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Rendering of Cedar Hill Aloft Hotel & Convention Center Coming Spring 2021

SET YOUR SITES ON CEDAR HILL TOWERING THE SOUTHWEST DALLAS COUNTY MARKET Cedar Hill Aloft Hotel & Convention Center, with an estimated completion date of Spring 2021, will be the premier location in the Southwest Dallas County region. The development will add enhanced commercial and entertainment amenities to the City’s Uptown area. A revitalization of the Historic Downtown Core, Midtown’s future public library and signature park, are also booming bringing new construction starts for the City of Cedar Hill.

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Join Dallas’ Most Influential Business Leaders Nominations are now open for D CEO’s 2021 edition of Dallas 500, 500, our annual publication featuring the most powerful business leaders in North Texas. Don’t miss this opportunity to be considered for this prestigious special edition.

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SECTION NAME

CONTENTS APRIL 2020

VO LU M E 1 3 | I S S U E 1 1

54

What’s Up With Woot?

It has been a decade since online behemoth Amazon bought Carrollton’s quirky daily deals pioneer for $110 million. Here’s what the two companies have learned from each other. story by BRANDON J. CALL photography by TREVOR PAULHUS

58

The High-Tech Maestro How a Juilliard-trained pianist became CEO of a $37 billion business group at AT&T.

P H OTO G R A P H Y BY S E A N B E R R Y

story by S. HOLLAND MURPHY photography by SEAN BERRY

Real 62 Where Estate Is King

47 of the region’s biggest deals and most notable projects—and the people making them happen.

PIONEER Anne Chow is the first woman CEO at AT&T.

DCEOMAGAZINE.COM

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story by BIANCA R. MONTES and CHRISTINE PEREZ photography by SEAN BERRY

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CONTENTS

AG AT H E R C O U R T E S Y O F E L A I N E A G A T H E R V I A F O R T W O R T H M A G A Z I N E , D U C H S C H E R BY J I L L B R O U S S A R D , M A R Y K AY A S H C O U R T E S Y O F M A R Y K A Y

38 EDITOR’S NOTE

DOSSIER 4 1 YO U N E E D T O K N O W

Christian Brickman, Sally Beauty Holdings 4 4 S U I T E TA L K

Calvin Carter of Bottle Rocket and Jim Hinton of Baylor Scott & White Health 46 MEET THE 500

Cindy Simpson, Gensler 46 FRESH IDEAS

Kyle Waldrep, Dottid

94

48 MEDIA

Reed Duchscher, Night Media 5 0 O N T H E TA B L E

Trevor Mitchell, American Mensa 5 2 E D U C AT I O N

Matt Khirallah and Scott Hudnor, Big Rock Educational Services

FIELD NOTES 85 LESSON LEARNED

Doug Renfro, Renfro Foods 86 ECONOMY

Texas oil and gas bounced back big during the past decade. Now what?

88 ON TOPIC

David Berg of European Wax Center, Pedro Fábregas of Envoy Air, and Kelly Brett Roberts of Ricochet Fuel Distributors weigh in on strategies for leading through periods of rapid growth or significant change.

OFF DUTY

90 THOUGHT LEADER

93 ART OF STYLE

Blue Cross Blue Shield of Texas Dr. Paul Hain shares insights on how to reduce your company’s growing healthcare spend.

Cristina Lynch, Mi Golondrina 9 4 M Y FAV O R I T E T H I N G

Elaine Agather, JP Morgan Chase & Co. 96 MY PET

Richard Margolin, RoboKind 9 8 W E L L T R AV E L E D : L O N D O N

Kourtny Garrett, Downtown Dallas Inc. 100 ROOTS

Haider Mirjat, OneCloud Networks

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APRIL 2020

Jeff Cook, Texas Health Aetna CEO

104

1 0 2 G R E AT E R G O O D

104 END MARK

Mary Kay Ash, Mary Kay Cosmetics

5G Studio Collaborative’s E S C O T T L OW

leads the architecture firm behind Virgin Hotels Dallas and Forty Five Ten Hudson Yards

WHERE REAL ESTATE KING

48

ON THE COVER: 5G Studio Collaborative’s Scott Lowe, photographed on location at Virgin Hotels Dallas, by Sean Berry

IS

t 47 of the region’s biggese deals and most notabl projects—and the people n. making them happe

DCEOMAGAZINE.COM

3/5/20 1:33 PM

TRIAL READY TEAMWORK When winning is what counts, a great team can make the difference.

Don’t settle for less.

GODWINBOWMAN.COM | 214-939-4400 | DALLAS

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P U B L I S H E R Gillea Allison EDITORIAL EDITOR Christine Perez MANAGING EDITOR Will Maddox ONLINE MANAGING EDITOR Bianca R. Montes ASSOCIATE EDITOR Kelsey J. Vanderschoot EDITORIAL PROJECTS MANAGER Amanda Salerno CONTRIBUTING EDITORS Richard Alm, Brandon J. Call, W. Michael Cox EDITORIAL INTERNS Sooha Ahn, Audrey Dedrick

ART DESIGN DIRECTOR Hamilton Hedrick ART MANAGER Morganne Stewart STAFF PHOTOGRAPHER Elizabeth Lavin JUNIOR DIGITAL DESIGNER Emily Olson

A DV E R T I S I N G ADVERTISING DIRECTOR Rhett Taylor ASSOCIATE PUBLISHER OF PROFESSIONAL SERVICES Kym Rock Davidson SENIOR ACCOUNT EXECUTIVES Cami Burke, Haley Muse BUSINESS DEVELOPMENT ASSOCIATE Sabrina Roy MANAGING EDITOR OF SPECIAL SECTIONS Jennifer Sander Hayes DIGITAL REVENUE DIRECTOR Tracy Albertson DIGITAL AD OPERATIONS MANAGER Riley Hill

MARKETING & EVENTS EVENTS MANAGER Corinne Sullivan BRAND MANAGER Carly Mann MARKETING ASSOCIATE Caitlin Petrocchi ADVERTISING ART DIRECTOR Katie Garza

AU D I E N C E D E V E LO P M E N T DIRECTOR Amanda Hammer COORDINATOR Sarah Nelson DATA ENTRY SPECIALIST Jae Chung RETAIL STRATEGY MANAGER Steve Crabb MERCHANDISER David Truesdell AUDIENCE DEVELOPMENT INTERN Blythe Bonan

PRODUCTION DIRECTOR John Gay MANAGER Pamela Ashby DIGITAL IMAGING SPECIALIST Natalie Goff PRODUCTION INTERN Ramisha Sattar

BUSINESS CONTROLLER Debbie Travis ACCOUNTING MANAGER Sabrina LaTorre STAFF ACCOUNTANT Lesley Killen BILLING & COLLECTIONS COORDINATOR Jessica Hernandez HR/PAYROLL COORDINATOR Esmeralda Hernandez IT TECHNICIAN Luan Aliji ADMINISTRATIVE ASSISTANT Molly Sentmanat

WEB EDITORIAL DIRECTOR Matt Goodman ONLINE MANAGING EDITOR Shawn Shinneman WEB INTERNS Piper Cardwell, Cecilia Lenzen WEB EDITORIAL INTERNS Cecilia Lenzen

MAIL 750 N. Saint Paul St., Ste. 2100, Dallas, TX 75201 The magazine assumes no responsibility for the return of unsolicited manuscripts.

WEBSITE www.dmagazine.com/publications/d-ceo MAIN OFFICE 214-939-3636 | ADVERTISING 214-939-3636 x 128 | REPRINTS 214-939-3636 SUBSCRIPTION SERVICES For immediate assistance, call 214-939-3636 x 232.

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D M A G A Z I N E PA R T N E R S CHAIRMAN Wick Allison EDITOR-IN-CHIEF AND CEO Christine Allison PRESIDENT Gillea Allison CHIEF FINANCIAL OFFICER Thomas L. Earnshaw CHIEF OF STAFF Rachel Gill

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AGENDA

Beth Bull

Dave Scullin, Nancy Waggoner, Meg Campbell Sam Cheng, Craig Storey

CFO Outlook Panel 2020 it was a full house at communities Foundation of Texas on Feb. 11, as D CEO talked with leading chief financial officers about the year ahead. Sam Cheng of Earthbound Trading Co., Derek Kerr of American Airlines, Craig Storey of Vari (formerly VARIDESK), and Debra Wood of Square 1 Restaurants LLC spoke with D CEO Editor Christine Perez about the CFO role, the business environment, the presidential election, and more. Thanks to our title sponsor, IBERIABANK, our signature sponsor, PwC, our host, Communities Foundation of Texas, and our event partners, Texas Catering and Top Tier.

Brooke Ansel, Rick Costello

Christina Brennan, Jenny Johnson, Shalimar Mulcahy

Daniel Drabinski, Brad Rejebian, Emily McLendon

Gable Shaikh, Ed Shaikh

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Derek Kerr

Scott Whightsil, Holly Williams, Dominic Sandy, Nicle Teal, Katie Norwood

P H OTO G R A P H Y BY R Y A N O ’ D O W D

Cass Robinson, Don Eubank, Matt Horinek

Lisa Armstrong, Eugene Barham

DCEOMAGAZINE.COM

3/9/20 4:14 PM

AT THE CENTER OF

WHAT’S NEXT Cushman & Wakefield has played a major role in Dallas’ incredible transformation since 1974. Today, we are a global company of the 21st century, with its focus firmly on what’s next for real estate and business.

Multicultural, multilingual, confidently global, expertly local, the people of Cushman & Wakefield mirror the stage on which we work: the world.

Explore what’s next at cushmanwakefield.com

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LETTER FROM THE EDITOR

Sharing Their Expert Opinions

PLANNING

More than 100 contributing editors write for D CEO’s commercial real estate news site.

for

UNPLANNED EVENTS 98% of business owners don’t know what their business is worth, yet 90% are planning to fund their retirement with the proceeds.

The statistics quoted are supplied by Biz Equity

Robert Gardner, CEPA®, CFEd® Founding Partner

Visit our website for free business valuation

gardnerwallace.com rgardner @ gardnerwallace.com 14135 Midway Road Suite G110 Addison, TX 75001

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P H OTO G R A P H Y BY E L I Z A B E T H L A V I N

972-833-2565

the commercial real estate awards feature in this month’s edition (page 62) showcases the vibrancy of the Dallas-Fort Worth market. To help keep up with it all, we created the D CEO Real Estate news site about eight years ago. It’s now led by Real Estate Editor Bianca R. Montes, who recently brought back popular features like DealTicker, First Look, and Personnel Moves. What sets the site apart, though, are commentaries written by top industry leaders. To give you an idea of the content diversity and level of expertise, here are snippets from a few recent posts: An Overlooked Contributor to the Affordable Housing Crisis: Parking Requirements, by Mintwood Real Estate’s Katy Slade: “A multifamily parking space can cost the renter around $1,200 a year because building costs are passed through in rent. (And the beloved below-grade parking that we all want costs twice as much to build.)”

Should Dallas Restaurateurs Fear Ghost Kitchens? by Venture Commercial’s John Zikos: “Google and SoftBank have both made significant investments in this space. Most recently, former Uber CEO Travis Kalanick raised $400 million to enter into the fold.”

How Generation Z Will Influence Office Space, by Staffelbach’s Jo Heinz: “They are used to working on multiple electronic devices simultaneously and integrating virtual and offline experiences. Office space keeps pace by being flexible, fluid, and vibrant.”

North Texas Land Absorption Report, by Younger Partners’ Robert Grunnah: “Recent infill development site purchases have been at record sales prices per square foot.

More peripheral sites are seeing increased activity, with employers competing for employees desiring a shorter commute.”

We’re grateful to the experts who signed on to write for D CEO Real Estate this year. To make sure you don’t miss out on their posts—and Bianca’s coverage—sign up for our weekly email at dmagazine.com/ site/newsletters/.

Christine Perez Editor

DCEOMAGAZINE.COM

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DOSSIER TRENDS

to

WATC H

a n d

NORTH TEXAS NEWSMAKERS

YOU NEED TO KNOW

Christian Brickman Is Giving Sally Beauty a Makeover The CEO is taking the global hair care and beauty products company into the social media age. story by SHAWN SHINNEMAN photography by BILLY SURFACE

DCEOMAGAZINE.COM

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DOSSIER

C

on in my career was to follow great people, learn from great people, and nurture great people, because then they’ll follow you as well.”

