an interview. Legacy, which has done a major project with Hillwood in the Alliance Corridor and now is developing the retail portion of the 600-acre Chisholm Trail
Ranch in the Chisholm Trail corridor with Stratford Land, began scouting for interior city sites in Fort Worth two years ago, following on the success of revitalizations within Dallas, Aberg said.
One of the first things Aberg says he was told about Fort Worth real estate: “We were told that you can’t go east of the Trinity River.”
“That’s what they said about East Austin; that’s what they said about Oak Cliff,” Aberg said. “We kind of ignored that advice.”
Aberg has much the same perspective as Riddick on the district’s assets, appreciating Riverside’s simple street grid, short drive to downtown, views, topography, and emerging collection of entrepreneurs. “It has all the bones in place,” Aberg said.
Six Points doesn’t have anchors like hospitals or other major employers. But besides the Riddick and Legacy projects, it’s drawing some other traffic generators. The Travis Academy of Fine Arts –an offshoot of the Travis Avenue Baptist Church that provides arts classes aimed at homeschooled children – plans to move into the Riverside Baptist Church on Race within the next two years, bringing its approximate 1,000 students and staff. The popular Topgolf plans to open an entertainment complex at Interstate 35 and Airport Freeway. And Legacy is selling the former nine-acre RadioShack site at Hampton and Pharr streets near downtown; a developer plans a 300-unit apartment project there.
Just taking into account the Riddick and Legacy Oakhurst Scenic Drive projects, “that’s 900 or 1,000 units that will be developed in the immediate area in the next 36 or 48 months,” Aberg said.
Aberg said he’s been trying to finish up any further acquisitions and is in discussion with apartment and retail developers for Legacy’s Oakhurst Scenic Drive site. Unlike Riddick’s Criterion, which largely develops its own projects, Legacy typically brings in other developers as partners. Aberg said he expects his project will follow Riddick’s bluff apartments, the city’s Race Street improvements, planned Trinity River Vision Authority improvements to Riverside Park at the base of the scenic bluff, and Topgolf’s opening. “Our eight acres get into play then,” Aberg said.
With the major planned developments, restaurant and retail users have been sniffing around the bluff. “We’ve had more interest than we thought in restaurant and retail users,” Aberg said.
Paula Merrell and Franson Nwaeze, who started the popular Chef Point restaurant inside a convenience store and Conoco gasoline station in Watauga in 2003, have purchased a site on Oakhurst Scenic Drive north of the Legacy site. Merrell said the two aren’t ready to share their plans, but she said, “the Scenic Bluff area is a beautiful area, close to downtown and ripe for development. We hope to be in the center of all this energy.”
Interest has picked up in Fort Worth’s Six Corners area, with developer Pretlow Riddick’s planned remake of a Scenic Bluff tract into high-end apartments and single-family homes and substantial acquisitions of property along Race Street in the Six Points Urban Village. Here’s a look at activity, with Riddick’s in yellow.
1. 3101 Race. Riverside Baptist Church/Travis Academy of Fine Arts.
2. 3007-09 Race. New tenants: 97W architects, oil and gas firm, PDQ Temporaries.
3. 2925-2929-3001 Race. Old post office. Being used for outdoor Race Street weekend market during spring, summer and fall. Envisioned use: Market and restaurant. 2929 is vacant retail space being marketed as bar or restaurant. 3001 is vacant space being marketed as restaurant or retail.
4. 2919-2921 Race. Tenants: Greasy Bend Burgers, Race Street Barber Shop
5. 2907-2911-2913 Race. New tenants: Kwame Baah shoes, The Creativity and Wellness Center, Kincaid’s Hamburgers home office.
6. 2905 Race. New tenant: Gypsy Scoops ice cream.
7. 2813 Race. Being marketed for coffee shop/ restaurant/retail.
8. 2719 Race. Fuzzy’s Taco Shop.
9. 2707 Race. Dino’s Live. New additional tenant incoming: New York Pizza
10. 2625 Race. Palm Tree Apartments.
11. 3000 Race. Riddick helping market building to users for its owner.
12. 2920 Race. New tenant: Born Late Records & Tattoos.
13. 2902 Race. Under contract to Riddick. Tenant: Self-defense studio.
14. 2814 Race. Under contract to Riddick. Tenant: Art studios.
15. 2810-12 Race. Under contract to Riddick.
Tenant: Tarrant County Democratic Party.
16. 412 N. Sylvania Ave. Former bingo hall, being marketed as event center or retail.
17. Mixed-use apartments, retail and commercial, in area generally bounded by Race, Blandin, Plumwood and Retta streets.
18. 522 N. Sylvania.
19. Legacy Capital site, mixed-use development planned.
20. Scenic Bluff. Apartments, single-family homes planned.
21. 400 Oakhurst Scenic Drive. Site acquired by owners of Chef Point Café, Watauga.
22. 2624-2628 Race. Vacant land.
23. 2804 Race. Office tenant.
24. Race Street streetscape overhaul planned by city, first phase between Six Corners intersection and east of Sylvania.
25. Race Street streetscape overhaul planned by city, second phase between Sylvania and Oakhurst Scenic.
26. Riverside Park: Improvements planned.
Source: FW Inc. research
Being a great provider also means providing your family with a great health ene it. That is why we have introdu ed the E Con ierge amily lan. o more rowded waiting rooms or waiting days for an appointment. ow you an get the are you and your family deserve. Give us your family and we’ll give you peace of mind or the arents
Primary Care for One Year
(EMTX Provider)
Primary Care for One Year
(EMTX Provider)
24/7 Physician Access
Gold, Gold Plus or Platinum
Executive Physical Exam
CT, MRI, and X-ray or Children Between ges 4-25
24/7 Physician Access
Coordination of Care
Air Medical Transfer
Physical
Vaccinations
Family of Three = $13,950 yearly
Add additional children ages 4-25 for $500 each. Executive Medicine of Texas
Dallas entrepreneur Mike Hoque, ready to bring popular restaurants Wild Salsa and Chop House Burger to downtown Fort Worth, on big off-the-path deals and great food
BY SCOTT NISHIMURA / PHOTOGRAPHY
Mikke e Hoqque likes to s go o e wheere thheere are a obstacles. After he r convinced owners of the f Coomerica a Bank B Tower r in downttowwn Dallas D to s cut a t hole through a wall so Hoque could ha h ve e a at a io i for fo a r steakhouse akhous he was opening, Hoque says one s of the f building owners rema ed ey’d ey “the nev ev e er e s see e r reentt.” que H Hoq – a Bangladeshi immigrant who t went from ng ow o ni n a car c o onene-c limmo r vice e seer ( (he e s w wa the driver) to building an international chauffeur n work k r –– had h his ck p pic i s of locations n lococatio f when s he began opening restaurants eight syear ago o i in d dow towown D s. W Whaat people p recall today about y downtown t isn’t the t sort
of stuff you find in sales brochures. “Downtown Dallas was nothing but pulldown gates, squalor and Neiman Marcus,” says Jack Gosnell, a longtime Dallas real estate broker. “It was like a Fellini movie; there were no people in it.”
Today, a substantially greater number of people have wandered through Mike Hoque’s ongoing movie, and Hoque is credited with a major role in helping turn downtown Dallas around. His DRG Concepts has six restaurants, including four in a cluster on Main Street downtown (Dallas Fish Market, Dallas Chop House, Chop House Burger, and Wild Salsa), and 400 employees.
And Hoque’s put the real estate and construction knowledge he’s gained as a restaurateur into big real estate deals, buying and renovating the Adolphus Tower on Main near the restaurants, a project Hoque took on after getting tired of watching the building’s ground-floor bank go dark every day at five. This spring, Hoque expects to announce a partnership with Jack Matthews, the Dallas developer who helped revitalize Dallas’ convention industry with the development of the Omni Dallas downtown, to build hotels and are looking at several deals, including one outside the state.
And Hoque is getting ready to bring his show on the road to Fort Worth, with two restaurants – his Wild Salsa and Chop House Burger – set to open this spring in City Place, the redeveloped, former Tandy Center that’s struggled at the skirts of its Sundance Square neighbor. The restaurants will stretch along a new plaza between Throckmorton and Taylor streets, with outdoor patios, a 34-foot-long indoor-outdoor bar, conversation pits, and lots of light. If Hoque pulls it off, he’ll have helped activate a piece of downtown Fort Worth that’s been dead for decades, dating to the concrete canyon created by the Tandy Center’s unin-
viting fortress-like walls.
“I like to go where the first opportunity is, and opportunity usually has obstacles,” says Hoque, 42, who expects the Wild Salsa (he describes it as “original Mexican food, the way Mexican food is supposed to be”) to be open by the end of the first quarter and Chop House Burger, 60-90 days later. Chop House Burger serves up a limited number of burgers on locally made bread, with beer and wine and, soon, ice cream made in-house.
These days, Hoque has no shortage of opportunities to sort. Real estate people pitch him vacancies and ideas. People who’ve watched him say Hoque is a visionary. “You
Mike Hoque, at his Chop House Burger in downtown Dallas, one of two restaurants he's bringing to Fort Worth
don’t get a chance to know many people who you think are just evidence of the American dream,” says Gosnell, a CBRE UCR broker. Hoque shrugs that off. “People say Mike is smart,” he says. “I just surround myself with very smart people.”
