D CEO June/July 2022 by DCEO

JUNE /JULY 2 02 2

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Hana Khouri, Drive Shack Inc.’s innovative CEO

E Y’S 2022 ENTREPRENEUR OF THE YEAR

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CONTENTS J U N E /J U LY 2 0 2 2

VO LU M E 1 7 | I S S U E 0 5

44 The Rule Breaker In running North American operations for Pernod Ricard, the world’s second-largest wine and spirits company, Ann Mukherjee pushes the boundaries.

REBEL AT HEART

If you don’t challenge the status quo, you’re going to get disrupted, says Pernod Ricard’s Ann Mukherjee.

story by CHRISTINE PEREZ portraits by SEAN BERRY

50 The Bold Ambitions of Hana Khouri Instrumental in the early growth of Topgolf, she continues to innovate in the experience economy as president and CEO of golf entertainment rival Drive Shack Inc. story by BEN SWANGER portraits by SEAN BERRY

56 Refusing to Quit P O R T R A I T BY S E A N B E R R Y

The 46 regional business leaders honored in EY’s 2022 Entrepreneur Of The Year program used ingenuity and tenacity to fill mar et gaps. story by KELSEY J. VANDERSCHOOT portraits by JONATHAN ZIZZO

DCEOMAGAZINE.COM

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CONTENTS

20 EDITOR’S NOTE

DOSSIER 2 9 YO U N E E D T O K N O W

Lynn McBee, Young Women’s Prep Network

Sharon Anderson Wright, Half Price Books 3 2 L O C A L LY S O U R C E D

Tracee Nichols, Tracee Nichols Jewelry 3 4 O N T H E TA B L E

Lo Mittelbronn, Reef Technology 3 7 W I N N I N G T H E WA R F O R TA L E N T

73 E N D M A R K L B J P R E S I D E N T I A L L I B R A R Y ; R O OT S B I A N C A D A V I S ; A R T O F S T Y L E J E S S I C A V I C K ; W E L L T R AV E L E D H A M I L T O N H E D R I C K ; YO U N E E D TO K N OW J I L L B R O U S S A R D

32 MEET THE 500

A comprehensive guide to recruiting and retention for North Texas employers.

FIELD NOTES 65 LEADING OFF

Rachel Ferdinando, Frito-Lay 66 FINANCE

Female founders still face significant challenges when it comes to securing funding. But the payoff is the e. 68 ON TOPIC

Susan Bryant of The MB Group, Kelsey Cunningham of TimelyMD, and Ellen Detrich of Texas Capital Bank share their most effective leadership strategies.

70 THOUGHT LEADER

Selling your company to employees can often be your best exit strategy, says communications pro Gail Cooksey.

OFF DUTY 73 STYLE

Gennéa Squire de Torres, Cadré Talent Consulting 74 G R E AT E R G O O D

Froswa’ Booker-Drew, HERitage Giving Fund 76 PURSUITS

Elizabeth Mack, Locke Lord 7 6 C E O P L AY L I S T

PLUS:

Rule-breaker Ann Mukherjee of Pernod Ricard CEO

Hilda Contreras Galvan of Jones Day, Tamela Thornton of ULI, and Leah Frazier of Think Three Media reveal their walkup songs of choice.

Hana Khouri, Drive Shack Inc.’s innovative CEO

E Y’S 2022 ENTREPRENEUR OF THE YEAR

7 8 W E L L T R AV E L E D : BORA BORA

Jamie O’Banion, BeautyBio

116 016

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NEXT-STAGE LEADERS Meet the 46 tenacious finalists recognized in this year’s program.

Maria Carell, Revision Skincare and Goodier Cosmetics

80 ROOTS

Bianca Davis, New Friends New Life 116 END MARK

Sara T. Hughes

ON THE COVER:

Maria Carell of Revision Skincare and Goodier Cosmetics, photographed by Jonathan Zizzo.