Brickman moved to Dallas in 2006 as a partner at McKinsey & Co. It was there where he met Tom Falk, then CEO of Kimberly-Clark, a connection that vaulted his career into executive territory. By 2010, Brickman led Kimberly-Clark’s $3.5 billion professional division. By 2012, he was the jet-setting president of its $8.5 billion international business and sitting on Sally Beauty’s board. The company called him into duty as chief operating officer in 2014, with the understanding that he would soon become chief executive. In February 2015, he did.

Brickman walked into a company that today has around 5,000 stores, about 3,700 of them branded Sally Beauty and pulling in about 60 percent of the company’s revenue. The balance, 1,300 christian brickman is taking a brand stores, sells directly to salon professionals under that has long been content to exist in salons and branding you may not have heard of—CosmoProf on store shelves into a modern digital world. He’s and Armstrong McCall—and pulls in the other five years into a stint as CEO of Sally Beauty, a 40 percent of sales. The company sells a growing Denton-based company that generates $3.9 billist of its own products, some of them lines affililion in annual revenue, selling hair care products ated with social media influencers it sponsors. and tools and cosmetics to consumers and proBrickman says Sally Beauty has seen strong fessional stylists. Those businesses were strong growth in segments like vivid color hair prodenough that prior leadership, Brickman says, nevucts and products developed er felt compelled to wander into for curly, natural hair. And digital marketing.

“I LEARNED EARLY the business is live. A celebrity “For the first seven or eight years ON IN MY CAREER posts on Instagram with honof the smartphone, we didn’t exist TO FOLLOW ey blond hair, and sales in that on the smartphone,” Brickman color soar. On the heels of store says. “We had no digital media.

GREAT PEOPLE, closures and streamlining last We had no social media. We had LEARN FROM year, the company announced no apps. We had no connection to GREAT PEOPLE, the creation of 40 new jobs the smartphone at all. Between AND NURTURE around digital commerce and 2007 and 2015, we basically didn’t GREAT PEOPLE, branding in October. It also play in that arena.”

BECAUSE THEN added 270 jobs when it opened Brickman’s path to changing a new, 500,000-square-foot that approach started at Boston THEY’LL FOLLOW automated distribution center Consulting Group in Chicago, YOU AS WELL.” in Denton County last March. where he quickly made an im“Part of what happened here pression on a boss who happened at Sally was that it had an into depart for NutraSweet. At just credibly differentiated busi24 years old, Brickman accepted ness model that obviously everybody made a lot a job as manager of strategy and capital. “It was of money off of,” Brickman says. “But the problem more about working with a great person who I was it got tired. They failed to invest, they failed respected and knew I could learn from and less to change, and they failed to adapt. What we’re about whether that job or another company doing is taking that wonderfully differentiated would be a cooler industry or anything like that,” model and adapting it and making it fresh.” says Brickman. “One of the things I learned early

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FA ST FAC T S

A Thing of Beauty

$3.9 BILLION Annual revenue, through the Sally Beauty Supply and Beauty Systems Group businesses.

5,000 STORES Most (3,700) are under the Sally Beauty brand.

All but a handful are company owned.

15+ COUNTRIES Beyond the United States, Sally Beauty has stores in Canada, Mexico, Europe, and South America.

8,000+ PRODUCTS They include proprietary brands like Ion and Beyond the Zone and professional brands like Clairol and OPI.

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DOSSIER

S U I T E TA L K

TECH GURU CALVIN CARTER AND HOSPITAL CHIEF EXEC JIM HINTON TALK ABOUT LEADERSHIP CHALLENGES, INNOVATION, AND HOW TO DISCONNECT. edited by WILL MADDOX illustrations by JAKE MEYERS

calvin carter founded his company the day after steve jobs opened his app store to third-party developers. Today, Bottle Rocket works with some of the country’s biggest brands. Jim Hinton became CEO of Baylor Scott & White Health after more than two decades leading a hospital in New Mexico and now runs the largest nonprofit health system in the state. Despite their different industries, the two executives similarly focus on serving consumers, whether they call them patients or users.

JIM HINTON: You launched your company about a dozen years ago?

CALVIN CARTER: Yes. Our first seven apps were financial failures, but the eighth kept us going. Then we started building a relationship with Apple that opened some doors for us. NPR was our first paying client. That led to other deals with American Express, Disney, ESPN, and others. So we’re a 12-year overnight success. How about you?

HINTON: I’m part of a startup, too. We just started about 120 years ago.

CARTER: Everyone is interested in “consumerification.”

Is it a patient, or is it a consumer?

HINTON: The digital revolution has created a new set of expectations for the people we serve.

The connected lifestyle ... people want that same experience in everything that we do. ... I wonder about the overlap of the two cultures of our organizations.

CARTER: We’re very, very culture focused.

We’re purpose driven and values driven.

HINTON: We are, too.

What are some examples of your values?

CARTER: [Laughs] HINTON: I think one of the interesting parallels, as we think about the future of our business, is that it’s really all things digital.

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CARTER: Take the craft personally, embrace the impossible, and ask the tough questions. But the one that speaks to Bottle Rocket the most is serve the user.

HINTON: Our values are a little different: serve faithfully, which is a nod to our Christian heritage; act honestly; never settle; and the one that most resonates with our workforce is the concept of “we’re in it together.”

CARTER: Your value of never settle is similar to another one of ours: be restless. A lot of people think of innovation as a wild, novel invention. But it’s really more just like the daily grind, making things a little bit better every day. Iteration.

HINTON: The ability to fail—you’ve got to try some things; some work and some don’t—has been very important for me. My interests over the last 10 or 15 years have focused on unlocking the human potential of the people who work in our organization.

Ultimately, I think it’s often the leader who

doesn’t go the extra step to unlock people.

CARTER: Being CEO has, for me, kind of been that mixed bag of missing the opportunity to be as much a part of the work as I once was.

HINTON: You’re not one of the guys or girls anymore, right? ... So does your wife ever tell you when you get home that you’re not at work anymore?

CARTER: [Laughs] I had to stick two Post-It notes in my garage, so I see them when I walk in the door. One says “intensity” with a down arrow. The other one says “love” with an arrow pointing up.

HINTON: With all the great connectivity that a company like yours creates, we’re never away from work. So we have to be very intentional about how we make those transitions and how we don’t leave our families out when we come home.

CARTER: I will tell you, being a dad of daughters really does change my perspective about

workplace dynamics. We must become as diverse as we can. And we’ve found that we have a better business from it, and we have a better culture from it.

HINTON: I’m excited about the future of healthcare. Not because the problems are small, but because they are so large. It’s an opportunity to unlock what’s right about America. And what’s right about America, in my opinion, is we always figure it out.

CARTER: I love how you don’t view individuals who can’t afford their healthcare as a distraction but an opportunity to serve.

I would love to have more of that in the world right now, where it’s less about us versus them and more about us, you know, for us.

HINTON: I agree. ... Well, I’d love to work for you, although I don’t have the skills to be at Bottle Rocket.

CARTER: We’ll make you an honorary Rocketeer!

For an extended video version of Suite Talk with Calvin Carter and Jim Hinton, visit dceomagazine.com.

DCEOMAGAZINE.COM

3/9/20 2:11 PM

SET AMO N GST A P OWER F U L S KY LI NE I T TAK ES A TRU E I CO N TO STAND OU T. $70 Million Renovation Completed December 2019 All New Amenities, Including: Managed Tenant Lounge and Event Space, State-of-the-Art Tenant Conference Center, and a Spacious 8,000 SF Fitness Center New Chef-Driven Food Hall (Coming soon) Market-Leading 3/1000 Parking Ratio (selectively expandable) New AMLI Fountain Place Apartments 367 Units, May 2020 Occupancy 600,000 RSF Contiguous Available: Proposed 4-Star, 220+ Key Boutique Hotel On-Site the Largest Block of Office Space in Dallas W W W. F O U N TA I N P L AC E . C O M

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3/9/20 10:22 AM

DOSSIER

FRESH IDEAS

Reinventing the Game

CINDY SIMPSON Co-Regional Managing Principal GENSLER

gensler employs more than 6,000 people around the globe, a fact not lost on Cindy Simpson, who has helped lead the architecture firm’s Dallas office since 2013 and was recently promoted to co-regional managing principal of its South Central Region. “Our greatest investment is our people,” Simpson says. “If we grow our people, we will grow our firm.” Gensler generated $1.2 billion in revenue in 2018.

EDUCATION: Mississippi State University (BS-Interior Design) PROUD MOMENT: “We focus on how our work makes a positive impact on the planet, through the materials we use and the choices we make, in terms of building and energy systems in our projects. Our research indicates that the projects we worked on last year will keep 11 million metric tons of CO2 out of the atmosphere every year, which is huge. We are striving for an even greater impact this year.”

TOUGHEST CHALLENGE: “Our biggest challenge is the war on talent. We are seeing this across our organization but especially in North Texas, due to our healthy economy and business climate. At Gensler, this has been eased through a people-first philosophy.

It focuses on the career development and

purposeful concentration on professional development of each individual, to capitalize on their strengths and provide meaningful opportunities to work on projects that stir their passions.”

MY PET: “I have an adorable Shih Tzu named Simba that has been in our family for 10 years.”

supportive community for families who have a child with cancer or other life-threatening medical conditions. The events provide an embracing community of families going through the same trials, providing a message of hope—the most powerful medicine of all.”

LAST MEAL: “I’d request my mom’s pork roast ... and a chance to have another meal with her.”

LOOKING AHEAD: “Our mission is to create a better world through the power of design. This year, we are very focused on how our work will make a positive impact in our cities. The goal is to use design to shape the future of cities, and that starts with shaping the individual human experience within those cities.”

after graduating from Southern Methodist University in 2016, Kyle Waldrep had plans to break into the commercial real estate industry as a leasing agent. Instead, the then-23year-old decided to fix what he called a glaring problem in the market—the way owners, brokers, and tenants communicate. The conveyance of information “was being done all over the place; long email threads, back-and-forth phone calls, and fax machines,” Waldrep says. His solution?

Dottid, a workflow transaction management tool. It rolled out earlier this year after securing $3.85 million in seed funding and is now ready to scale, with backing from big names like former Invesco Real Estate C-suiters David Ridley and David Farmer and pension fund adviser Laurie Dotter. —Bianca R. Montes

S I M P S O N BY J A K E M E Y E R S ; C O M P U T E R S C R E E N S H OT C O U R T E S Y O F D O T T I D

PropTech startup Dottid aims to change the way commercial real estate deals are done.

MEET THE 500

FAVORITE THING: “I am a true Southern gal, and a porch swing draws me like a magnet. It feeds my soul.”

SPORTS TEAM: “I love SEC football and the Mississippi State Bulldogs!”

BEVERAGE OF CHOICE: “Sweet iced tea.”

NONPROFIT CAUSE: “I’m on the North Texas Board for HopeKids. Its mission is to provide ongoing activities and events that foster a

This Q&A is extended content from Dallas 500, a special edition produced by D CEO that profiles the region’s most influential business leaders. Visit www.dallas500.com for details.

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DOSSIER

MEDIA

Forget La La Land.

Dallas-based Night Media manages some of the biggest stars on the internet. story by WILL MADDOX photography by JILL BROUSSARD

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a power shift is underway in the entertainment NIGHT MEDIA industry, and Dallas-based digital talent firm Night Media is NOT ONLY helping to drive it. The company was founded in 2015 by Reed REPRESENTS Duchscher, who previously worked for a sports agency. DuchTALENT, IT ALSO scher took note of a top YouTube account run by Dude Perfect, a Frisco-based group of guys that makes sports videos of amazPARTNERS WITH ing basketball shots and other athletic feats. “I started to see INFLUENCERS that [the industry was] heading to these creators controlling TO CREATE their destiny and creating their own content and holding all CONTENT. that content,” he says.

Duchscher came to North Texas to work with Dude Perfect and connected with other clients in the YouTube and video game streaming world. Today, one of his biggest clients is Preston Arsement, who creates family-friendly web videos from his home base in Grapevine and has 30 million followers and more than 5 billion views to date. Known simply as “Preston,” he made $14 million last year, with episodes that consist of Nerf wars and playing hide-and-seek in a shopping mall. “He’s not only creating and owning his own content, he’s creating his own intellectual property,” Duchscher says. “He’s doing distribution deals with other platforms; athletes don’t have the ability to do that.”