Fort Worth is part of Mike Hoque’s bigger plan. He’s set up Wild Salsa and Chop House Burger as DRG’s growth vehicles, seeing potential for eight to 10 Wild Salsas in the Metroplex, and 10 to 15 Chop House Burgers. “The first step was to go to another downtown,” Hoque says. “I think the DFW market has 25 years of runway for a company like me.” But what Hoque really wants to do is real estate deal-making.
“The next 15 to 20 years, I want to be a developer,” Hoque said during a recent interview at his 56th floor offices of the Comerica Tower. A pair of binoculars sat on a table by the windows looking out onto downtown and the city. “My next 10 years of real estate deals, I can see from my window.”
Hoque says he’ll be on the lookout for opportunity in Fort Worth, where he estimates he’s put $2 million so far into the 7,200 square feet of restaurants. “We want to get in slowly and do a real estate deal,” he says. “We are not going to Fort Worth to build restaurants. We’re going there to build a company.”
City Place, which Hoque calls a “donut hole,” fits his game plan. Location isn’t most important to him; food and service quality are. “When you go to dinner, you don’t make the decision based on what’s close to you,” he says. “You make the decision based on craving.” His restaurants like to include local, fresh ingredients on the menus, and Hoque says he tries to keep prices contained to “moderate.”
“When you do that, you can’t pay for prime real estate,” he says. “A $30 (per square foot) rent, not $50.” Hoque says City Place was quoting $35 per square foot in rent, he says, “but they gave us a real good deal because of our track record. You have to build value.
If you do the right job, your leverage is different.” (Jon Ruff, president of Dallas’ Spire Realty Group, which owns City Place, did not respond to requests to be interviewed for this story.)
Mike Hoque’s American Dream Hoque’s American Dream started at age 16, when he visited the United States and Dallas with his uncle. Hoque’s father, a civil engineer who built highways, then suddenly died. Hoque became the the family leader, and the family moved to the U.S. in search of opportunity.
In 1999, when he was in mid-20s, Hoque put together enough cash to buy a used Lincoln Town Car and start a limousine
business, American Limo, in Dallas. His first year, Hoque says, he grossed $90,000. His second, $900,000. Hoque had quickly become what he calls a “networking company,” farming out business to other drivers. In 2001, he bought a building in Dallas that served as his headquarters. Interested in something else, Hoque gave the business - today called RideCentric - to his brother, keeping a minority interest.
Hoque quickly turned his interest in food into a partnership with a chef on a seafood restaurant called Go Fish, but that venture, opened in 2005, went south after the chef and Hoque couldn't agree on vision and the chef left. Hoque also moved the restaurant at the recommendation of a real estate owner, a location that went bad during the downturn. Hoque closed it later.
Hoque doesn’t like to discuss the experience, other than to say he learned lessons about whom to trust and the importance of extensive due diligence. “I don’t talk about it, because it’s a very sore subject,” he says. “That was our school. We learned what not to do.”
But the bad experience turned out to be good experience. “Mike just sort of shook it off,” Gosnell says. “That really started him. And he had learned fish.”
Empty and Dark: Downtown Dallas In 2007, Hoque opened the Dallas Fish Market on Main downtown, promising fresh seafood brought in from the East or West coasts. “It was empty; it was dark,” he says.
“The traffic was not there.” And the economy was just beginning its dive, he notes. “When everybody was cutting, we were hiring.”
they let him knock a hole in the side of the Philip Johnson-designed building so he could build a patio for a steakhouse. The owners declined, then came back and approved Hoque’s plan, says Hoque, who opened the Dallas Chop House in 2010. “The building went from 40 percent leased to 70 percent,” he says.
The Comerica space was “buried with a solid marble wall,” Gosnell recalls. “It was like a cave. You could grow mushrooms in it. I had it listed. It was a terrible space.”
In opening the steakhouse, Hoque knew he wanted a rich feel with what he calls “Southern charm” or “modern but local.” He’d seen other national high-end steakhouse brands fail in Dallas. “Dallas-Fort Worth is not ready for a New York restaurant,” he says. “They want to be progressive and modern, but don’t want to lose the charm of the South.” Dallas Chop House changes its menu quarterly to include seasonal vegetables and fish, Hoque said.
“My next 10 years of real estate deals, I can see from my window.”
– Mike Hoque
One year later, Bon Appetit named Dallas Fish Market one of the U.S.’ “Best Seafood Restaurants,” with a review that gushed over the octopus salad and “perfectly seared skate wing.”
Then Hoque got a call from the owners of the Comerica Tower nearby. Hoque looked at the building and recommended
Wild Salsa in Collin County in December. The Collin County restaurant recently got 650 reservations on one weekend night, Hoque says.
While he was putting together the Dallas Fish Market opening, Hoque says he got a call from the owner of another building. The deal that resulted: Hoque opened Wild Salsa in 2011, which Hoque says serves “original Mexican food, what Mexican food is supposed to be.”
Chop House Burger followed in February 2012. Other competitors in the market "are all the same," Hoque says.
DRG’s also opened its first two restaurants outside downtown Dallas, including a Chop House Burger in Euless in 2014 and a
This year, besides the two Fort Worth restaurants, in March, Hoque expects to open Oven and Cellar, his twist on Neapolitan pizza, on Main in his downtown Dallas cluster. And later in the spring, he plans on opening Farmer’s Commons, a bakery and “farm to table” restaurant in the Mercantile Building at Main and Ervay Street.
The restaurants are similar in that they focus on fresh, often local ingredients. Wild Salsa, for one, makes its tortillas in-house. “We don’t freeze anything, in any of the restaurants,” Hoque says. All of the restaurants also dovetail with Hoque’s mission to make them attractive nighttime spots. The downtown ones, he says, with one exception, are now meeting his revenue goals.
“Mike’s just concentrated on the after-8 experience, and that after-8 experience is so
important,” Matthews says.
Hoque says the fact that he’s not in the highest real estate locations means the restaurants have to occupy a distinctive spot in the market. “You can’t just open, so you have to do something different,” he says.
Great Timing: Catching Dallas’ Upswing To be sure, Hoque has been the beneficiary of great timing in downtown Dallas. There were 350 people living there in 2005, and 10,000 today, Gosnell said. More people living downtown justifies more services.
Downtown restaurant rents, running then in the $18-$20 per-square-foot range, with “triple net” extras for expenses like property tax, are now routinely about $35 per foot, Gosnell said. “We’re actually doing some deals downtown at $40.” Even at that, downtown Dallas’ rents remain significantly lower than those in Dallas’ Uptown, he said. “We’re still a bargain.” There are several thousand new hotel rooms incoming, and the downtown office market has strengthened.
“It was a matter of timing,” John Crawford, president of the Downtown Dallas, Inc. economic development organization, says. When his group began aggressively pitching restaurants in downtown, it got significant blowback on the timing, even with the residential units coming. “It was probably a little iffy,” Crawford says. “In fact, it was probably very iffy.”
There were other restaurants already downtown, including the French Room,
Iron Cactus, and Campisi’s. “There were some legs,” Gosnell says. “But Mike really took it up a notch.” Hoque’s Dallas Fish Market succeeded another high-end restaurant that failed in the space. “If they had that space today, they’d probably do well,” Gosnell says of Hoque’s predecessor. Hoque’s purchase of the 27-story, 185,000-square-foot Adolphus Tower in January last year seemingly represented a big shift, but Hoque had been moving toward it. He estimates he spends 80 percent of his time now on real estate, and 20 percent on the restaurants.
On the restaurant side, Hoque finds the locations and gets the restaurants built; then he hands them off to his chief executive, Nafees Alam, a University of Texas at Arlington graduate, SMU MBA, and former Waffle House division manager who started working with Hoque as a consultant when Hoque was still in Go Fish. Hoque mentored Alam, then promoted him to CEO last year, surprising Alam at his SMU graduation with a business card bearing the new title. “I have a lot of fun creating businesses,” Hoque, who riffs on the charge he gets from mentoring and developing people, says. “I don’t
have a lot of fun running businesses.”
Hoque still pops into the restaurants. “They’re his babies,” says Alam, whose job it is to build the team and nurture it, a challenge for a small business that’s having to compete for talent against the likes of Brinker International and Darden Restaurants. The two Fort Worth restaurants will employ about 100 people total.
“We have focused on hiring not necessarily restaurant people, but good college graduates who help us bring other people in,” Alam says. “One of the biggest benefits of young companies is your ability to put your talent into work without getting a 10-layer-deep management approval.”
DRG’s people are “very hands-on,” Alam says. “We’re in the restaurant every day. We’re tinkering with food, we’re tinkering with cocktails.”
DRG doesn’t have a central test kitchen –it uses the kitchens in the restaurants – but it’s building one that will open in February next to the Wild Salsa in downtown Dallas. The facility, to be used for menu development and staff training, will also be available for use as a special event venue.
Having so many restaurants in close proximity to each other has its benefits, such as the ability to collaborate on menus. The company wanted to put a soft shell crab sandwich on the Dallas Fish Market menu. The Fish Market’s chef came up with an idea, and so did a young chef at Oven and Cellar. The Oven and Cellar chef’s idea made it onto the menu, Alam said. Says Hoque: “I think we have a model company. I think we are an inventor.”
Chasing, Catching Adolphus Tower Hoque, while chasing other new deals, has spent much of his time getting Adolphus Tower into shape. Impatient with the building’s dark countenance at night, Hoque called a broker and asked for an alert if the bank decided to give up its lease. One day, the broker called to say the building was for sale. Hoque won’t discuss how he financed the purchase, but he says he was ready. “I always have my toilet paper stocked before I go to the bathroom,” he says.
Building in hand, Hoque says he set out to determine what tenants thought
of it, and he quickly focused on amenities and the “horrible” air conditioning and heating system. He gutted and replaced the mechanical system, getting tenants in the mood for it by holding a happy hour for them. He’s also attacking the building’s dearth of amenities, going after a coffee shop for the first floor space.
“When you go walking by here at night, it’s dark, but when we put in the firepit and turn on the lights, it’s not going to be dark anymore.”
– Mike Hoque, on opening new restaurants at downtown Fort Worth’s City Place
Hoque intends to go local for that, and he expects to announce the deal in February or March. “I can do a Starbucks tomorrow,” he said. Without identifying the operator with whom he’s about to team up, Hoque said, “This coffee shop is going to start here, and he’s going to have 500 locations, because that’s what he does.”
The building, which Hoque says was 70 percent full when he started the work, “is almost full. My tenants called all their buddies. We haven’t even changed the lobby yet.”
Hoque’s Hunt for Problem Deals
Hoque says he’s eager to find other deals. “Our research is going to be finding problem deals that we can fix,” he says. “Problem shopping centers, problem hotels, problem office buildings. We want to build neighborhood-themed development that has restaurants.” Fort Worth’s City Place, for one, is dark at night, but Hoque says he’ll fix that immediately.
“When you go walking by here at night, it’s dark, but when we put in the firepit and turn on the lights, it’s not going to be dark anymore,” he said during a late January visit to the construction site. Hoque says he believes the City Place plaza can be Fort Worth’s Joe T. Garcia’s for young adults. “They can say, ‘that’s where I go now.’ ” Gosnell says he expects Hoque “to take down larger and larger properties. He’s flying all over.”
Hoque’s collaborations with Matthews, the developer, are set to move him further into real estate. The two, who Matthews
said were introduced to each other by the Dallas Mavericks president of basketball operations Donnie Nelson, have collaborated on various prospective projects, such as the historic Dallas High School downtown, which Matthews is redeveloping into mixed-use office, entertainment and restaurants. Matthews said he and Hoque looked at the massive 1401 Elm building when it was available downtown, but let that go. “We just couldn’t make the numbers work,” Matthews said.
Matthews and Hoque are reluctant to discuss details of the hospitality partnership they have in the works. “We’re just sort of on the edge of putting things together,” Matthews said. The two are looking at four or five deals, he said. “One would be a Main Street equivalent like Dallas’ Main Street 10 years ago. The others are additions to current markets in the DFW area.”
They’ve pared the deals they’re looking at from a larger pool of 20 to 30, Matthews said. “I would be hopeful that three of the five would get finished,” he said.
These days, Hoque’s days are full. Hoque rises at 4 a.m. at the Las Colinas home he shares with his wife and their three children, ages 12, 10, and 2. He goes to work out at a fitness center. “Some employees come out at 4:30 to work out with me,” he says. He takes his kids to school and then goes to work.
This is all when he’s not travelling, and he travels frequently to look at restaurants and potential real estate deals. One recent morning, Hoque joined guests at the Dallas Fish Market after having just flown in hours earlier from looking at one potential deal. “I’ve been blessed because I’ve never done anything half (way),” he says.
What drives him? “When I’m gone from the world, I want to be known for creating companies and creating careers for people,” he says. “It has to be about more than money.”
Ex-Frog football players build debt-free, fast-growing land services firm.
BY JACK Z. SMITH
Afootball game begins with a coin flip to determine which team kicks off and which receives the ball.
Fort Worth-based Purple Land Management L.L.C., an oil and gas land services firm launched by two former Texas Christian University football players, also began with an act tantamount to a coin flip—a random drawing to decide who would be CEO of the oil and gas leasing firm.
Horned Frog teammates and best buddies Bryan Cortney and Jesse Hejny (“Hay-nee”) viewed themselves as equals in founding PLM six years ago, when both were only 26. But attorney Don Pierson (now judge of Tarrant County Court-at-Law No. 1) advised them to designate a chief executive as the titular head in forming a limited liability company, while also naming a president.
Pierson wrote on two slips of paper “CEO” and, jokingly, “President for Life” and put them in an envelope. Hejny drew the “President” slip, so Cortney became CEO when PLM was founded Jan. 26, 2010.
Cortney and Hejny, now 32, still consider themselves as management equals. They draw the same salary and each holds a 50 percent stake in PLM, which Inc. Magazine last year ranked in the topquarter of the 5,000 fastest-growing U.S. companies, based on 2014 revenues.
PLM notched $33 million in revenues, with Inc. ranking it No. 1,038. The company quadrupled revenues in three years and added 150 jobs.
Despite a collapse in oil prices and drilling in 2015, PLM’s revenues rose more than 20 percent, to $40 million, Cortney and Hejny told FW Inc. in a recent interview.
PLM’s net income dropped significantly in 2015, but it remained profitable and debt-free, the executives said. The privately held company isn’t required to make public its financial results.
Although crude prices recently hit 12-year lows, PLM projects a 25 percent jump in 2016 revenues, as it keeps gaining market share.
PLM is now rolling out its new Overdrive data management software system, touted at www.purplelandmgmt.com. Overdrive promises quicker, easier and more comprehensive access to mapbased data on oil and gas lease properties. PLM hopes Overdrive will help the company further increase its market share. PLM partnered with Esri, a California-based developer of geographic information system (GIS) software, to create Overdrive.
“We’re very much invested in technology,” Cortney told FW Inc. “It’s given us a competitive advantage and allowed us to offer something that’s different, we believe, and ultimately…a superior product.”
PLM expects to move, in February or March, into new headquarters in the historic Winfield Place Building at 210 E. 8th St. in downtown Fort Worth, a 97-year-old, threestory, 36,000-square-foot structure that Cortney and Hejny bought in 2014. PLM now leases space at Water Gardens Place on the southeast edge of downtown.
PLM is gutting and renovating Winfield Place. When finished, it will include a novel feature—the Elevator Conference Room, a mobile facility that can move up or down to allow a meeting on any of the building’s three floors. A large, ancient freight elevator is being rehabilitated to provide the floor for the conference room, which Hejny describes as “cool.”
The mobile room was the brainchild of Fort Worth architect Michael Bennett, who said the idea “just popped into my head” in touring Winfield Place prior to his Fort Worth-based Bennett Benner Partners architectural and planning firm being hired by PLM for the Winfield redo.
PLM is gaining admirers as it continues growing amid a brutal oil industry downturn.
Fort Worth banker Glenn Monroe, who as CEO of Meridian Bank Texas of Fort Worth loaned Cortney and Hejny money to get PLM started, said the duo has been “extremely successful…they’ve hit it out of the ballpark, and it’s all because of their effort.
“We thought we’d take a chance on those guys, and they exceeded anyone’s expectations,” said Monroe, now regional president for Tarrant County for Northstar Bank of Texas.
Larry Brogdon, board chairman of the TCU Energy Institute and a partner in Fort Worth-based Four Sevens Oil Co., said of Cortney’s and Hejny’s leadership of PLM, “They have built quite a machine over there, employing a lot of people.”
“They took a leap of faith and were very frugal and saved up money to start this company,” Brogdon said. “The thing that impresses me most about them is that they’re very good businessmen…They’ve got a plan, and they’ve executed that plan beautifully.”
Cortney and Hejny said their business model has been to hire quality people with a solid educational background and strong work ethic, do high-quality work to ensure enduring relationships with clients, gain a technological edge over competitors with tools such as Overdrive and think long-term rather than being in it for the quick buck.
During the downturn, PLM has “gained market share” in the areas in which it operates, Cortney said. The company has kept open all 11 of its U.S. offices, which include Fort Worth, Midland, Houston and eight out-of-state offices in oil-patch locations from Canonsburg, Pa., to Bakersfield, Calif.
Hejny said PLM is “so blessed” to have gained market share and revenues in a downturn, although “you can’t charge as much for your services.” The company has strived to maintain “the same quality” of service, and “we’ll be better off for it” when the industry rebounds, he said.
Oil and gas exploration and production companies seeking to secure mineral leases are PLM’s primary customers, providing
“the lion’s share” of its revenues, Hejny said.
Cortney and Hejny said in a recent interview they hadn’t even yet discussed whether to give themselves performance bonuses for 2015. Hejny said they have given employees year-ending bonuses for 2015, as thanks for “how much they busted their friggin’ tails” to make PLM successful.
PLM had only an office “pot-luck” year-end party for employees, rather than holding a much more expensive event at a restaurant such as Joe T. Garcia’s, as in the past.
Cortney and Hejny declined to disclose their annual base salary, but said it’s remained the same since they founded the company.