Corporate advertisers are taking note of how younger generations are flocking to YouTube stars. When Preston made a surprise appearance on Nickelodeon’s comedy variety show, All That, kids in the live studio audience lost their minds. “This is the future,” Duchscher says. “Kids are growing up watching these creators, and now we have the ability to turn into a bigger media company.”

Another Night Media client is Jimmy Donaldson, known as MrBeast, whose online challenges like counting to 100,000 in a single video made him the 13th most popular YouTube account in 2019, with a social media following of more than 50 million.

People assume Duchscher works out of Los Angeles, but he says the low cost of living, airports, and business-friendly environment made Dallas an easy choice: “I want SPHERE OF people to know that this media company INFLUENCE: Reed Duchscher runs Night that competes with all these bigger firms Media from its headin L.A. can exist outside of that.” quarters in the Cedars.

DCEOMAGAZINE.COM

3/9/20 3:51 PM

KDC is a leading national real estate development and investment company. We focus on build-to-suit facilities for companies looking to attract and retain top talent around the country.

We go beyond what is expected of a developer. We operate with transparency and collaboration, which allows us to deliver the best results on every project.

Visit us at www.kdc.com.

KDC’s Recently Completed Frost Tower in San Antonio, Texas

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3/5/20 4:17 PM

DOSSIER

O N T H E TA B L E

Playing It Smart: Trevor Mitchell of American Mensa He leads U.S. operations of the world’s largest high-IQ society, from the group’s headquarters in Arlington.

story by BRANDON J. CALL illustration by JAKE MEYERS

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so, what’s it like to run an organization for brainiacs? That’s what I aimed to learn as I sat down for lunch with Trevor Mitchell, executive director of American Mensa, on a rainy afternoon. Paul Martin’s American Grill provided respite from the weather outside, with a warm French dip and steaming clam chowder lunch combo we both ordered.

Mitchell took the helm of the high-IQ society’s U.S. operations in January 2018. The group has about 55,000 U.S. members—nearly 1,700 in Dallas-Fort Worth—and a staff of 22 at its home base in Arlington. It’s part of Mensa International, which has 110,000 members in more than 100 counties.

As one would imagine, it takes a lot of smarts to get in. Members score in the top 2 percent on intelligence tests, or roughly have an IQ of 132 and up. The youngest member of American Mensa is 3 years old and the oldest is 109, Mitchell says.

It’s his job as executive director to support the organization’s local chapters, finalize its annual budget, and facilitate board meetings. But his chief responsibility is to bring people together. He plans and coordinates American Mensa’s two signature events: a fourday gathering in July and Mind Games, a three-day role-playing and strategy game marathon where about 400 Mensa members rate and test new-to-market games.

Each year since 1990, the five top-rated selections at Mind Games have been awarded the coveted Mensa Select designation.

I ask Mitchell about his career path and how one becomes the leader of American Mensa. “I had no idea the scope of nonprofits that existed or even the number of member organizations out there, but I always knew I wanted to work with people,” he says.

After graduating from Columbia College, he took a job as marketing director for Project Construct’s National Center. He moved to Kansas City a couple of years later to take a leadership role with ARMA International, a membership organization for people who manage and govern information assets. Along the way, he picked up his MBA from the University of Missouri.

In 2015, Mitchell was identified as a potential successor for American Mensa’s then-executive director. He moved to Dallas to join the group and served as senior director of membership and strategy before taking the helm two years ago.

“I knew I wanted to lead a member organization that I could align myself with, and with Mensa, I felt that,” Mitchell says. “I could relate to being someone who didn’t feel accepted. I came out as gay in a small farm town. Finding that community and a place to be accepted, that’s what our members feel when they come to Mensa.”

SIGNATURE EVENTS INCLUDE MIND GAMES, A THREE-DAY MARATHON WHERE MENSA MEMBERS TEST AND RATE NEW STRATEGY GAMES.

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3/4/20 2:08 PM

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DOSSIER

E D U C AT I O N

Big Rock Educational Services uses business strategies to better equip school leaders story by CHRISTIANA NIELSON photography by JONATHAN ZIZZO

TEACHING TEACHERS: Scott Hudnor, left, and Matt Khirallah say they get in the trenches with educators to help boost student achievement.

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before matt khirallah and scott hudnor founded an THE COMPANY education advisory company in 2014, they were on the front lines HAS WORKED in Dallas schools—Hudnor a principal, Khirallah directing operWITH MORE ations. When they met 10 years ago at Uplift Luna Preparatory THAN 125 in downtown Dallas, they had different backgrounds and skills.

But it was their common objective that would later lead to a sucSCHOOLS SINCE cessful business partnership in Big Rock Educational Services.

2014, AND THE After college, Hudnor took a corporate job for three years, but RESULTS ARE it wasn’t his calling. In the late ’90s, he served with AmeriCorps TANGIBLE. at a public school, which sparked his interest in teaching. He became a teacher himself, then a district leader and a principal.

Khirallah worked for a nonprofit doing immigration casework and outreach, where his goal was to reunite families, before joining Uplift. There, Hudnor focused on instruction while Khirallah concentrated on things like budget, transportation, and safety. After two years, they opened another Uplift branch in Deep Ellum together.

They founded Big Rock in 2014 to help boost student achievement by bringing business strategies to educational leadership teams. They’ve since worked with educators at more than 125 schools and currently partner with about 15 locally. Khirallah handles operations and clients, and Hudnor the instruction. “We’re armpit to armpit, observing [clients], running data and meetings, giving them feedback, working with them side by side, not just saying go and good luck with it,” Hudnor says. “We’re in the trenches with them, so to speak.”

Hudnor and the leadership coaches might work in a school every week for a year or more. “School leaders need someone there to be collaborative, understand what their unique contexts are, and build their leadership capacity to run it sustainably,” he says.

The results are tangible, with reading scores for students in third through fifth grades at Nathaniel Hawthorne Elementary School increasing by nearly 13 percent and math scores for students at Thomas J. Rusk Middle School rising by 14 percent.

DISD overall has improved. According to Khirallah, there were 43 failing schools in the district in 2013, and now there are eight. “We’re committed to getting it right for kids,” he says. “We set high expectations and know that even though they may not believe in themselves and other people may not, they’ve got it in them.”

DCEOMAGAZINE.COM

3/10/20 3:39 PM

MERRIMAN ANDERSON ARCHITECTS ARCHITECTURE + INTERIOR DESIGN + PLANNING

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WOOT CREW

From left: CFO Evan Black, CEO Kent Stewart, and Chief Merchandising Officer Vikram Talada.

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It has been a decade since online behemoth AMAZON bought Carrollton’s quirky daily deals pioneer for $110 million. Here’s what the two companies have learned from each other.

WHAT’S UP WITH

WOOT? sto r y b y B RANDO N J. CALL pho to g raphy b y T RE VO R PAU LHUS

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The secured entrance at the Carrollton headquarters of online deal site Woot is a sharp contrast to the whimsical world that lies inside.

WOOT’S “BAG O’CRAP” Woot became famous for its “Bag o’ Crap,” a $10 blind buy that contains a hodgepodge of leftover inventory and office supplies the company has lying around.

Woot employees choose items off conveyer belts so each BOC is unique. Forum moderator “ThunderThighs” also has a budget to curate bags of her own. The BOCs range from “pretty crappy, in the middle, and pretty amazing,” says CFO Evan Black. “We’ll sometimes send out big-screen TVs to people, which is always fun,” he says. The bags are not easy to get.

Chances to buy are hidden “Easter eggs” on Woot's site and randomly awarded to users playing games on its app. The company warns users: “Remember, Wooters, getting a Bag o' Crap is a privilege, not a right.”

Even if their BOCs include the crappiest of items, fans eat it up; there are popular YouTube videos of lucky Wooters opening their bags to reveal what's inside.

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The lobby sports an orange couch with monkey-head pillows and a sign that reads “Parked in the right spot, you are.” Walking through an office corridor, you’ll come across a desk with a giant, in-progress jigsaw puzzle. On another desk you’ll see a curious mix of a crossword puzzles, a bottle of wine, animals made out of Legos, a bag of milk chocolate and coconut macadamias, and a Himalayan salt lamp. Conference rooms are given names like “The Pit of Unmercy.” There’s also a large vending machine filled with tech toys and accessories; employees use their ID badges to retrieve things like cables and keyboards.

Large murals reflect some of the graffiti-inspired works of Woot’s on-demand t-shirts, which are printed onsite. Along with several dozen Baby Yoda fan sketches, top-selling designs include a t-shirt that reads “Science: like magic, but real.” Stuffed monkeys, the company’s official mascots, are scattered throughout the office. Named Monte and Mortimer, the mischievous primates also appear as caricatures on Woot’s website.

The open office layout is blocked only by random dog gates. The presence of employees’ four-legged friends at the office isn’t just allowed, it’s encouraged. “There are times in the day when we probably should be working,” says Evan Black, Woot’s CFO and self-appointed doggy sheriff. “But rubbing the ears of one of the office dogs is always a welcome distraction.”

Ten years into operating as a wholly-owned subsidiary of its giant parent, it seems like it has been a great move for both parties. Amazon has helped Woot grow market segments, exponentially expand inventory, transform its distribution operations, and get access to millions of potential customers. In turn, Woot helps offload excess inventory and shared its insights about daily deals (now offered by Amazon) and customer engagement. In 2018, Amazon Prime members began getting free shipping on all Woot orders.

Critical to Woot’s post-Amazon success has been the ability to retain its personality. “Amazon is the ultimate in efficiency,” says Kent Stewart, who joined the company as CEO in 2012, after Rutledge’s exit. “But I’ve had some meetings with very senior Amazon executives, and one of the things I hear is how envious they are of some of Woot’s quirks. ... We’re able to be a little edgier with what we do. We do things that you might not be able to get away with at Amazon.”

Stewart says the autonomy helps maintain Woot’s unique brand identity. Along with the web content and Bags o’ Crap (see sidebar) that made it famous, Woot has introduced nerdy interactive trivia games like Beat Ken Jennings, in which users can test their knowledge against the famed Jeopardy! champ.

Geography, too, is a factor in the company’s independence. About half of its employees are in Carrollton, including the executive, finance, and vendor relations teams. With the exception of some customer service reps in India, the remainder of Woot’s marketing and

DA I LY D E A L S P I O N E E R

Founded by Matt Rutledge in 2004, Woot helped invent the daily deals segment of online retail by offering just one product per day—often something related to electronics. A new item would be added to the site at the stroke of midnight. With its wickedly funny site content and deep discounts, Woot quickly attracted a cultlike following of bargain hunters.

The company hit the big time in 2010 when it was acquired by Amazon in a $110 million, all-cash deal.

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development team resides in its own office at Amazon’s headquarters in Seattle. “The relationship is very symbiotic with Amazon in a lot of ways,” Stewart says. “We help them with getting through an oversupply of product, for example. But unless we ask, they trust us and leave us alone to run the business.”

Woot leaders Stewart, Black, and Talada are passionate about their work and continuing to drive growth at the company.

IT’S ALL ABOUT THE ALGORITHMS

Even after 16 years and being part of a much larger parent organization, Woot continues to identify with its scrappy, startup beginnings. “One of the main things I look for when I’m hiring is that entrepreneurial spirit,” Black says. “We are constantly having to reinvent the ‘Deal of the Day’ model to make it stay relevant and exciting for customers, and what that does for our culture is that it always feels like we’re a new company because the business has changed so much from who we were even a year ago.”

In 2017, Woot drastically cut the total number of products it was offering to improve product discoverability on its site. Instead of having to navigate through hundreds of daily deals, Woot now focuses solely on a handful of products across seven main categories.

More recently, Woot has invested heavily in its Artificial Intelligence capabilities to better identify potential products. Chief Merchandising Officer Vikram Talada likens the process to panning for gold: “The philosophy we have is that of treasure hunting,” he says. “We have the best tools that allow us to identify treasures. We are panning for gold to find the gold nuggets in the fastest amount of time possible.”