Cortney said PLM employs about 300 people, with roughly 200 company personnel and another 100 who are independent contractors. About 80 percent of persons working for PLM are petroleum landmen, who negotiate the purchase of oil and gas leases and seek to correct, or “cure,” potential defects in titles to properties that could result in ownership issues being contested in court. About one-third of the landmen working for PLM are women, Hejny said.
Hejny and Cortney met in Fort Worth after coming to TCU to play football, where the 6-3 Hejny would become a starting defensive end and the 6-4 Cortney the starting punter. Cortney grew up in the San Diego area in California and Hejny lived in Fallon, Nevada, and other areas. Both transferred to TCU after playing junior college football in California.
After college, Hejny got a job doing leasing work in the Barnett Shale gas play in North Texas and Cortney soon joined him. After four years of such work, they struck out on their own, using money from their savings and also borrowing from the Meridian bank headed by Monroe, a former TCU baseball star.
The bank granted PLM a line of credit “that allowed us to meet payrolls early on,” Cortney said. PLM paid down an approximate $250,000 line of credit and began building cash reserves as the company grew, he said.
Cortney said PLM is now debt-free. Separate from PLM, Cortney and Hejny paid cash for Winfield Place, while borrowing money to pay for gutting and renovating it. Altogether, Cortney estimates they will put “over $8 million” into the purchase and renovation. But they will gain a headquarters of their own, with an interior layout tailormade for their company’s operations.
They plan to honor the building‘s long history by preserving the Winfield Place name. “We’re going to light up the original Winfield Place sign and backlight it,”Hejny said, while also identifying the building on the outside as holding PLM offices.
The revamped building is to include a reception area, management offices, employee work stations, a company cafeteria and select areas where small groups of employees can gather to brainstorm or socialize. There also will be a small number of indoor vehicle parking spaces.
Cortney and Hejny also keep busy as parents with young children.
Hejny’s wife, JimAnne, was on the basketball and track teams at
TCU after being an exceptional multi-sport star in high school in Cisco. They both enjoy attending TCU athletic events. They have boys, aged 10 and 5, and a new baby boy expected in February.
Cortney said his off-the-job activities also center around his family. His wife, Katelin, is director of public relations for Catholic Charities and a distance runner. They have a son, two and a half years old, and a daughter, six months old.
Cortney and Hejny said they live very “comfortable” but not extravagant lifestyles. The Hejnys recently moved from Aledo into a 5,189-square-foot home in the TCU area that is valued at $815,500 by the Tarrant Appraisal District. The Cortneys live about a half mile away, in a residence of 2,304 square feet with a TADappraised value of $410,500.
Cortney and Hejny say TCU Coach Gary Patterson taught them not only about how to deal with adversity, but how to handle success.
PRIMARY BUSINESS: Securing mineral leases for oil and gas exploration and production firms.
WORKFORCE: About 300 people, including roughly 200 company employees and 100 independent contractors. Most who work for the company are petroleum landmen.
HEADQUARTERS: PLM expects to move soon into new offices at the historic Winfield Place Building at 210 E. 8th St. in downtown Fort Worth, a threestory building that the company bought in 2014 and is extensively renovating. PLM now leases space at the downtown Water Gardens Place building.
OWNERSHIP AND MANAGEMENT:
PLM is a privately held, limited liability company owned by CEO Bryan Cortney and President Jesse Hejny (each with a 50 percent interest). The two ex-TCU football players, both 32, founded PLM in January 2010 at age 26.
REVENUES: Approximately $40 million in 2015, up more than 20 percent from $33 million in 2014.
EARNINGS: The company does not divulge its net income. It said it remained profitable in 2015, despite the deep oil industry downturn, but was less profitable than in 2014
MAJOR 2016 INITIATIVE: Rollout of its new Overdrive data management platform designed for quicker, easier and more-comprehensive access to map-based data on oil and gas properties. PLM partnered with Esri, a California-based software firm, to develop Overdrive.
Although only 32, they’ve experienced considerable success as the plucky, determined guys who started, built up, still run and own outright Purple Land Management, with the “Purple” coming from their association with the purple of TCU athletics.
Source: Purple Land Management L.L.C.
Now, they’re dealing with adversity as they seek to weather a brutal downturn in the oil industry.
“We’re betting on the future,” Cortney said. “We’ve placed a bet that it’s going to come back, and it will. But the million-dollar question is, when will it come back? Will it be tomorrow, six months, a year, five years?”
Down the line, Hejny said he hopes he and Cortney will be able to look back and recall that “when things got tough, thank God that we continued to push forward and continued to bust our butt.”
Hejny offered a football analogy.
“I want to know that when I go to bed at night, that I left it all out on the field.”
Optimize Your Health Age Management Wellness Programs
DNA testing Now Available
If you are experiencing: High Blood Pressure Memory/concentration concerns Heart Disease
Erectile Dysfunction
Lack of Energy
Call today for your comprehensive consultation Now located in Fort Worth
Fort Worth ISD aggressively pursues one main goal: preparing all students for success in college, career and community leadership.
At every grade and every step of the journey, we strive to meet students’ academic, social, and emotional needs for lifelong productivity and success.
For more information, visit www.fwisd.org or follow us on Twitter, Facebook, LinkedIn, Instagram and Periscope.
BY SCOTT NISHIMURA / PHOTOGRAPHY BY ALEX LEPE
There was a point when John Cornelsen’s dream job was partner in the Fort Worth civil engineering firm he worked years for. But he wasn’t able to reach agreement with the company, and, in 2009, it let him go from his post as business development director.
The years since have been busy for Cornelsen, 46, a Fort Worth native whose father was a longtime planner for Carter & Burgess In 2010, Cornelsen co-founded the engineering firm Evolving Texas. He expects it to surpass $2 million in revenue this year from $1.8 million in 2015. In 2012, Cornelsen helped launch the Fort Worth chapter of the Entrepreneurs’ Organization. In 2013, on a push from friends in his EO peer group, Cornelsen bought out two of his Evolving Texas partners. This year, he converted his passion for yoga into an equity interest in the popular Indigo Yoga studio in Fort Worth. Finally, on another challenge from a friend, Cornelsen is moving to monetize his networking passion with a mobile app called iJuggle that says could have a dramatic impact on the way people manage relationships.
Partners’ struggles
We found ourselves going along (at Evolving Texas) and struggling as partners in the early years. In our first 18 months, made only $100,000. I think that was our biggest challenge. We had partners with differing skillsets, but equal votes.
Buying out partners
I remember going out to (an EO forum get-together at member) Bob McCarthy’s house, and they really challenged me on why I was stuck with my partner issues. After much discussion, I told them was it was about money. Bob went in his house and walked out a few minutes later, and he put a check in front of me for $100,000, and he told me ‘you don’t ever have to pay me back, but I don’t
want you to ever talk about money anymore.’
I knew I could never cash the check, but I knew it bought all of my excuses. That was June 20, 2013. Forty days later, we had agreed on terms, I secured the debt, and completed the purchase of two of my partners. One remains as a key employee to this day – something I am particularly proud of.
Rewarding employees We have a lot of fun at Evolving Texas. We often shoot hoops in the office, and, if everybody makes it, we buy lunch. We created a unique profitsharing plan in 2014 where employees get regular checks based on company performance they see daily. Up next, I’m making shares in our company avail-
able to all employees so they can share in the experience of ownership with me.
On moving into yoga In 2013, when I was going through a lot of change in my life, I practiced a lot of yoga. As part of that, I became a certified yoga teacher, and I got to know Brooke Hamblet, the founder of Indigo Yoga. Brooke is an amazing person who was struggling to fly. I think the challenges in her business are fairly common. The model of owning a studio is very difficult because there’s just not a lot of revenue and it requires a lot of moving parts. Over the last year, we’ve implemented 28 changes. The impact has been significant. We focus on making (the experience)
easy for our customers. We created a membership where it’s no-contract. It is a month-tomonth auto draft, and I think it’s the best deal in town.
Moving into consulting What I’m working on is a model where Brooke and I can tell our story, and we can share best practices with studios around the world on a consulting basis.
How ijuggle’s going to work I believe that relationships are the most precious thing we have. This belief drives all of my businesses. Some of it is proprietary; we’ve got patents pending. But have you ever had the feeling of losing touch with someone important to you? If you have ijuggle on your
phone, you will never experience that again.
Getting the technical expertise I did something I’ve never done before, and that was to raise capital. (He’s not saying how much.) I’ve worked with a creative team in Los Angeles to come up with some initial conceptual work and with a local legal team to file initial patents. I considered various options for hiring design teams, but after talking with EO friends in similar businesses, I decided to develop the application in-house. In September, I hired our first fulltime software engineer. I expect to hire a second by the time this article comes out. We hope to have the app available for download in the spring.
Charlie Passantino Business Director, Liphatech.
Catering to Fort Worth Club members, tenants, outside corporate groups, wedding parties, or individuals simply looking for convenient overnight accommodations in beautiful downtown Fort Worth, the Inn at the Club serves as a “home away from home” for guests from around the world.
Guests receive complimentary breakfast in the Grille with each overnight stay, Monday through Saturday, and a continental breakfast on Sunday.
BY JASON FORREST
Forrest Performance Group
In 2009, Robby Whites and Jeremy Rincon (each with new babies at home) found themselves suddenly jobless during one of the worst seasons America’s economy has ever faced. The year before, they had both been counting their blessings because they still had jobs in the hard-hit financial services industry. They
were earning nice paychecks from one of the few hedge funds that weathered that year’s financial crisis unscathed. While industry giants were falling left and right, their employer kept humming along. 2008 was a banner year. But in spring of 2009, it came out that the leadership had engaged in fraudulent activity. The company shut down almost overnight.
Whites and Rincon could have polished up their resumes and desperately pursued work in a bleak job market—the course recommended by friends and relatives. Instead, they sold everything they had and started a company.
Rincon and Whites first committed to starting a business, then set out to decide what that business would do. In search of the next big idea, they hit on a memory from their business travel, where, during a trip to Colombia, they had visited an office that used a simple sheet of glass mounted on poles as a writable surface. They envisioned vast, untapped potential in a market where the only competition was dry-erase whiteboards (a product that had changed little since its introduction in the 1960s).
Located just a half-mile off Hwy 377 and only 22 minutes from downtown Fort Worth, this totally renovated California ranch-style home has four bedrooms and three bathrooms. The backyard retreat includes a pool with waterfalls that conjoins the home and a fully enclosed pool house, with a gourmet kitchen and full bathroom. A 300-yard concrete driveway meanders up the rise to this spectacular home sitting in the middle of 27 acres. The property has a great balance of mature live oaks and open pasture for horses, along with a 30-by-40-foot horse barn with two stalls. Property address: 10105 McDaniel Rd. Fort Worth, TX 76126 For more information: 817-368-1198 For additional pictures and details: 10105McDanielRd.com
Clarus Glassboards was born. Investors were hard to come by, though, so they capitalized the company out of their own pockets after selling everything they had and moving from Houston to North Texas. There, they founded the company out of Robby’s childhood home. Their first office was his old bedroom, and their first warehouse was the garage. They worked on a card table with their personal laptops.
Out of Season, Ahead of the Curve In the natural world, the seasons dictate what kinds of activities people involve themselves in. Farmers plant crops in the springtime, tend them through summer, harvest in fall, and spend winter hunkering down and preparing for the coming year’s growing cycle.
What happens when you start a company during a downturn? Please see Jason Forrest’s video interview at fwtx.com/fwinc/videos.
current multi-building campus in Fort Worth spans more than 70,000 square feet. And they’re confident enough to feature a tongue-in-cheek video addressed to their competitors recommending a series of shortcuts for those who want to produce cheaper knock-offs of their product. You won’t find them taking any of those shortcuts, though. From start to finish, Clarus Glassboards are manufactured on-site in the company’s Fort Worth plant. Clarus takes a lot of pride in owning every facet of their manufacturing and sales processes—it gives the company greater control over quality assurance and customer service.
tive
Conventional wisdom says to launch a business during economy’s springtime— when it’s easiest to get financing, find investors, and land top-notch talent. But there’s a funny thing about businesses that get their start not in economic spring, but in winter, when most would-be entrepreneurs are biding their time until conditions are easier: They tend to outpace and outlast springtime businesses.
Andy Philipp, president of Clarus, says the company has benefitted from its out-ofseason start. While others were hunkering down during the tough economic environment of 2009, Clarus was busy honing its craft. “It’s tough for competitors to catch up. We’re so much further down the learning curve. We really had that first movers’ advantage to get out in front of the market and pioneer this space.”
Clarus is now a robust company that has moved three times since outgrowing its humble garage birthplace. The company’s
Company Built on? Transparency, of course. According to Philipp, the culture at Clarus is based on the E’s—Energy, Enthusiasm, Engagement, and Excitement. He juggles the realities of building a cohesive team and steadily improving processes with the necessity to follow the founders’ drive toward constant growth and innovation.
Clarus is big on producing exceptional products and an amazing client experience. Philipp knows there’s a simple but profound condition that this mandate is built on: “Clients cannot have a better experience with us than our employees do.” When employees are happy, happy customers are a natural byproduct.”
This translates to a work environment with monthly cookouts, daily huddles, and
constructive challenges built right in. “We promote and really push transparency and openness,” says Philipp. “When people are aware of what’s going on and feel they have a part, it’s much easier for employees to connect with the company and be engaged. We have an environment of forced communication and a lot of collaboration. People know what we’re working toward, what’s expected of them, and that we’re recognizing and rewarding people who are excelling above and beyond those ordinary standards.”
The standards are high. “Intrapreneurship”—being entrepreneurs within the company—is expected. Finding people willing to build, own, and manage their own world has been key to their success. Philipp acknowledges that the culture at Clarus can be a bit jarring for newcomers: “It makes new people very uncomfortable. We have to tell them, ‘If you’re not uncomfortable, you’re not growing.’”
Clarus is certainly growing. The company has consistently blown by its key milestones and doesn’t show any signs of letting up. Clarus now employs 110 people, and manufacturing has ballooned from 1,150 square feet of product produced in year one to 982,857 square feet in 2015. Philipp projects the company will be three to four times its current size within the next five years.
Rincon, Whites, and Philipp have positioned Clarus Glassboards at the cutting edge of their industry with a simple formula for success. Philipps says, “The secret is that there is no secret. We’ll gladly show anyone (even competitors) our plant, our process—but good luck trying to match it. It’s by the small and simple things that great things come to pass.”
Clearly, he’s on to something.
Jason Forrest is CEO of Forrest Performance Group, a global leader and designer of sales, management, and corporate training programs. He grew up “under the influence” of his father, a business owner and professional salesman, and his mother, a persuasive speaking professor.
ne dent t you hould call
Your time is important to us
When you need a replacement crown or need to a roken tooth, t o ten take more than one v t to a dent t, everal hot and temporar e n today world, mo t people don t have the lu ury o that k nd o t me Luck ly, w th technology, you no longer have to!
W th r kk reen o Fort Worth o met c and Fam ly ent try, your t me and your m le are mportant r reen can have you n and out n u t one day he can d g tally a r cate your new crown wh le you rela n the plea ant o ce urround ng nce he ha your new crown com orta ly n place, you w ll then e a le to re ume your day Call Dr. Nikki Green at 817-737-6601 to set up an appointment to make you smile! Need a crown?
Nikki P. Green, DDS 5720 Locke Avenue | Fort Worth, TX 76107 817-737-6601
Introducing the new standard of luxury cocktails with bartenders and mixologists that know the craft of curating an unforgettable cocktail experience.
Tourism marketing and economic development go hand-in-hand.
BY DAVID BERZINA Fort Worth Chamber of Commerce
When most people think about economic development, it’s usually in terms of corporate relocation and expansion. While recruitment and retention initiatives will always be a primary focus for the Chamber, it’s also much easier for us to get a foot in the door with our prospects when they’re already familiar with our city.
To this end, our partners in the hospitality and tourism industry, in particular the Fort Worth Convention & Visitors Bureau, Downtown Fort Worth, Inc. and Sundance Square, play a crucial role in the long-term economic vitality of our community.
Domestically and internationally, Fort Worth is well-known for its Western heritage. Thousands of guests visit the Fort Worth Stockyards each day to watch the Fort Worth Herd Longhorn Cattle Drive, visit the Texas Cowboys Hall of Fame and the Stockyards Museum, shop for Western-themed items and enjoy Texas cuisine. Proposed plans to refurbish and expand the Stockyards with additional retail and restaurants, outdoor festival space and a new hotel will attract an even greater number of visitors.
Another popular attraction celebrating Fort Worth’s Western heritage is the legendary Fort Worth Stock Show and Rodeo. In 2015, the Stock Show and Rodeo attracted more than 1.2 million visitors, and more than 76 percent of them came from outside the Fort Worth area. Total spending for the 2015 Stock Show and Rodeo exceeded $62 million, and the entire
event generated more than $1.77 million in tax revenue for the city.
In addition to leveraging its Western image, the city has evolved into a worldclass community, and in recent years, the FWCVB has done an excellent job of repositioning Fort Worth as one of the premier U.S. travel destinations, creating a favorable first impression among corporate decision makers.
One way the FWCVB has been repositioning Fort Worth is by working with Downtown Fort Worth to promote the leisure and business amenities in Sundance Square, the award-winning centerpiece of downtown.
While the FWCVB works to attract guests to Fort Worth, its pursuit of broadcast and entertainment production opportunities also introduces the city to corporate decision makers. For example, ESPN has broadcast multiple times over the past five years from Sundance Square, exposing Fort Worth to millions of viewers.
Building on the exposure that Fort Worth received during the ESPN broadcasts, the Chamber recently partnered with the FWCVB, City of Fort Worth, Red Productions and other organizations throughout the city to support the re-establishment of the Fort Worth Film Commission. Its staff is pursuing movie, television, commercial and video game production work that shines a spotlight on Fort Worth and brings jobs and revenue to local businesses.
In addition to building a brand image for the city, the FWCVB plays another
key role in economic development. The organization leverages its domestic and international connections so the Chamber and other groups may participate in trade missions and open doors for economic development discussions.