Whereas many of its competitors work from similar products and vendors lists to manually identify deals, Vikram explains that Woot’s human-machine system is an industry marvel. It considers historical sales data, macroeconomic conditions, and pricing. Without revealing too much of its proprietary secret sauce, Talada says the system looks at product ratings, customer demand, price point, and some 200 additional variables to identify and suggest the best possible deals.

“There is no one out there who has refined these algorithms like we have that allows us to evaluate so many products so quickly,” Talada says. “By being able to evaluate so many products, you’re able to get much better deals.” And that’s entirely the name of the game.

A N E Y E O N E X PA N S I O N

One of Woot’s greatest strengths is its deep engagement with customers. The site’s popular forums, which are moderated by the anonymous and somewhat famous “ThunderThighs” (who has never revealed her face in

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any marketing promos), serve as an ardent watchdog on prices. If a lower price is mentioned in the forums, a moderator investigates and responds. “It helps keep us accountable to our customers,” Stewart says.

The popular Deal-O-Meter lets Wooters vote on the next day’s deals and has an effect on lowering prices. And Woot’s marketing team often hosts popular themed weeks or one-time deals built around big events like the Super Bowl or World Cup. When one team scores or wins, a new themed deal becomes available for purchase. “You’re not going to Amazon’s site because it’s necessarily funny or entertaining,” Stewart says. “Where we excel is producing content that is fun and entertaining around the deals. We give users a reason to come to the site that isn’t always just to buy something at a really great price.”

So how do the three leaders describe a company that sells everything from $10 Bags o’ Crap to a $1,499 life-size coffin designed to look like bacon?

“We’re a dash of nerdy,” says CFO Black. “Snarky and quirky,” offers Talada. “I keep going back to the word ‘irreverent,’” Stewart weighs in.

The executives say they aim to continue leveraging the benefits that being an Amazon subsidiary offers. “Between Woot and Amazon, we have access to data that no one else has,” Talada says. “It’s a powerful combination.”

Also in the company’s future? World domination.

“Right now, we’re just in the United States,” Stewart says. “So, there’s lots of opportunity.”

GIVING ARTISTS A BREAK One of Woot’s biggest differentiators is its lucrative on-demand t-shirt business. It’s also a way to support artists. Here’s how it works: Artists upload designs to Woot’s site. The company holds a “derby” where designs are selected, and customers vote for the top three. Once an artist’s design is selected, he or she gets $1,000—and $2 per shirt sold in perpetuity.

“You get a lot of shirts that reflect the personality of the site,” Stewart says. “As you look at the shirts that are selected, some are very quirky. I think that’s why there’s such a personal attachment to our ondemand t-shirt business.”

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story by

S. HOLLAND MURPHY

HOW ANNE CHOW, A UILLIARDTRAINED PIANIST, BECAME CEO OF A $37 BILLION BUSINESS GROUP AT AT&T. photography by SEAN

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BERRY

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pare the role of a business leader to that of a conductor, how they have to harness talent on several levels—the individual, the instrument section, and the orchestra as a whole—for the greatest output. “One wrong move from one person on the team can destroy the whole symphony.”

Chow’s current symphony is helping her business clients disrupt themselves before they get disrupted. AT&T is working with the University of Miami to make it the first college campus with 5G+ and edge computing. This will enable next-level educational tools, such as virtual reality headsets that allow students to interact with a 3D DNA strand.

The tech is also expected to revolutionize the health industry. Chicago’s Rush University Medical Center hopes to shed its wired infrastructure and use AT&T’s technology to download MRI images in seconds, employ connected devices such as blood pressure cuffs, and train med students with augmented reality, among other goals.

The company is also helping clients find ways to get people off couches and into stores and entertainment venues. The 5G-enabled AT&T Stadium now has augmented reality experiences and a “Pose With the Pros” activation, through which fans use a giant touch screen to take a startlingly realistic photo with five Dallas Cowboys. Retail shoppers can try on clothes without undressing in the “magic mirrors” AT&T demoed at a recent business summit. “Every company now is a technology company, whether they like it or not,” Chow says. when most kids were watching saturday morning cartoons over a

bowl of Corn Flakes, Anne Chow was mastering Beethoven’s Moonlight Sonata in the hallowed halls of Juilliard. She started taking piano lessons when she was barely out of toddlerhood. Her parents had left Taiwan for the land of opportunity before she and her brother were born, and they expected their American progeny to take every advantage— school, sports, Scouts, and music—and see their talents to the limit.

As it turned out, Chow’s talent in classical piano was good enough to get her into Juilliard’s prestigious precollege division at the age of 10.

And so, every Saturday morning for seven years, Chow would load into her parents’ hatchback for the two- to three-hour trek from the south New Jersey suburbs to Manhattan.

“My parents have always wanted me to be the best that I could be,” Chow says. “And this is what I have told my children: ‘I don’t want you to be the best. I want you to be your best.’”

No doubt, that foundational value played a major part in the shy musician’s evolution into a boundary-breaking corporate leader. Last September, Chow was named CEO of AT&T Business, making her the first woman to hold that position, the first woman of color CEO in AT&T history, and the highest-ranking Asian American in the company. She now oversees more than 30,000 employees and must defend AT&T’s position as a leader in business tech solutions, serving 3 million business customers worldwide, which includes government agencies and nearly all Fortune 1,000 companies, earning nearly $37 billion in 2018—more than a fifth of AT&T’s total revenue that year. Chow’s appointment comes at a critical time: the dawn of the fourth industrial revolution, powered by 5G, the low-latency, high-speed digital technology.

As Chow sees it, her Juilliard experience provided a formidable grooming ground for such a momentous role. “I think leadership and organizations are a lot like an orchestra,” says Chow, sitting in a lounge room on the sleek executive floor of AT&T’s blue-lit skyscraper in downtown Dallas. She goes on to com-

--f chow is at&t business’ conductor, she sure has proficient experience with most of the unit’s instruments. This coming June will mark Chow’s 30th anniversary with the company. Arriving with a trio of degrees from Cornell University, a B.S. and masters in electrical engineering plus an MBA, Chow started as an engineer, then made an upward zigzag through roles ranging from sales and P&L management to marketing and strategic operations. She has updated the title on her business cards 17 times in those three decades. The ascent wasn’t always easy. Early on, she was turned away from opportunities in sales, but that just made her try harder.

Chow is a self-described “transformative executive” and “servant leader,” brought up on Stephen Covey’s The 7 Habits of Highly Effective People.

And, through years of management training, she has become an admitted motivational junkie. She loves a good quote and uses them liberally.

In our conversation, she recites one by Billie Jean King and another by Louis Pasteur about chance favoring the prepared mind. (“I first heard that in a Steven Seagal movie,” she admits.) Chow once embarrassed her family when she whipped out her phone in a movie theater to write down a particularly profound line from Harry Potter’s Dumbledore.

Most of Chow’s employees are probably familiar with her “7 Cs for Leadership” or her “8 Ps for Unleashing Your Greatest Potential.” Au-

“I think leadership and organizations are a lot like an orchestra. One wrong move from one person on the team can destroy the whole symphony.”

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diences at her keynotes are often given a bookmark branded with several of her “Chowisms.” Example: “Life is about relationships; be sure to seek and foster meaningful ones.” Fittingly, she sits on the boards of the Girl Scouts of the USA and FranklinCovey, maker of organizational planners and leadership training materials.

Chow discovered her inner writer in 2010 when AT&T introduced tSpace, an internal social networking platform, and she began incorporating lessons and photos from her life and work into weekly blog posts. Through these, she is able to reach all of AT&T’s employees, who can read stories about her family, her obsession with fitness boxing, or what the success of Crazy Rich Asians meant to her. “It helps humanize leadership,” Chow says of the blog.

For nine years running she has won the company’s award for best standalone blog. And, yes, she has personally penned each and every essay. “At one point I thought, ‘Why do I only have one husband, two kids, and one dog?’” Chow jokes. “I need more material!” Writing a book is on her bucket list.

Of breaking the glass ceiling, Chow says, “I’m so thankful for the opportunity to have been the first. I don’t want to be the only, and I don’t want to be the last.” Toward that end, she created the AT&T Women of Business Employee Network, which has more than 5,000 members across 29 countries, and serves as an executive advisor for the InspirASIAN employee resource group. She also championed AT&T’s internal Women of Color initiative, which provides resources and support to promote diversity and inclusion.

Recently, Chow heard a presentation with a stat on the percentage of Gen Z that will question their gender identity, and it’s made her think about the way she speaks, like using the phrase “ladies and gentlemen.”

“It’s continued enlightenment, continued learning, continued evolution,” she says. “For me, it’s next-generation leadership. How do I make sure that I’m walking the talk, that I’m helping as many people as I can?”

Former AT&T executive Cynt Marshall, who’s now CEO of the Dallas Mavericks, calls Chow a “constant encourager” and was not surprised in the least when her one-time co-worker was named to a chief executive role. “I predicted it,” Marshall says. She and Chow became close while teaching at the company’s training program, AT&T University.

Marshall says Chow is “wicked smart and can size people up quickly” and goes on to give an enumeration of Chow’s talents that’s too long to include in any one article. “Frankly,” says Marshall, “I think she’s strong enough to lead the whole company one day.”

--f chow’s messages, the one that seems to ring

loudest is that of authenticity. “If you try to suppress who you are in your personal life while you’re at work, you’re not actually being you,” Chow says. She thinks all this talk about work-life balance, “the bifurcation of the person,” is “totally crap.”

“You have a life,” Chow says. “It has professional dimensions; it has personal dimensions.” Her theory: “You need to be in an environment where you can be your whole self. That has everything to do with realizing your fullest potential. Realizing that, in order to contribute the best of yourself, you have to be yourself.”

The concept has reverberated down the corporate ladder. Zee Hussain, senior vice president of finance, healthcare, and industry solutions for

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AT&T’s Global Business unit, often tells a story about his first interaction with Chow almost 14 years ago. He was one of a couple thousand people on a conference call, and Chow started the meeting by talking about her upbringing as the daughter of immigrants and her belief in “Life is about relationships; authenticity. The concept struck a chord. be sure to seek and foster meaningful ones.”

Hussain emigrated from Pakistan to the United States at the age of 14 with his “When we embrace our mom and brothers. He earned a degree authentic selves and in economics from Berkeley, graduating unleash the greatness within, we can more fully on a Saturday and starting at AT&T the enable the greatness in following Monday. Many South Asians those around us.” worked in IT positions and not in sales as he did, so for seven years, Hussain “You can aspire to and become anything you want. practiced the art of fitting into the corYour dreams can become porate culture. Chow’s message gave him reality. You have no limits except those you place the freedom to own his unique story. on yourself.”

Hussain says “real” and “authentic” are the best words to describe Chow.

“Only when diversity is He recalls instances in which she took present in all aspects of our a moment to chat with him about his lives will we realize our fullest potential—as individuals, life and goals, when again, he was one teams, communities, and of thousands of her employees. In more society as a whole.” recent years, after the birth of his third child, Chow gifted him a decorative piece customized with the names of everyone in his family. “I don’t know if I had ever told her my kids names,” Hussain says. “A lot of our customers will tell you the same thing—that the way she connects with them and the way she invests in that relationship is like no other executive they deal with.”

I ask if Chow and her focus on people is the best approach in such a high-intensity, hypercompetitive technology market. He says there is no one better. “You want to make sure you have a leader that can paint a very clear vision, get people energized around it, and create a culture of greatness where people feel like they can innovate, they can move fast, they can collaborate, and what they’re doing is associated with a bigger purpose,” says Hussain. He goes on to explain how Chow is able to intuit a person’s abilities and empower them to stretch: “A lot of leaders demand excellence. She’s a leader who really inspires excellence.”

Indeed, it can be difficult for Chow to accept anything less than excellence. She still has the ebony Yamaha grand piano from her childhood in her Southlake home, but she no longer plays. She remembers how good she was back when she practiced six hours a day, and it’s painful to hear herself now. “I’ll probably try to pick some of it back up when I’m retired,” she says, and, as if unable to imagine such a fate adds, “Whatever that means.”

Until then, Chow’s musical past continues to act as a source of inspiration for her corporate future. She later sends me an email expanding the orchestra analogy, writing about how people use their own hard and soft skills to interpret the musical score or business strategy, ending her thoughts with this poetic Chowism: “It’s interesting to note that conductors are seen but not heard during the concert itself. They enable their people to shine and make beautiful music together. That’s what world-class teams are all about.”