The hospitality and tourism industries have a substantial economic impact on the community even more directly. According to a June 2015 study by Dean Runyan Associates, visitors to the state spent more than $70.6 billion in 2014. During the same year, Texas tourism and hospitality generated more than $6 billion in taxes, 5.3 percent of all local and state tax revenues.
Narrowing this to Fort Worth, total annual economic impact for 2015 was $1.9 billion spent on accommodations, restaurants, local transportation, retail, and recreation. Local tax receipts from these sectors resulted in $111 million.
Hospitality and tourism don’t just generate revenue or taxes; these industries also create a large number of jobs: 19,350 in 2015 from the hospitality and tourism sector.
As the volume of tourism increases, along with new business opportunities, so does the need for more hotel rooms. A study presented to Fort Worth City leaders in 2014 recommended that the City add 1,400 rooms downtown, including a 1,000room headquarters hotel to the convention center. Efforts are also underway to develop another hotel to serve the Cultural District.
David Berzina is executive vice president of economic development for the Fort Worth Chamber of Commerce, and he joined the Chamber in 2004. His projects have resulted in more than 13 million square feet of building space, $3.4 billion in capital investment, and more than 20,000 jobs and $1.2 billion in annual payroll. The Chamber will provide an economic development update in each issue of FW Inc.
Forecasting, communication, taking advantage of opportunity, patience are key.
BY JAY SHELLUM Rylander, Clay & Opitz, LLP
“In the end, the oil and gas companies that have the greatest chance for long-term success are the ones that are disciplined and patient, looking for the right deals at the right price, at the right time.”
With every boom comes a bust, and with oil prices below $30 per barrel, oil is at its lowest price since 2004. As a result, businesses in the oil and gas sector have to plan differently than before.
Forecast revenue and cash flow One difference between well-managed companies and those who have struggled during the downturn is the approach they take to forecasting. Companies should project
revenues at different price scenarios to plan how they will adjust expenses under different economic scenarios in order to maintain adequate cash flow. Running these scenarios before economic conditions worsen allows companies to make smarter decisions about when and how to make adjustments to their operations.
Communication is key Companies should also keep open lines of communication with investors, employees and creditors. Investors want to know their capital is being used wisely during changing market conditions and that the company has a plan to weather the low price environment and remain financially healthy. Employees may be concerned about job security and will appreciate any assurance companies can provide that they are doing everything possible to navigate these difficult times. Creditors will also be very interested in how companies will maintain their ability to service their debt and maintain borrowing covenants.
Take advantage of opportunities While many companies will have to face
the reality of needing to sell properties to generate necessary cash flow during the market downturn, a company sitting on un-deployed capital reserves may be able to acquire additional assets at a very reasonable cost. Once oil and gas prices recover, those companies will be well-positioned to make a quick return to profitability. “When companies position themselves conservatively, when they proactively manage the markets based on long-term price trends, those companies can be extremely successful,” Shellum said.
History repeats itself What history tells us is that oil and gas prices will recover, and the industry will return to profitability again. Companies that have been patient in their approach to acquiring and developing their oil and gas assets, as well as anticipating and planning for volatility in the markets, increase their chances to survive a downturn, and position themselves to emerge even stronger.
“In the end, the oil and gas companies that have the greatest chance for longterm success are the ones that are disciplined and patient, looking for the right deals at the right price, at the right time,” Shellum said.
Jay Shellum, partner-in-charge, audit department, manages RCO’s audit department, ensuring the highest standard of technical quality and timeliness for audit, review and compilation services. He joined RCO in 2001 after seven years in Public Accounting with Arthur Andersen. Areas of expertise include oil and gas, financial statement audits and reviews, compiled financial statements, contractors and nonprofit organizations.
Another 100,000 square feet of downtown office space expected to hit market from oil and gas impact.
BY THE REAL ESTATE COUNCIL OF GREATER FORT WORTH
The Real Estate Council of Greater Fort Worth recently hosted the 27th Annual Tarrant County Commercial Real Estate Forecast, where eight industry leaders presented their insights and predictions for the area’s commercial real estate market in 2016:
Oil Industry Vacancies Buoyed by Population and Job Growth As predicted during last year’s Forecast, low
oil prices impacted the commercial real estate market in Tarrant County during 2015. That trend is expected to continue in 2016.
Due to lower oil prices, companies have either moved out or downsized, with the equivalent of 34 full floors now vacant in downtown office buildings and another six floors that could be empty by the end of 2016, said Todd Burnette, managing director of the Fort Worth office of JLL, who gave an office market
update during the event.
“There’s about 150,000 square feet available downtown today,” Burnette said. “Look for as much as another 100,000 square feet to hit the market this year.”
The good news? There’s plenty of it. 1) Fort Worth has decreased its dependence on the oil and natural gas industry, and 2) The area’s population and job growth will continue to drive retail and multifamily development, industry leaders said.
Burnette said higher levels of diversity in Fort Worth – achieved during the past 25 years - insulate Fort Worth from swings in the oil and gas industry. Energy jobs account for 2.2 percent of all jobs in Fort Worth, unlike other Texas locations. In Midland, for example, energy jobs account for 25 percent of its job base, said Burnette.
“This is not your grandparents’ Fort Worth anymore,” said David Berzina, executive vice president of economic development with the Fort Worth Chamber of Commerce, who addressed economic development during the 2016 Forecast event.
“Of all the nation’s largest cities, Fort Worth has the third fastest-growing economy,” Berzina said. “It is adding a new resident every 25 minutes and ranks 14th nationally among states luring California companies to their respective locations.”
Net job growth in 2015 resulted in more than 26,000 new jobs. “These new jobs are fueling strong population growth and improved office absorption,” Burnette said.
Addressing transportation trends, Bill Meadows, chairman of the Commission for High Speed Rail in the Dallas/ Fort Worth region, shared that by 2040, Tarrant County is expected to see the largest population growth of all counties in the Dallas/Fort Worth Metroplex, with a population of 1,788,400 in 2010 and an expected population of 3,094,640 by 2040.
Commercial construction permits were at a high in 2015, Berzina said.
Last year, commercial construction permits totaled 16.4 million square feet and residential permits totaled 10.7 million. In total, permits issued in 2015 had a $2.3 billion value, compared to $2 billion in 2014.
Presenters Jay Redford, MAI, and Keri Redford, MAI, both with Integra Realty Resources, DFW, pointed out that major deals already announced -- like Facebook, the Jetta Tower, the American Airlines new headquarters and the Texas Rangers mixed-use development project -- all bode well for the Tarrant County Area.
“There’s about 150,000 square feet (of office space) available downtown today. Look for as much as another 100,000 square feet to hit the market this year.”
Multi-Family Growth Apartment occupancy and rent prices are also on the rise. Fort Worth apartment occupancy hit 95.3 percent in 2015, an increase of 60 basis points, and annual rents grew by 6.8 percent.
– Todd Burnette, JLL
“Occupancies continue to hover at their highest level in the last 10 years, and rents had another year of growth at a pace not seen in 20 years,” said Drew Kile with Institutional Property Advisors in Fort Worth, who spoke about multi-family market trends.
Additionally, Berzina highlighted two future projects – an $11 million, 100-room Hampton Inn and Suites planned for the east side of Interstate 35W in the Rosedale and Evans urban village and a 200-unit multifamily project planned for Panther Island, the 800-acre development formerly known as Trinity River Vision connecting downtown and the Fort Worth Stockyards (a formal announcement is expected by the end of March, he said).
Retail on the Rise The retail market is also growing, said Stephen Coslik, chairman of The Woodmont Co., pointing to new storefronts along West Seventh Street, Clearfork and other upscale developments.
“In 2016, we will witness the completion or near completion of retail developments started during the 2015 calendar year,” Coslik said.
These will include Trademark Property Co.’s Waterside development, anchored by Whole Foods Market; WestBend along South University Drive, anchored by The Fresh Market; and Presidio Towne Crossing in North Fort Worth along Interstate 35W. A new outlet mall is also coming, located across from the Texas Motor Speedway, and growth is expected in the supermarket sector.
With home prices rising faster than rental rates and more young professionals choosing to rent for lifestyle reasons, drivers remain strong for apartments, Kile said.
“This continued demand, coupled with one of the highest job and population growth rates in the nation, will lead to another year of favorable performance for the area’s apartment owners,” Kile said.
Industrial Strength In 2015, Dallas-Fort Worth became the nation’s fourth-largest industrial market, said Tony Creme, a vice president with Hillwood Properties, a Perot Company.
“By the numbers, Greater Tarrant County accounts for approximately 35 percent of Dallas-Fort Worth’s total industrial inventory, or 287 million square feet,” Creme said.
Tarrant County was home to many of the largest Dallas-Fort Worth industrial leases in 2015, with a vacancy rate that remains below 7 percent, said Crème, who foresees similar strength and momentum for the rest of 2016.
About Real Estate Council of Greater Fort Worth The Real Estate Council of Greater Fort Worth is a unified voice for the commercial real estate industry, influencing action and supporting change to accomplish long-term job growth and enhance the quality of life in the Greater Fort Worth area.
Protect the value of your retirement assets for the next generation.