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WHERE REAL ESTATE KING

four days . that ’s how long it took the editors of d ceo to pore

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over the hundreds of nominations in our annual Commercial Real Estate Awards and select this year’s winners and finalists. It wasn’t just the volume of entries that made it such a challenge; it was the caliber of the nominations and the impact the projects, deals, and industry professionals are having on our economy. Dallas-Fort Worth has a national reputation for its commercial real estate prowess, and it’s easy to see why. Even after riding a decade-long boom, 2019 was a banner year—one that saw newer submarkets solidified and older ones reinvented. In the end, after much debate and discussion, editors selected winners in 17 categories, from Best New Headquarters to Executive of the Year. They’re profiled in this feature. Visit our news site, D CEO Real Estate, to read stories on all 64 honorees. stories by BIANCA R. MONTES

and

P R O J E C T P H OTO S C O U R T E S Y O F C O M P A N I E S

47 of the region’s biggest deals and most notable projects—and the people making them happen.

CHRISTINE PEREZ

portraits by SEAN BERRY

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D E V E LO P E R O F TH E Y E A R

OSEPH PITCHFORD Crescent Real Estate

rescent real estate marked its

silver anniversary by completing seven major development projects representing $1.8 billion. If you ask Joseph Pitchford, managing director of the firm’s development group, 2019 was the year where it became undeniably clear that Crescent’s funds-driven business model was succeeding on all fronts. At the top of the company’s show board is a beautiful new campus for American Airlines in Fort Worth. Completed in 2019, the five-year project involved a 1.7 million-square-foot global headquarters, called Skyview Office Complex, and a 519,000-square-foot hospitality complex.

Other 2019 highlights include a new project in the West End District, The Luminary, and 2401 Cedar Springs in Uptown. Firm founder John Goff helped pioneer Uptown in the 1980s; Crescent has continued to elevate the neighborhood with projects like The Residences and Regency Row, McKinney & Olive, and The Ritz-Carlton Hotel and Residences.

FINALISTS: Toby Grove, KDC; Brad Taylor, JPI; and Shawn Todd, Todd Interests

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B E S T O FFI C E LE A S E

UBER

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Uber Technologies leased 450,000 square feet at The Epic II in Deep Ellum.

By 2025, more than 3,000 Uber employees will be working in the building. The company will initially occupy The Epic I, before moving into The Epic II in 2022.

“Uber is essentially pioneering a new submarket,” says CBRE’s Harlan Davis, who, along with Phil Puckett and John Ellerman, represented the tenant. “We’re already seeing the ‘Uber effect’ in action with other tech companies and developers."

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The lease boosts the region’s reputation as a hub for innovation and tech talent.

Uber will make an initial capital investment of more than $75 million, breathing new life into the urban neighborhood at the eastern edge of downtown Dallas.

“Uber needed to find space that they could immediately occupy, and there was significant competition for space at The Epic," Puckett says. "We had to keep the high-profile client under the radar, while also conveying the urgency of their needs.”

FINALISTS: Caris Life Sciences, Kirkland & Ellis, ORIX USA, Splunk, Tenet Healthcare

CO M M E RCIA L R E A L E S TATE E XEC U TIV E O F TH E Y E A R

MICHELE WHEELER JacksonShaw

ichele wheeler describes

her leadership style as collaborative. As president of JacksonShaw, she likes to seek various opinions and ideas from teammates to build strategies, solve problems, and find solutions.

“This leads to the team being engaged, feeling trusted, and taking ownership of their work,” she says.

“Collaborative leadership results in a workplace that is productive, creative, and sustainable.” In 2019, the firm broke ground on the first AC Hotel by Marriott in Tarrant County­, signifying its “big player” presence in hospitality development, a complementary diversification to its ongoing growth in the urban industrial space. A longstanding member of CREW, Wheeler also takes an active role in supporting the next generation of women in real estate. The culture shift spun by millennials and Gen Z is exciting, Wheeler says. “They are changing the status quo. These generations will drive more transformation and improvement than we’ve ever seen.”

FINALISTS: John Griggs, Presidium; Joe Beard, Westdale Real Estate Investment & Management; Steve Lieberman and Alan Shor, The Retail Connection

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B E S T R E D E V E LO P M E NT o r R E N OVATI O N

FOUNTAIN PLACE With its $120 million renovation of Fountain Place, Goddard Investment Group showed great respect for the 58-story landmark while embracing the future.

Signature fountains were restored, and a dramatic new two-story lobby —featuring a stunning installation of frameless glass walls—was created.

A land sale paved the way for a new AMLI residential tower on the site.

FINALISTS: 2401 Cedar Springs, East Quarter, Energy Square, VariSpace Las Colinas

BEST NEW O FFI C E P ROJ EC T

ROLEX BUILDING

Harwood International opened the Rolex Building in January 2019. Recognizable for its twisted architecture, it is the eighth tower in Harwood’s 19-block mixed-use development.

The building was designed by Harwood’s in-house firm, HDF, in collaboration with Japanese architect Kengo Kuma, whose latest project is the 2020 Tokyo Olympic Stadium in Japan.

There are not two identical corners among the Rolex Building’s staggered floor plates. The building also features a castle wall designed by Japanese stonemason Suminori Awata.

FINALISTS: The Epic II, The Stack, Weir’s Plaza

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BEST LAND DEAL

BEST NEW I N D U S TR IA L P ROJ EC T

STANLEY BLACK & DECKER The world’s largest toolmaker decided not only to establish a 1.2 million-square-foot distribution center at Hillwood’s AllianceTexas, but also to build a separate, $100 million, 425,000-square-foot manufacturing facility for its Craftsman line, as part of its “Made in the U.S.A.” legacy. It brings 500 jobs that had been based in China back to the United States and creates about 800 new jobs in all.

1100 McKINNEY Last summer, news broke that Kaizen Development Partners, Woods Capital, and Dundon Capital Partners had quietly acquired 6 acres on McKinney Avenue at Field Street—a prime tract and one of the largest in Dallas’ Central Business District. The developers are planning a $1 billion+ mixed-use development with five towers (office, residential, hotel, and retail) in the first phase. “This site will change the skyline of downtown Dallas forever,” says Sarah Hinkley Kennington of Thirty-Four Commercial, who brokered the complicated deal.

FINALISTS: 46 Ranch Logistics Park, 5523 Boulder Drive, Diamond J Ranch, Miyakao Hotel

FINALISTS: K&N Engineering, Parc NorthEast

B E S T CO M M E RCIA L P RO P E R T Y SA LE BEST NEW M IXE D - U S E P ROJ EC T

“The sheer amount of interest in 1900 PEARL was staggering,” says Mike McDonald, vice chairman of capital markets at Cushman & Wakefield. “It broke the Dallas office sales record by almost $200 per square foot.”

FINALISTS: 508 Young Street, Braniff Hostess College, Inwood Center, KPMG Plaza at Hall Arts

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A partnership between Verizon and KDC and home to Pioneer Natural Resources, Hidden Ridge pushes mixed-use development into the future.

Built on 60 acres of historic Carpenter family ranch land in Las Colinas, Hidden Ridge features 5G infrastructure, high-tech apartment homes, and plentiful amenities. It’s anchored by a 1.1 million-squarefoot headquarters for Pioneer Natural Resources, a striking

glass-and-limestone campus developed by KDC. Completed in August 2019, the 10-story complex is one of the largest in Texas and was designed to enhance the land’s natural surroundings. Hidden Ridge is planned to accommodate 3 million square feet of office

space, 80,000 square feet of retail space, a hotel, 1,000 apartments, and a large park. The project also is getting a new stop on DART’s orange line, with service beginning this year.

FINALISTS: The Braniff Centre, The Realm at Castle Hills

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E XC E LLE N C E I N A RC H ITEC T U R E A N D D E S I G N

SCOTT LOWE

5G Studio Collaborative

cott lowe runs a design firm

that operates under the radar, but its projects certainly do not. Last year saw several notable achievements for Lowe and his team at 5G Studio Collaborative, including breaking architectural norms with The Stack in Deep Ellum and creating a new landmark with the Virgin Hotels Dallas in the Design District. 5G also designed the high-profile retail store Forty Five Ten at Hudson Yards in New York and won recognition for its Marriott AC Hotel at Midtown in North Dallas. Lowe and four partners, most of whom had been working at The Beck Group, launched 5G in 2005. Today, the Dallas-based firm works all over the globe. Even with many accomplishments under his belt, including the transformative Omni Dallas Hotel, Lowe never stops looking forward. “I am excited for this next quiver of projects,” he says. “We are doing our best work, with our best talent, right now. Our work seems to be rapidly evolving.”

FINALISTS: Jerry Merriman, Merriman Anderson Architects; Dan Noble, HKS Inc.; Cindy Simpson, Gensler

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CO M M E RCIA L R E A L E S TATE B RO K E R O F TH E Y E A R

EFF ELLERMAN CBRE

uring his 36 -year career , jeff ellerman has been the guiding

force behind many of the region’s most significant office relocations and leases. Recent deals include McKesson’s 525,000-square-foot headquarters in Las Colinas, American Airlines’ 1.7 million-squarefoot build-to-suit campus in Fort Worth, AT&T’s redevelopment in downtown Dallas, JPMorgan Chase’s 1.4 million-square-foot lease in Plano, and Fossil’s corporate headquarters in Richardson. Last year was another standout, as Ellerman helped ink deals for Reata Pharmaceuticals, Keurig Dr Pepper, and Fleur de Lis Energy, just to name a few. “It has been incredibly rewarding over my career to be involved in key decisions regarding where companies are going to be located to recruit and retain talent and, ultimately, grow their companies,” he says. “I never lose sight of the fact that I’m very fortunate to be in a market like Dallas.” It’s not just about real estate for this pacesetter. In his free time, Ellerman chairs the Circuit Trail Conservancy, which is creating a 50-mile hike-and-bike trail in the core of Dallas.

FINALISTS: Matt Schendle, Cushman & Wakefield; Brad Struck, esrp Real Estate Services; Luke Wilson, The Retail Connection

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BEST NEW M U LTI FA M I LY P ROJ EC T

CO M M U N IT Y I M PAC T D E A L O F TH E Y E A R

Living up to its name, THE EPIC in Deep Ellum is poised to have a transformative impact on downtown Dallas, essentially creating a new urban submarket for the city.

B E S T R E TA I L D E A L

MULE ALLEY With Mule Alley, the Stockyards Heritage team has taken century-old horse and mule barns in a highly visible National Historic District and transformed them into an eclectic mix of curated shops and restaurants like Stetson, King Ranch Saddle, and Lucchese. It’s anchored by the 200-room Hotel Drover, scheduled to open this fall.

FINALISTS: Amazon 4-Star, Eataly, Royal Blue

B E S T N E W H E A D Q UA R TE R S

AMERICAN AIRLINES HEADQUARTERS Called Skyview Office Complex, this five-building campus marks a huge investment in the cultural transformation of the world’s largest airline. The project’s all-star team includes designers Pelli Clarke Pelli, Kendall/Heaton, Gensler, and OJB and developer Crescent Real Estate. With its new Fort Worth home, American now has a unified world headquarters campus for the first time in nearly 40 years.

FINALISTS: Charles Schwab, Keurig Dr Pepper, Pioneer Natural Resources

BEST I N D U S TR IA L LE A S E

AMAZON AIR

While everyone was focused on the hunt for Amazon’s HQ2, Hillwood was quietly working on a project that became the online giant’s single largest commitment to the region to date.

The company’s new regional air hub at Fort Worth Alliance Airport is the first automated air hub in the Amazon Air system, critical to helping it achieve same-day delivery guarantees.

THE CHRISTOPHER AT THE UNION

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The Christopher is the luxury residential component of The Union, one of Uptown’s most successful new mixed-use projects. It made its debut in March 2019.

Amenities at The Christopher include valet parking, private resident coffee and cocktail bars, and a luxurious pool deck on the eighth floor with views of downtown Dallas.

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The Christopher was developed

by StreetLights Residential, which takes a design-based approach and considers the impact its projects will have well into the future.

What really sets the 31-story residential tower apart is a private entrance to a 60,000-squarefoot, full-service Tom Thumb grocery store that sits at the base of The Christopher.

FINALISTS: Amelia at Farmers Market, Jefferson Vantage and Reserve, The Neighborhoods at The Sound, Presidium at Edgestone

The two-story hub can accommodate a dozen 767-300 aircraft and is expected to employ 1,500 people. It’s one of the most significant aviation deals for North Texas in the past decade.

FINALISTS: Goodyear Tire Co., Wesco Aircraft

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P I O N E E R AWA R D

GABRIEL BARBIER-MUELLER Harwood International

rom the start, developer gabriel

Barbier-Mueller was determined to create something special in Dallas.

A native of Switzerland, the founder and CEO of Harwood International saw a blank canvas after arriving in the city 40 years ago and has since created a 19-block neighborhood of luxurious office space, quaint restaurants, high-end residential high-rises, and lush gardens inspired by his world travels. “To me, the definition of a pioneer is someone who uses his skills and knowledge to add something,” Barbier-Mueller says, looking out at the recently built Rolex Building from his office in Harwood. “Many forefathers have done bigger and better things than I have. But I brought my best abilities to make a difference.” Even with all that has been developed at Harwood, Barbier-Mueller is not close to being done. With only 30 percent of the area developed, he and his children are moving forward with a next phase that includes one of the tallest buildings in Dallas, eight new restaurants, and an “urban oasis” hotel.

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C ong ratulations

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FACES OF DALLAS BUSINESS

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All great companies have an interesting story, and that story is best told by the people behind its success. The individuals on the following pages­­­—CEOs, executives, founders, and entrepreneurs—are all leaders in their respective fields. When you are in the market for the services featured on the following pages, these Faces of Dallas Business are the experts to call first.

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FACE OF BIG RANCHES, RECORDBREAKING DEALS, LEGACY & LEGEND PROPERTIES

new guinea/australian native Bernard (Bernie) Uechtritz is known as the “Go-To, Can-Do Guy—the Rainmaker of Real Estate.” Owner and founder of Icon Global Group, he is the leading specialist broker of mega-asset class properties in Texas, across the nation, and internationally. His company, Icon Global, is fiercely independent. However, Uechtritz still holds the title to the largest-ever sales record in SotheICON GLOBAL GROUP by’s history worldwide, where he was ranked No. 1 out of more than 23,000 agents in 71 countries and 1,000 offices globally. The Waggoner Ranch, the famed Menendez family estate, Kyle Bass’s Barefoot Ranch, Rio Bonito, Broseco, The Reserve, Sulphur Bluff, KC7, KB Carter, Lonesome Oak, Comanche, Fincastle—Uechtritz sold them all, and many of them at record-breaking, multi-million-dollar deals with price tags from $7 million to $725 million. Icon Global is an independent, internationally connected brokerage and specialist marketing machine. Its nimble, creative, and 214.855.4000 aggressive marketing campaign approach removes archaic real estate practices and icon.global brokerage myths, so clients get nothing but results. “It has been 30 years in the making and five years of branding, honing, and proving that Icon Global is, indeed, the Seal Team Six of high-end, unique, and complex real estate,” Uechtritz says. “No other agent or brokerage firm does what we do.” Year after year, Icon Global successfully lists, markets, and sells large and small, one-of-a-kind legacy properties, including commercial, ranch, unique residential, and everything in between. Icon networks with top experts and niche market brokers of every brand worldwide. Says Uechtritz, “We are brand agnostic and transparent. Many transactions are complex, with a shallow prospect pool. I tell my clients that we only need one buyer and, together, we’ll find one. They may come from across the street, across the county, or from the other side of the world, but we’ll find them. We will get it sold.”

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Bernie Uechtritz, Owner, Icon Global Group

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FACES OF ACCOUNTING WHITLEY PENN

214.393.9300 whitleypenn.com

Irfan Dossani, Felix Lozano, Autumn Kraus

whitley penn professionals have been providing accounting and consulting services to clients for more than 35 years. Firm leaders have been recognized as some of the top businessmen and women throughout Dallas-Fort Worth. Felix Lozano has been named to the Dallas 500 list, Autumn Kraus has been recognized as one of the Top Women in Business, and Irfan Dossani is leading innovation for the firm. Beyond traditional tax and audit work, Whitley Penn also specializes in many different service areas, including business valuation, wealth management, business consulting, financial and retirement planning, risk advisory, and transaction advisory. Whitley Penn is dedicated to investing in the future. Whether it’s through technology, education, resources, efficiencies, or human capital, the firm is committed to remaining nimble in an ever-changing business environment and providing the Best of the Best service for its clients.

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FACE OF BUSINESS LITIGATION

Rogge Dunn

rogge dunn represents executives, entrepreneurs, financial advisors, and companies in business and employment matters, including protection of founders’ and investors’ equity, non-competes, deferred comp, change-in-control, and shareholder oppression. His clients include the CEOs/presidents of American Airlines, Beck Group, Dave & Busters, Gold’s Gym, Halliburton Energy Services, Kinko’s, Texas Capital Bancshares, Texas Tech University, Trammell Crow Holdings, and Whataburger.

Corporate clients include Adecco, Beal Bank, Benihana, CBRE, Match.com, Rent-ACenter, and Outback Steakhouse. Dunn has been recognized as a Texas Super Lawyer every year Thomson Reuters has awarded that honor, and he has been recognized as one of the top 100 attorneys in Texas. He has been a D Magazine Best Lawyer 11 times.

Dunn is one of approximately 25 attorneys in Texas Board Certified in both Civil Trial Law and in Labor and Employment Law by the Texas Board of Legal Specialization.

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FACE OF C&I LOANS EAST WEST BANK

469.801.7380 (Jeff Matthews) eastwestbank.com

Jeff Matthews, MD, Head of Texas Commercial Banking

w h e n j e f f m at t h e w s t o o k o v e r t e x a s Commercial Banking for East West Bank in 2018, his aim was to take an innovative and uncharted advisory approach to commercial banking by using the team’s strong background in investment banking to identify opportunities where the bank could be more than a lender. Matthews has built a team of highly experienced relationship-oriented transactional bankers equipped with a unique set of product capabilities, allowing them to deliver tailored solutions to middle market clients.

“Our ability to attract and build strong client relationships starts internally with an emphasis on culture and employee satisfaction,” Matthews says. The Texas team utilizes its experience and resources to evaluate a situation and present a structured solution aligned with a business’ specific objectives. “The rate of change in business is rapid, and management teams should be equipped to pivot quickly and modify strategies to address unforeseen competition and technological advances that could disrupt their business; capitalization and structure play a major role in preserving this flexibility.”

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FACES OF COMMERCIAL TITLE HSTX TITLE

214.572.1480 hstxtitle.com

Brenda Serafino, Kay Nettles, Coby Bullock

hstx title is a wholly owned subsidiary of HomeServices of America, a Berkshire Hathaway affiliate, which owns more than 40 title and escrow companies across the country. With the financial strength and backing of Berkshire Hathaway, ranked by Forbes.com as the third most respected company in the U.S., this team of experienced commercial closers and veteran national underwriters has closed a multitude of multi-state and multi-site transactions. HSTX local closing teams provide a client-focused approach, including a single point of contact, that allows for quick response to each client’s needs. A national footprint combined with local expertise equals exceptional service.

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FACES OF CONSTRUCTION

Peter Read, Jeff Parsons

one of dpr construction’s cultural beliefs permeates across the office to the job site trailer: Who we build is as important as what we build. Dallas-Fort Worth leaders Jeff Parsons and Peter Read are a strong reason DPR is the fourth-largest general contractor in Dallas-Fort Worth, building exciting projects in healthcare, advanced technology, higher education, life sciences, and commercial real estate. Parsons and Read joined DPR as industry veterans in 2014 to solidify DPR’s presence in the area, including going from fewer than 12 employees to more than 600 in under five years. As DPR’s Dallas-Fort Worth business unit leader, Parsons has been instrumental in promoting sustainability and safe building practices. Read brings more than 25 years of AEC business development experience, a strong majority spent in the greater Dallas-Fort Worth area. In addition, Read leads the local effort of DPR’s mission to be integral and indispensable to the community through partnerships with nonprofits, such as the Boys and Girls Clubs and Girls, Inc.

DPR CONSTRUCTION

214.979.9900 dpr.com

P H OTO G R A P H Y BY V A N E S S A G A V A LY A

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FACES OF DALLAS BUSINESS

2020

FACE OF EXECUTIVE SEARCH FIRMS

Blaine Nelson, CEO & Founder, BLNelson Group

when blaine n els o n retired afte r 38 yea rs in public accounting, he looked forward to some R&R. “Then I got bored,” Nelson says. “I wanted to be relevant and make a difference.” That’s when Nelson formed his executive search firm, BLNelson Group LLC. Says Nelson, “Companies need exceptional and transformative talent to succeed. High performers are open to companies where they can excel and be creative. We bring these two together. Innovation, performance, and reliability are the foundation of my business and the promise to my clients.” Nelson is often quoted for saying, “People are not your greatest asset; the right people are!”

BLNelson Group developed a system of proprietary algorithms to find ideal candidates.

“My entire career was largely finding, developing, and nurturing exceptional talent,” he says. “I now apply these skills, along with the professionalism of a Deloitte partner, to our clients and candidates.” Nelson’s most famous recruitment, Jaap van Zweden, former DSO conductor, is now the conductor for the New York Philharmonic Orchestra.

BLNELSON GROUP LLC

469.965.1600 blnelsongroup.com

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FACES OF DALLAS BUSINESS

2020

FACES OF PHILANTHROPY

Dave Scullin, President/CEO, Alfreda Norman, Board Chair

c o m m u n i t i e s f o u n d at i o n o f Texas works to make tomorrow better by building thriving communities for all. The COMMUNITIES FOUNDATION OF TEXAS largest community foundation in Texas and one of the largest in the nation, CFT works with individuals, families, businesses, and nonprofits to strengthen our community through charitable funds and strategic grantmaking initiatives. CFT is committed to serving and understanding donor needs, expertly handling complex gifts, providing giving guidance, wisely managing charitable funds, and leveraging its community knowledge to increase charitable impact. The foundation professionally manages more than 1,000 charitable funds and has awarded over $2 billion in grants to nonprofits since its founding in 1953. CFT works to catalyze change in critical areas and build connections to solve challenges in the community. Key initiatives 214.750.4229 include CFT for Business, Educate Texas, Emerging Leaders in Philanthropy, GiveWiseCFTexas.org ly, and North Texas Giving Day. CFT also works with companies of all sizes to spark or grow a culture of generosity, manage employee giving, and build employee engagement.

P H OTO G R A P H Y BY V A N E S S A G A V A LY A

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The Dallas CPA Society is now TXCPA Dallas, but our brand is backed by the same commitment to connect, protect and advance our members. TXCPA Dallas continues to serve Dallas area CPAs in all the ways we always have.

Plan to join TXCPA Dallas at

Monday, May 4, 2020 Omni Frisco at The Star

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N O R T H T E X A S B U S I N E S S A D V I C E , A N A LY S I S ,

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C O M M E N TA R Y

LESSON LEARNED

P H OTO G R A P H Y BY J E N N A G A N G / G A L L E R Y S T O C K

Grit Trumps All Doug Renfro, President RENFRO FOODS

“i’ve learned that patience, persistence, and tenacity are more important than intelligence. Don’t get me wrong, it’s not good if you’re a moron, but being able to get back up after being repeatedly kicked in the head is more important than having a Mensa-level IQ. We were told no by one major distributor twice a year for seven years before the company started buying our products. It’s now a major customer. Another example of being persistent but also creative, was when I was trying to convince my uncle to consider electric forklifts, versus the propane versions we used at the time. Every time I asked my uncle about it, he’d vigorously shake his head no. So I worked out a deal to try a free loaner. By the time my uncle arrived for work that day, my dad and several operators had driven the electric lift. They announced, ‘We’ll be switching to these now,’ and my work was done!”—As told to Sooha Ahn

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ECONOMY

The Energy Industry’s Next Disruption Texas oil and gas bounced back big during the past decade. Now what? story by W. MICHAEL COX AND RICHARD ALM

G A S : A D A M V O O R H E S / G A L L E R Y S T O C K ; C H A R T: E N E R G Y I N F O R M A T I O N A D M I N I S T R A T I O N

T

the united states began this century bracing itself for a gloomy future of energy scarcity, high oil and natural gas prices, and greater dependency on foreign suppliers. The country ended the first two decades on the verge of energy self-sufficiency, with domestic production at record levels and prices heading downward.