BY AMY E. OTT
The Blum Firm
Deciding who to name as the beneficiary of retirement accounts is not always a simple process, but it’s very important to creating a sound estate plan. For many people, retirement accounts comprise a substantial part of their net worth, because the retirement accounts have been funded to the maximum extent possible to take advantage of the tax deferral benefits. What is the best way to pass down the retirement plans to which you have so diligently contributed over the years so that the account assets are protected from your heirs’ creditors and spouses while also taking advantage of the ability to postpone the income taxes due on the retirement accounts? Typically, the best option is a trust that is designed to achieve these goals.
It has been our experience that the vast majority of people name their spouse, then their children (if the spouse does not survive), as beneficiaries of their retirement plans. In most cases, naming the spouse as the primary beneficiary continues to be the best option. However, if you have named your children, individually, as beneficiaries of your retirement plans, you may be missing the opportunity to ensure the retirement accounts are as protected as possible. Instead, naming a properly drafted trust that benefits your child as the beneficiary of the retirement accounts supplies the retirement benefits with the general protections inherent to trusts—such as protection from your child’s creditors, protection from the claims of the child’s spouse during a divorce proceeding, and avoidance of estate tax.
While Texas law specifically exempts “inherited” individual retirement accounts from the reach of creditors, whether or not the debtor is in bank-
ruptcy, inherited retirement accounts are not exempt from creditor’s claims in most states. Therefore, naming a child, individually, as a beneficiary of a retirement plan requires an all-in bet that the child will always be a resident of Texas or another state that protects inherited retirement accounts. Naming a qualifying trust as a beneficiary, however, reduces the need to worry about what state your children will live in.
Although it has not always been popular to name a trust as the beneficiary of retirement accounts for income tax reasons, it is now possible to utilize a trust that contains specific IRS-approved provisions to take advantage of “stretch-out.” Stretch-out allows the person inheriting the retirement account to choose to receive distributions from the retirement account over his or her actuarial life expectancy, rather than through an accelerated payout. If a trust is named as the beneficiary, and the trust does not contain the specific IRS-approved language, the trust must typically withdraw the assets from the retirement accounts over a five-year period. This results in the trust paying all of the deferred income taxes due on the retirement accounts within five years instead of the full life expectancy of the trust beneficiary. In most instances, it is preferable to take advantage of stretch-out because it maximizes the deferral of the income taxes associated with the retirement accounts.
eficiary (perhaps as little as 20 cents on the dollar). However, when you name a charity as the beneficiary of a retirement account, you avoid both the estate tax and income tax liability associated with the assets, and the charity will receive the full 100 cents of each dollar. When you review your estate plan and beneficiary designations, remember the tax advantages of naming a charity as the beneficiary of some or all of your retirement accounts, and instead consider leaving other estate assets to your heirs.
If you intend to leave a portion of your assets to charity at your death, you should consider naming the charity as the beneficiary of a portion of your retirement accounts in order to satisfy the gift.
Although many people believe it is easier to simply name a child, individually, as a beneficiary of a retirement account, naming a properly drafted trust that benefits the child is the most effective way to ensure the retirement funds actually end up in the hands of the beneficiary while still achieving the maximum income tax deferral. Leaving the retirement account to a specially drafted qualifying trust eliminates many of the questions and what-ifs that plague clients: What if my child gets divorced? What if my child gets sued? What if my child is not financially responsible enough to manage the benefits? What if my child moves out of Texas and loses bankruptcy protection? These questions are common, and they can all be soundly addressed by naming a qualifying trust as the beneficiary of the retirement accounts.
Want to keep your 2016 New Year Resolutions? We are here to make that happen! Invest in having more TIME this year for yourself, family and work. We can take care of the rest!
We customize these services by tailoring each booking to suit your needs:
mobile beauty personal shopping errands event planning domestic staf ng global travel planning simple comple pro ect management so much more ur on demand e pert o o and o Pro ssistants are ready to get you ing!
Note that if you intend to leave a portion of your assets to charity at your death, you should consider naming the charity as the beneficiary of a portion of your retirement accounts in order to satisfy the gift. Retirement account assets could be hit with both a 39.6 percent income tax and a 40 percent estate tax at your death, leaving just a fraction of the retirement assets to the named ben-
Amy E. Ott is a partner with The Blum Firm, P.C. She is board-certified in estate planning and probate law by the Texas Board of Legal Specialization and is also a certified public accountant.
Regulators’ decisions in proposed healthcare mergers could set off more consolidation.
BY SCOTT NISHIMURA
Last year brought major proposed healthcare mergers that could narrow the field of major national insurers to three, as the industry continues to adapt to the federal Affordable Care Act. What’s 2016 likely to bring? Some idea of how regulators feel about whether the deals are resulting in a better system, says PricewaterhouseCoopers’ Health Research Institute in its annual report on industry trends. And more consolidation, if regulators approve 2015’s deals like Anthem’s purchase of Cigna and Aetna’s matchup with Humana.
Insurers will be the focus. But U.S. healthcare generated a record $400 million in deals in 2015, and more are on the way this year, as the industry looks for more affiliations, joint ventures and partnerships, and continues to move away from traditional acquisitions, says Benjamin Isgur, of Fort Worth, director, thought leadership of the PwC institute and one of the report’s two primary authors.
“We believe we’ll see the results” of 2015’s mergers, Isgur said in an interview. “Do we have a more consumer-friendly health system?” And how will regulators view consolidation’s impact on pricing and costs?
The report examines high-level trends and doesn’t go into whether specific ventures are working. One unusual, expanding player in insurance is Oscar, a New York insurer that’s expanding into other markets including Texas. So consumers who logged into the federal healthcare exchange last fall to choose a health plan found Oscar, nuzzling side by side with the big-brand
Aetna, United Healthcare, Cigna and Blue Cross Blue Shield. “It’s yet to be determined how successful” Oscar will be, Isgur said in the interview. Its website is “very clean and simple,” quickly asking the consumer six questions and generating a quote. “It’s almost like the Apple store.”
The growing Scott & White insurance plan, which joins Baylor’s healthcare network of hospitals and clinics and is drawing the interest of physicians, is another example of an emerging regional system, Isgur said in the interview. “The systems are looking at each other and saying what could we do if we got together?” he said. “It’s happening everywhere.”
The pharmaceutical and life sciences sector is another sector that’s experiencing significant consolidation, as drug companies are hunting for “beyond the pill” product and services, the report says. To help improve the correct taking of medications, Teva Pharmaceuticals recently purchased Gecko Health Innovations, which develops software to manage respiratory diseases, the report notes.
The report also says the healthcare industry will continue to move toward the use of consumer technology – smartphone apps and connected medical accessories – to improve access to healthcare, drive down costs, and meet consumers’ growing interest in immediate monitoring, diagnosis and treatment.
Primary care and chronic disease management are “leading the way,” the report said, citing growing use of healthrelated mobile apps and digitally connected otoscopes, activity trackers, scales,
algorithm-based symptom checkers, and on-demand e-visits. The percentage of consumers with at least one medical, health or fitness app on their phones doubled in the last two years, to 32 percent from 16, the report found.
“Consumers are interested,” Isgur said. “We bank through our ATMs, laptops, phones. We’re very used to that.”
Clinicians, employers, health plans, and drug makers are all in on the trends. The growing use of telemedicine by consumers and health providers is part of the story. Consumers who are showing flu symptoms, for example, can make a traditional doctor’s appointment or visit an urgent care clinic. Or these days, they may be able to “visit” a doctor through an Internet connection. Many employers offer telehealth options as part of their health plans. And a growing number of physician practices may assign physicians to spend one or more days of their week on telemedicine calls, Isgur said. “There’s a lot of combinations,” he said. In some cases, a patient could be sitting in an office with her primary care doctor, who brings in a specialist via web connection.
With technology, “what you’re really looking at is a whole new way to access care,” Isgur said.
Benjamin Isgur is the director of thought leadership at PwC's Health Research Institute where he leads HRI’s Regulatory Center. Isgur is a published writer, and his research is often cited by health leaders across the industry. Ben received a master's degree from the LBJ School of Public Affairs at the University of Texas at Austin.
Four Day Weekend’s leadership workshops preach the value of “yes, and…”
BY SCOTT NISHIMURA
In the world of Four Day Weekend, the award-winning Fort Worthbased comedy troupe and fastgrowing workplace trainer, there are no bad ideas.
This may raise eyebrows in Dilbert-dom. But wait, says David Wilk, who co-founded the company in 1997 with David Ahearn and Frank Ford.
“There are only higher and lower percentage choices,” Wilk says of what Four Day Weekend trainers teach in a seminar called “Yes, and…,” a concept the troupe has built into brainstorming for its acts.
A person who raises a low percentage choice, “instead of being chastised or demeaned, is embraced by the group until the low percentage choice becomes a higher percentage choice,” he says.
Four Day Weekend, which puts on four shows per week at Sundance Square downtown, won a Fort Worth Chamber of Commerce Small Business of the Year award last year.
The company’s side business - it offers to host team-building seminars and awards banquets, emcee meetings, have its co-founders keynote conferences, put on conference sessions in the format of late night talk shows, perform improv
between meeting sessions to reinforce the messages, and chronicle sales conferences through “Man On the Street” closing videos - got a boost from the small business award, Wilk says.