Texas played a starring role in an energy transformation that got its start on the western fringes of the Dallas-Fort Worth area. George Mitchell, CEO of a Houston natural-gas company, had been experimenting with hydraulic fracturing, or fracking, to unleash gas trapped in shale formations. In the 1990s, Mitchell Energy hit on the right combination of water, sand, and chemicals to turn the moribund Barnett Shale formation into a drilling hot spot.

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Narrowing cost gaps: a disruptive force in the energy industry.

The U.S. Energy Information Administration expects the megawatt cost of natural gas to fall by nearly 50 percent between 2016 and 2023.

It also expects the cost of solar to drop 87 percent and onshore wind to fall 71 percent. Alternative fuels will become more competitive with natural gas, at $43 per megawatt for onshore wind and $49 for solar. The narrowing cost gaps will be a disruptive force for an industry already facing weak prices and public skepticism.

Generating Electricity: The Natural Gas Edge Is Shrinking $450 COST PER MEGAWATT (2018 DOLLARS)

$400

$50 0 2016

PHOTOVOLTAIC SOLAR

$100

ONSHORE WIND

$150

NUCLEAR

$200

PHOTOVOLTAIC SOLAR

$250

NATURAL GAS

$300

OFFSHORE WIND

$350 OFFSHORE WIND

Oil and natural gas still account for about 80 percent of U.S. energy consumption. Limitations on alternative energy have tempered schemes by policymakers for a transition to cleaner power.

Safety perceptions bedevil nuclear power. Nowhere does the wind always blow or the sun always shine, so reliability concerns hinder wind and solar. Biomass and other technologies are still iffy at a scale required to light up cities. But the biggest obstacle for alternative energy has always been cost. That, however, is changing.

(See sidebar and chart at right.)

Decisions on how to produce energy will be increasingly shaped by public policy rather than

FUTURE FUELS

W. Michael Cox is founding director of Southern Methodist University’s William J. O’Neil Center for Global Markets and Freedom. Richard Alm is writer-in-residence at the center.

ONSHORE WIND

ADVANCES IN ALTERNATIVE ENERGY

economics. The oil and gas industry will use its riches and political clout to fend off government restrictions on fossil fuels. The effort may pay off here and there, but the building consensus on climate change will be hard to overcome in a world where oil companies are portrayed as evil, alternative fuels are becoming more affordable, and capitalism itself is viewed with suspicion.

So what’s Texas to do as the world turns against oil and gas? The best option will be to stay the course and trust the state’s economic model of low taxes and smaller government.

The sweeping diversification after the oil bust of the 1980s came about because the private sector had the freedom to deploy its business sense and capital to find new opportunities. Some of them have been in alternative energy. In recent decades, Texas has emerged as a leader among states in producing solar and wind energy.

The fossil-fuel industry won’t disappear from the Texas landscape, but it will shrink. The future lies in an evermore diverse Texas economy, open to newcomers and new ideas—but that has been the state’s path to prosperity for decades.

NUCLEAR

The new technology was a game-changer, as energy companies honed the process to make it more economically viable. Natural gas production soared to record heights. Drillers then adapted fracking to oil. Crude began to flow from fields once thought to be in inexorable decline. The oil and gas industry snapped out of its doldrums and entered a decade-long boom.

Texas crude-oil production had steadily declined from 2.5 million barrels a day in 1981 to a low point just under 1.1 million barrels daily between 2003 and 2009. As fracking technology improved and spread, the state’s output rebounded sharply, exceeding 3.5 million barrels a day in every year since 2017. With Texas in the lead, the United States passed Russia in 2012 and Saudi Arabia in 2013 on its way to becoming the world’s No. 1 oil producer by a wide margin. The state’s share of U.S. oil production had fallen to an alltime low of 19.3 percent in 2003; by 2018, it had rebounded to nearly 41 percent, just shy of the alltime high of 46 percent in 1948.

The oil and natural gas comeback unfolded as a quintessential capitalist success story, with visionaries taking risks with new technologies and disrupting the status quo, reaping fortunes while confounding the naysayers. The next energy disruptions are more likely to arise from policy than from technology or markets. The energy industry can no longer count on being allowed to produce as much oil as market prices might justify.

Oil and natural gas have enriched Texas for a century. In recent years, the state’s economy has diversified and grown less dependent on energy, but it still does better when the energy industry is humming. A policy-led eclipse of fossil fuels will present a new kind of challenge for the Texas economy and its oil and gas industry.

NATURAL GAS

G A S : A D A M V O O R H E S / G A L L E R Y S T O C K ; C H A R T: E N E R G Y I N F O R M A T I O N A D M I N I S T R A T I O N

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ON TOPIC

What are your key strategies for leading through periods of rapid growth or significant change? edited by KELSEY J. VANDERSCHOOT

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illustration by JAKE MEYERS

DAVID BERG

PEDRO FÁBREGAS

KELLY BRETT ROBERTS

CEO E U R O P E A N WA X C E N T E R

CEO E N VOY A I R

President and CEO RICOCHET FU E L DISTRIBUTORS

“We’ve established four strategic pillars to build upon long-term growth: implementing efficient enterprise tactics, accelerating unit growth, delivering a 360-guest experience, strengthening people, and performance management.

A focus on the customer is also crucial. One of my earliest jobs was working in a small, family-owned butcher shop that competed with major chain grocery stores. The owner of the meat market understood the power of service and making a personal connection with his customers. What I experienced there has stuck with me.”

“Transparency allows us to be candid about objectives, expectations, and the challenges that the team will likely face. Teamwork establishes interdepartmental collaboration from the start to incorporate all perspectives. Accountability holds each team member responsible for their role. Sending regular, consistent, and candid stakeholder updates during transitions is key to maintaining employee engagement and demonstrating that you value your team. To keep your team motivated during challenging periods of change and growth, celebrate milestones throughout the journey— not just the final achievement.”

“Under stress is usually when I am at my best. In the 30-year history of the company, I have had a few periods of rapid growth, and I find them both challenging and exciting.

Thinking out of the box and knowing failure is not an option usually works. During one period of huge growth and great opportunity, I found myself in a new position, needing cash flow to maximize opportunity. Growth eats cash. After exhausting my banking and personal investment limits, I started calling friendly competitors in my industry to partner with them. Together, we maximized the opportunity and everyone came out on top.”

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3.

THOUGHT LEADER

Curbing Healthcare Hikes Blue Cross Blue Shield of Texas Chief Medical Officer Dr. Paul Hain shares insights on how to reduce your company’s growing healthcare spend. photography by JILL BROUSSARD

1.

PAY ATTENTION TO THE TOTAL COST OF CARE. Many insurers, hospitals, and other healthcare entities will try to hold the attention of employers by talking about lowering costs in one specific area, be it by direct contracting, narrowing networks, or enhanced patient management programs. Although each has the potential to help, lowering costs in one area while others rise does not aid the overall mission.

If you pay attention to all of the dollars leaving your account (via administrative fees, shared savings fees, consulting fees, miscellaneous fees), you will have a better understanding of the best deal for your business.

2.

B

IT’S OK TO ENGAGE WHEN YOUR INSURANCE CARRIER IS IN NEGOTIATIONS WITH A HOSPITAL OR PHYSICIAN GROUP. Your employees deserve access to quality, costeffective care, and sometimes it’s your voice that ultimately ensures a fair deal for all parties.

Standing firm beside your carrier while asking pertinent questions of both your insurer and the providers during contract negotiations makes a difference. Helping your carrier negotiate lower rates can help you get the best deal.

usiness pays the majority of healthcare bills for the commercially insured in the United States, and Dallas-Fort Worth is the most expensive place in the country to receive care if you have commercial insurance. At Blue Cross Blue Shield of Texas, we always strive to work with our employer partners to help deliver the lowest cost of medical care while preserving the quality and access that Texans deserve. However, employers are increasingly feeling the pinch of doing business, which is almost a “healthcare tax” in the form of high facility and physician bills, where most hospitals receive 200 percent to 400 percent of what Medicare pays for a service. What can business leaders do to try to minimize its healthcare tax? Along with getting involved in the legislative process, here are four tips to keep healthcare costs down.

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FREE-STANDING EMERGENCY ROOMS CAN CAUSE BIG FINANCIAL PROBLEMS. Can you imagine paying $72,000 for a few stitches in your hand or $103,000 for treatment of a cat bite?

These are two examples out of hundreds we have seen from free-standing emergency rooms (FSERs). There has been an explosion in FSERs in Texas, causing a drastic spike in costs. FSERs are typically out of network and maintain the ability to assess patients for the difference between what the insurance company pays and the billed charges. These bills can be financially devastating and have little relationship to the actual cost. Seventyfive percent of all patients seen in FSERs could be treated in an urgent care clinic. There’s an average cost difference of $2,199 versus $168. That adds up to an impressive escalation of healthcare costs.

4.

PAY ATTENTION TO PHARMACY COSTS. Years ago, pharmacy costs could be contained by encouraging your employees to use generics whenever possible. In recent years, with new specialty drugs ranging from $40,000 per year to over $1 million, employers must remain diligent about finding every savings available while still guaranteeing employees can get the medicines they need. It’s important to have programs to ensure that prescribed drugs are being given to the right patients in the right doses and that your employees are going to the most cost-effective places to receive infusions.

Dr. Paul Hain is chief medical officer for Blue Cross and Blue Shield of Texas, the state’s largest provider of health benefits.

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Sidney Moncrief | Addison resident | NBA Hall of Famer | Moncrief One Team

113 acres of lush green space

a nationally-recognized start up incubator

a strong sense of community

the busiest general aviation airport in Texas

it all in 4.4 square miles

It all adds up to

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When you have everything you need to work, play, and live your best life in 4.4 square miles, the benefits really start to add up. Learn more about Addison with Addison Economic Development at AddisonED.com | 972.450.7076

3/4/20 10:42 AM

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o f

DFW BUSINESS LEADERS

GLOBAL CLASSIC

Lynch says she is inspired by travel and old movies.

ART OF STYLE

P H OTO G R A P H Y BY E L I Z A B E T H L A V I N

FOR DESIGNER CRISTINA LYNCH, FASHION IS FEMININE BUT NOT FUSSY.

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STYLE ICONS: “My main style icon is my mother. She dresses so beautifully and always knows how to wear color.

Her closet is full of artisanmade clothing, and her collection of garments has been a constant source of inspiration. I’m inspired by everyone, though, especially when I travel.”

ON THE RUN: “I am always wearing our newest pieces before they launch in our stores and online. I often pair the tops with denim and wear the dresses to work and about town. I want to make sure the fit is perfect and that our customers will enjoy wearing our pieces as much as I do. We have a pretty casual office, and I love seeing what everyone is wearing.”

WHAT INSPIRES YOUR STYLE CHOICES? “So many things: travel, for one, and old films. My husband and I travel a lot, and it sounds cliché, but I take inspiration from architecture, colors in nature, or even what women in a specific city are wearing. And in terms of films, I am a true romantic, so I love seeing stylish, glamorous pieces and transforming them for the modern woman.”

STYLE GOALS: “Feminine but not fussy.

Comfortable and cool.”

WEEKEND LOOK: “As a new mom, I like to be super comfortable around the clock, but especially on weekends and evenings.

You can find me in jeans and comfy tees.”

FAVORITE STORE: “I love Canary. They have the most beautiful selection of clothing and the best iced tea.”

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G O L D S U I T BY N A T A L I E G O F F ; A L L OT H E R S C O U R T E S Y O F E L A I N E A G A T H E R V I A F O R T W O R T H M A G A Z I N E

WHAT I DO: “Mi Golondrina supports artisans and their traditions in Mexico to create a curated luxury line of clothing and unique pieces for home.”

PROUD TRADITION

Agather first got involved with the rodeo in 1990.

VINTAGE STYLE

Agather plans to donate her outfits to the National Cowgirl Museum and Hall of Fame.