Pricing varies. The three principals will do a 90-minute keynote for $7,500, in which they lay out their success story. Workshops typically run $2,500 per instructor per workshop, with a recommendation of one instructor per 15-25 participants.
In the “Yes, and…” team-building exercises, Four Day Weekend says it “will reveal how control inhibits a workplace, how positivity can become contagious, and how, by simply changing the way you approach challenges, you too can create inspiration out of thin air.”
THE EXERCISES:
Circle Story: “This initial exercise instills the idea that as a team, we only succeed when we build on the ideas of others.”
Conducted Story: “This follows the same theory as Circle Story, only each individual is responsible for more information.”
Yes, And…”This is the fundamental building block of improvisation…NO is a conversation and creativity killer. When we say ‘YES, AND…’ we are agreeing with our partners and building on the pertinent information they’ve established.”
Shared Experience: “Everything in improvisation is made up, which can create a barrier between people…This exercise forces us to create a rich history between improvisational partners. It is similar to the sales concept of mirroring prospects’ mannerisms, tone, and excitement level to make
them feel comfortable and create a bond with them.”
One Word Scenes: “People tend to talk, talk, talk without really saying anything. Improvisation works by building on the pertinent information of others. In this exercise, you are only allowed one word before it is your partner’s turn. This teaches you to economize your thoughts as well as learn to communicate through non-verbal means such as body language, tone, and emotional adjustments.”
Listening Exercise: “Your partner tells you a story with many details, and you re-tell the story back to your partner. Your partner then grades you on the accuracy of your re-telling.”
Mr. Know It All: “In this exercise, three people speak as one. Each member of Mr. Know It All is allowed only one word. Mr. Know It All is asked questions by the rest of the group and answers only by building on the offerings of their partners. No individual succeeds unless the team succeeds by answering the questions.”
Ad Exec: This final exercise “draws upon all of the skills we’ve learned up to this point to help us create an entire advertising campaign for a fictional product on the spot. The first person to answer is rewarded by an enthusiastic response by the entire team. Only the first person’s answers are accepted and built upon. After a rapid-re series of questions, the group has come up with a new campaign on the spot utilizing all of the skills they have learned during the past three hours.”
www.fourdayweekend.com
Use scorecards to get a handle on the few numbers that answer whether things are going right for your business.
BY JEFF WHITTLE Whittle & Partners
It’s easy to appreciate the importance of a scoreboard at a football game. The scoreboard gives us critical information — not just about who’s leading at the time, but who is most likely to win. Quick glances at the scoreboard show how much time is left in the game, how many timeouts each team has remaining, who has the ball and how far they are from the goal line. Scoreboards indicate whether it’s first down or fourth, and how many yards are required for a first down. But each of these data points are more than just a snapshot of the current state of the game; they have predictive value relative to the ultimate question that matters the most: Is my team going to win?
Great businesses use a scoreboard — often called scorecards — for exactly the same reason. A great scorecard isn’t a backwardlooking report card; it’s a forward-looking tool that helps leaders achieve goals and adapt strategies. With a good scorecard, business leaders get an immediate pulse on their business and quickly spot trends, chal-
lenges and potential train wrecks. Every business generates tons of information, yet that information often gets delivered in the form of huge data dumps using reams of paper that make your brain hurt. Executives strain to find nuggets of helpful insights in mountains of eyeaching minutiae. The trick to building a great scorecard isn’t to dump every single measurable from the business into a stack of paper…the trick is to do the hard work necessary to identify and then religiously monitor the meaningful few.
When we work with leadership teams to build a scorecard, our goal is to find those five to ten numbers that answer a simple but critical question: Did we do the right things last week? Monthly, quarterly and annual reports are all great things, but they don’t usually give you the opportunity to be proactive. If you can identify just a few data points that you can monitor regularly and use as a basis for course correction, you’ve got a powerful tool that can help you achieve your goals.
Think about your annual sales goals, for example. At the beginning of the year, you set revenue targets, and on a monthly basis, you track how you’re doing against those goals. If you’re behind at the end of the first quarter, you start to worry. If you’re behind at the end of the second quarter, you might panic and start implementing new programs or policies. And if you’re behind at the end of the third quarter, it’s often too late to get the sales ox out of the ditch.
For this reason, great sales managers don’t just track the sales numbers; they track the behaviors of the sales team to make sure they’re doing the right things to actually generate a sale in the future. Those behaviors are usually tied to the sales process. If you’re in the consulting business, you may know that you are able to obtain business from about half of the prospects to whom you make a proposal. It probably takes a certain number of introductory meetings to earn the right to make a proposal, and those meetings are generated by a critical number of prospecting calls. If you want to know whether you’re going to hit your revenue goals, you can look into the future by simply tracking the number of prospecting calls your team is making on a weekly basis.
Building a great scorecard with predictive value, then, involves examining your processes and identifying those key behaviors that you can measure to gain confidence that things will be fine in the future.
Don’t get me wrong – financial reporting and the information you get from P&L statements are critical. But they don’t give you the same kinds of insights you’ll get from measuring activities on a weekly basis.
Longtime Fort Worth oil and gas man retires, then returns to the industry he’s spent more than three decades in.
2:30-4:00 a.m.:
usually right.)
8:00-9:00 a.m.:
Office - Spend an hour with Jeff Cook, my business partner of 34 years, talking politics, telling old oilfield stories, planning our operations, and reviewing current business progress and new ideas and deals. Together we set the course and strategy for our businesses for the day, week and decade.
10:00-noon:
Meetings with Stefni Cocke, Ryan Dickerson, Harry Browne, Dave Appleton and Cameron Cook. We discuss travel, schedules, partner meetings, business development, business structuring, project engineering, financial projections and performance. They bring lots of new ideas and good perspectives.
Noon-1:30 p.m.:
Lunch with Joanie. Talk about kids, business, ranch, and
things to do.
2:00-6:00 p.m.:
Meetings with clients, partners and new project developers. These meetings give feedback to our businesses and pave the way to the next opportunity. We review 10-15 new projects per week. Communication with partners in Boston, Washington, New York, Tokyo and Singapore.
6:30 p.m.: Dinner with the family: Joanie, Lauren, Jack and (Grace, Kate, Rachel, and/or Samantha, when in the neighborhood) and their significant others and other surrogate children who drop by for one of Joanie’s spectacular meals.
8:00-9:00 p.m.: Glass of wine with Joanie to review the day, week and year to date.
9:00-10:00 p.m.:
News of day from multiple outlets online and other sources.
10:00 p.m.: Sleep
4:00-6:00 a.m.: Sleep
6:00-6:30 a.m.:
Workout with Joanie. She works out harder than I do.
7:00-7:30 a.m.:
Giggling with (my wife) Joanie until she falls back to sleep. Then I organize things to do for the day/week, send emails to team, family, and partners in the U.S., Europe, and Asia. I only hear back from the Asians and Europeans.
Breakfast with Joanie and Jack. Sourdough toast for Jack. Sourdough crust and coffee for me.
7:30-8:00 a.m.:
Take Jack to school and get a real world perspective from my 8-year-old son. (He is
“I am blessed with a beautiful wife with a good mind and good heart and six amazing children. We have a lot of fun together. Therefore, my motto is: Will Work For Fun.”
“Justintimeinventory – properties that sell before hitting MLS or within a few days. Decent buys move quickly in this market. Coreneighborhoods – those established neighborhoods inside the loop that draw buyers because of larger lots, convenient locations and prime elementary school boundaries. Suburbs are out, people are moving back to the heart of the city. Downsizing – it doesn’t mean what it used to. Most downsizers are buying more square feet with better floorplans and upgrades.”
Clay Brants | 817.980.9500
cbrants@briggsfreeman.com
“DFW experienced 15 percent job growth from 2010-2015 and an 8.2 percent population increase from 2010 to 2014, according to Forbes . With strong domestic in-migration, low unemployment rates and a rising population of young families, the Spring Market 2016 should be busy. With hikes in income growth and major corporate relocations, many buyers will continue searching for luxury homes in desirable neighborhoods.”
John Zimmerman | 817.247.6464
jzimmerman@briggsfreeman.com
“Major companies that are searching for a more favorable tax and regulatory environment are migrating to Texas and bringing serious buyers with them. In Fort Worth, home values will continue to rise due to the lack of inventory. But even with less than three months of inventory on the market and a 20 percent growth in home prices since 2013, Fort Worth remains one of the most affordable places in the country to own a home.”
Michael Hoover | 817-458-1431
mhoover@briggsfreeman.com
“As the DFW area experiences growth at a rate of one new buyer every five minutes, inventory remains low. This expansion increases pricing and lowers days on market creating greater opportunities for those wishing to list their home. With interest rates remaining low, many homeowners are trading up and several are choosing to build new.”
“Last year was the second best year we have experienced to date. Our economy appreciated approximately 9 percent, and with low inventory and high demand we experienced fewer days on the market and multiple offer situations. This year is expected to be a transition year with interest rates and a slightly slower market. However, we continue to experience only 2.2 months of inventory with approximately 26 new families moving to Fort Worth daily. I’m looking forward to 2016!”
Jerri Pedro | 817.925.9462
jpedro@briggsfreeman.com