M Y FAVO R I T E T H I N G

Riding in Cowgirl Couture

BLINGED OUT Agather’s gold lamé outfit for the 2020 rodeo is a real showstopper.

Banking executive Elaine Agather has a cowgirl wardrobe even Dale Evans would envy. for the past 29 years, elaine agather has spent many January and February evenings perched atop a horse, as she rides into a crowded arena for the Grand Entry of the famous Fort Worth Stock Show & Rodeo, a three-weeks-long Western extravaganza that got its start in 1896. The Dallas region chairman of JP Morgan Chase & Co. became involved with the event when she moved to Fort Worth in 1990. “There were not that many women on the executive committee, and they said, ‘If you want to ride, you need to ride every single one of them.’” Agather committed, and each year her husband gifts her with a custom cowgirl outfit to wear on the rodeo’s opening day. This year’s gold lamé look was decorated by a designer who once worked alongside noted 1930s tailor, Nudie Cohn. “I love vintage, and it’s what the cowgirls used to wear,” Agather says. The back is embroidered with, “Dickies Arena,” a nod to the just-opened venue. Agather plans to one day donate many of her outfits to the National Cowgirl Museum and Hall of Fame, for which she is a board member. —Kelsey J. Vanderschoot

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MY PET

RoboKind founder and CTO Richard Margolin’s beagle and basset hound mix, Gonzo, is far from camera shy.

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P H OTO G R A P H Y BY J I L L B R O U S S A R D

“SINCE I STARTED ROBOKIND, GONZO HAS TAKEN PART IN AN uncountable number of photo shoots and audiovisual pieces. He doesn’t freak out when a bunch of strangers show up and bring a lot of equipment in, and he can stay quiet on the set. It’s not a normal thing to ask of most dogs, but that’s the weirdness that is my life. When my mother was on the Dallas City Council, she used him for a couple of SPCA initiative photo shoots. And just because he is kind of cute in that weird, awkward way, he ended up in a photo shoot for AT&T for a Valentine’s Day thing a few years ago. He was ‘discovered’ as I was walking him through Main Street Garden Park. We live downtown, and it’s nice having a few dog parks within walking distance, because Gonzo is pretty social, both when it comes to people and to other dogs. He always wants to say hello to everyone.” —AS TOLD TO KELSEY J. VANDERSCHOOT

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WHERE COMMUNITY

REIGNS

Nominated for D CEO’s Best New Mixed-Use Project

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OFF DUTY

GOTHIC CHURCH Westminster Abbey has been the site of numerous coronations and royal weddings.

W E L L T R AV E L E D

London, United Kingdom

Borough Market (left), one of London’s oldest markets, is located in Southwark and offers artisanal cheeses, meats, and street food. Michelin star-rated, Leroy restaurant and wine bar (below) is located in the artful East End neighborhood of Shoreditch.

In this favorite destination of Downtown Dallas Inc.’s Kourtny Garrett, walkability reigns. story by HAMILTON HEDRICK

ART HOUSE

The renowned Tate Modern is Britain’s national gallery of art from 1900 to the present day.

South Kensington

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P H OTO G R A P H Y BY H A M I L T O N H E D R I C K A N D S H U T T E R S T O C K ; B O R O U G H M A R K E T BY A C M A N L E Y / S H U T T E R S T O C K . C O M

STREET SCENES

OFF DUTY

RIVER THAMES

Looking North toward Big Ben, Parliament, and the Westminster Bridge.

P H OTO G R A P H Y BY H A M I L T O N H E D R I C K A N D S H U T T E R S T O C K ; B O R O U G H M A R K E T BY A C M A N L E Y / S H U T T E R S T O C K . C O M

L

london, the largest city in western europe, is best experienced on foot. There’s something to discover on every street and alleyway in a city that brims with rich history, art museums, a bustling theater scene, historic architecture, and world-renowned shopping.

For those looking to see a few of London’s well-known landmarks, Big Ben, Buckingham Palace, Westminster Abbey, and the Palace of Westminster (Parliament) are all within walking distance of one another. Start at Buckingham Palace and make your way south toward the River Thames. Along the way, you’ll be able to snag a view of some of the city’s most iconic structures. If you’re up for a history lesson, stop by the Churchill War Rooms; the underground museum is located just south of St. James’ Park and definitely worth a visit.

A short walk will have you staring up at The London Eye, an observation wheel consisting of 32 passenger vessels, each representing one of the London boroughs. A 30-minute ride will give you some of the best views of the city, just be sure to visit on a clear day, as the ever-present rain can cause limited visibility.

Made famous by popular culture, Notting Hill, just northwest of Hyde Park, is known for its picturesque streets, intimate restaurants,

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and carefully curated stores. The elegant neighborhood is also known for its brightly colored (or, in some cases, pastel) row houses. If you find yourself in Notting Hill on a Saturday, make a point to swing by the Portobello Road Market, which offers everything from vintage clothing and antiques to street food.

If you’re looking to shop while in London, head toward Bond Street. Located in the West End, it is home to some of the world’s finest retailers.

Be sure to stop by Liberty London, a department store like no other. The multilevel retail destination is a one-stop-shop that offers fashion, housewares, gifts, food, and more. It’s located on Regent Street, around the corner from Carnaby Street, a car-free shopping district.

For unique accommodations, The Hoxton, Southwark is the newest of the ever-growing list of The Hoxton hotels. Nestled in London’s South Bank, the charming property offers a mix of midcentury accents with contemporary flair.

Grab a cocktail in the lobby bar then head up to the 14th-floor restaurant, Seabird, where the terrace offers unparalleled views of the city.

No trip to London would be complete without afternoon tea. For a more traditional take on the quintessential British pastime, head over to Fortnum & Mason. The iconic department store will have you sipping tea, snacking on finger sandwiches, or smearing clotted cream on one of the delicate scones like a local. If you’re looking for a more experiential afternoon tea, Sketch London offers a modern take on the tradition, and with its iconic, egg-shaped pod restrooms, it’s worth a visit.

There is no shortage of street markets, hidden pubs, or carefully curated boutiques to discover in this sprawling, historic city. When in doubt, take to the streets.

T R AV E L T I P S

The Element of Surprise “London is a city built for walking, which is what ultimately drives me to do the work that I do now,” says Kourtny Garrett, president and CEO of Downtown Dallas Inc. “It’s the feeling you can only get in a dense, walkable, highly active, and energized place where there is a surprise around every corner.

In London, some of my favorite places to just walk down the street and see where the day goes—places filled with markets, restaurants, pocket parks, and shopping—are Camden Market, Covent Garden, Oxford Street, and SoHo. Of course, all of the landmarks—Big Ben, Tower of London, Buckingham Palace, Kensington Gardens, Regents Park, and Hyde Park— are breathtaking, but now, when I am in London, I land, drop off my bags, and start walking!”

ROYAL ABODE Kensington Palace, home to the Duke and Duchess of Cambridge, is located in Kensington Gardens.

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EARLY YEARS

Growing up in Pakistan, “I always felt like there was more for me out there,” Mirjat says.

A WORLD AWAY

ROOTS

HAIDER MIRJAT CEO and Chief Solutions Officer ON ECLO U D N E T WOR KS

story by BRANDON J. CALL illustration by JAKE MEYERS

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“i’m one of eight siblings. there were so many people in my home growing up, I was always looking for a way to stand out. For me, that was education. When I joined the university in Pakistan, I began to feel like there was more for me out there. I wanted more out of life. So, at the age of 21, I started applying to universities in the United States. In 1992, I left Pakistan for the first time. I had never been on an airplane. My friend, who had been accepted to a school in Fort Collins, Colorado, and I wore suits. Nobody told us that you probably shouldn’t wear a suit for

a 30-hour flight. We landed in New York, and it was a complete culture shock. I spent the summer there with some friends, and it wasn’t the best part of the city. Here I was, missing family, thinking I’ve made this huge mistake coming to the United States. It was safer in my Third World country than it was, to a certain extent, in New York City. I came to Dallas during the telecom boom in 1999, after graduating from the University of Kansas with an engineering degree. I had gotten a job with Sprint out of school. But a Dallas company recruited me away, doubled my salary, and sent people to pack all of my things and move me here. Later, when that company neared bankruptcy, I was among the 15 or so people who remained out of 800 or so. That’s when I went to work for a startup here in Dallas that was doing Voice Over IP work. I formed my own company a few years later, realizing that if I wanted to grow VoIP technology, we needed to do more than wholesale. Being an entrepreneur and an immigrant has given me great insight. But my favorite thing is the community of like-minded individuals here. Every single person I talk to has had to overcome obstacles and struggle, just like I have.

Regardless of background, our stories are very similar—and we’re all just a little bit crazy.”

I M AG E S C O U R T E S Y O F H A I D E R M I R J A T

While attending KU in Lawrence, Mirjat lived with a host family.

SCHOOL ID

Mirjat attended City University of New York before transferring to the University of Kansas.

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COMMERCIAL CONSTRUCTION & REAL ESTATE ATTORNEYS www.griffithdavison.com 972.392.8900 C

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A STRONG FOUNDATION FOR COMMERCIAL REAL ESTATE IN DFW

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3/9/20 3:05 PM

OFF DUTY

G R E AT E R G O O D

A Helpful Heart Texas Health Aetna CEO Jeff Cook’s father’s heart attack and transplant led to his work with the American Heart Association.

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P H OTO G R A P H Y BY B I L LY S R U F A C E

“i still remember my teacher pulling me out of class in the third grade to tell me that my father had a heart attack and would be undergoing a quadruple bypass at the young age of 40. Unfortunately, in the years that followed, my father experienced several additional cardiac events that necessitated a heart transplant at the age of 59. After this, we were blessed to share another seven years with him. In 2017, my father passed away from further cardiac complications. Through this, I learned to appreciate the dedication of physicians and nurses and the advancements in cardiac care.

I did some work with the American Heart Association around the Heart Walk and Go Red, helping out and meeting with their leadership teams. The American Heart Association has been critical to furthering research and technology to keep patients, like my father, alive and active for many years.”

— As told to Will Maddox

DCEOMAGAZINE.COM

2/28/20 10:31 AM

www.jhparch.com

CYPRESS TRINITY GROVES | Dallas, TX

RGT is pleased to announce the promotion of Matt Krauss to Chief Investment Officer

CELEBRATING

35 YEARS OF SERVICE

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214.360.7000

3/5/20 10:30 AM

END MARK

FEELING THE LOVE

I M AG E C O U R T E S Y O F M A R Y K A Y

Mary Kay Ash greets throngs of admirers at one of her beauty conferences, where consultants would learn about new products and tricks of the trade.

A Beauty Queen M A R Y K AY A S H May 12, 1918 –November 22, 2001

story by WILL MADDOX

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orn in hot wells, texas, mary kay ash began her career selling books door to door during World War II. She saw too many underqualified men get promoted over her and decided to do something about it. In 1963, at the age of 45, she founded Mary Kay Cosmetics with $5,000, a handful of beauty products, and a Dallas storefront.

Within three years, the company surpassed $1 million in sales. Ash provided a path for women to enter the workforce, keep a flexible schedule, and make a living. When she asked a Cadillac dealer to paint her car pink to match her products, she created an iconic company trademark that is awarded to top sellers to this day. Ash is widely recognized as one of the nation’s most influential female entrepreneurs. At the time of her death in 2001, her Addison-based company was generating more than $2 billion in annual sales. Today, Mary Kay Cosmetics has 3 million independent consultants who sell more than 200 products in about 35 countries around the world.

DCEOMAGAZINE.COM

3/4/20 2:08 PM

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ALEAVESMAJOR DEVELOPER A LASTING LEGACY ON THE CITY

“We rely on Texas Capital Bank for the industry expertise and their dedicated team. They are there for you when you need them. I’m not only their client; I’m their biggest fan.”

Lucy Billingsley, Co-Founder and Partner of Billingsley Company

THANKS TO

Texas Capital Bank takes great pride in helping entrepreneurs and business owners realize their dreams. By providing capital and business expertise to privately held companies, we’ve grown into one of the most successful banks in the U.S., consistently recognized by Forbes as one of the Best Banks in America. What can our bankers do for the business that you built?

Commercial Banking | Private Wealth Advisors www.texascapitalism.com Texas Capital Bank, N.A.

Member FDIC

NASDAQ ® : TCBI

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