DCEOMAGAZINE.COM

6/13/22 5:06 PM

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6/8/22 12:32 PM

P U B L I S H E R Noelle LeVeaux

EDITORIAL EDITOR Christine Perez EXECUTIVE EDITOR Brandon J. Call MANAGING EDITOR Will Maddox ASSOCIATE EDITOR Kelsey J. Vanderschoot ASSISTANT EDITOR Ben Swanger CONTRIBUTING WRITERS Richard Alm, W. Michael Cox EDITORIAL INTERNS Suzanne Crow, Sharoon Gill, Carla McCanna

ART DESIGN DIRECTOR Hamilton Hedrick STAFF PHOTOGRAPHER Elizabeth Lavin DIGITAL ART DIRECTOR Emily Olson DIGITAL PRODUCTION ASSISTANT Andrea Chavez

A DV E R T I S I N G ADVERTISING DIRECTOR Rhett Taylor SALES MANAGER Rachel Gill ASSOCIATE PUBLISHER OF PROFESSIONAL SERVICES Kym Rock Davidson SENIOR ACCOUNT EXECUTIVES Cami Burke, Haley Muse MANAGING EDITOR OF SPECIAL SECTIONS Jennifer Sander Hayes DIGITAL ADVERTISING OPERATIONS MANAGER Riley Hill BUSINESS DEVELOPMENT Palmer McGraw

MARKETING & EVENTS MARKETING DIRECTOR Gigi Ekstrom MARKETING COORDINATOR Natalie Swaim EVENTS PRODUCER Beth Albright EVENTS MANAGER Anja Matukic ADVERTISING ART DIRECTOR Katie Garza MARKETING AND EVENTS INTERNS Lauren Bailey, Alyssa Fields, Theodora Gilliland

AU D I E N C E D E V E LO P M E N T DIGITAL PRODUCTS MANAGER Sarah South BRAND MANAGER Erica Chiles EDITORIAL PROGRAMS MANAGER Sarah Masquelier SPECIAL PROGRAMS COORDINATOR Jade Osseck SOCIAL MEDIA COORDINATOR Jessica Taber RETAIL STRATEGY MANAGER Steve Crabb MERCHANDISER David Truesdell

PRODUCTION DIRECTOR John Gay MANAGER Pamela Ashby PHOTO RETOUCHER Jasmine Green PRODUCTION INTERN Emily Bone

BUSINESS CONTROLLER Sabrina LaTorre SENIOR ACCOUNTANT Debbie Travis STAFF ACCOUNTANT Tambra Dearborn ACCOUNTS RECEIVABLE COORDINATOR Jessica Hernandez PAYROLL SPECIALIST Celina Boudkeo EMPLOYEE ENGAGEMENT DIRECTOR Patricia Martin IT TECHNICIAN Luan Aliji OFFICE MANAGER Will Smith RECEPTIONIST Phoebe Chew HOW TO REACH US MAIL 750 N. Saint Paul St., Ste. 2100, Dallas, TX 75201 MAIN OFFICE 214-939-3636 WEBSITE www.dmagazine.com/dceo The magazine assumes no responsibility for the return of unsolicited manuscripts. LETTERS TO THE EDITOR feedback@dmagazine.com CURRENT SUBSCRIPTION 800-732-9673 or subscriberservices@dmagazine.com NEW SUBSCRIPTION www.dmagazine.com/requestdceo ADVERTISING 214-939-3636 x 128 REPRINTS 214-939-3636 CUSTOM PUBLISHING 214-540-0113 SUBSCRIPTIONS 11 issues for $54 in the United States, possessions, APO and FPO; $70 per 11 issues elsewhere. Please provide old and new addresses and enclose latest mailing label when inquiring about your subscription.

D M A G A Z I N E PA R T N E R S EDITOR-IN-CHIEF AND CEO Christine Allison PRESIDENT Gillea Allison CHIEF FINANCIAL OFFICER Thomas L. Earnshaw CHIEF OPERATING OFFICER Amanda Hammer FOUNDER Wick Allison

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DCEOMAGAZINE.COM

6/3/22 9:52 AM

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LETTER FROM THE EDITOR

Turning Pain Into Positive Power

CongratulationsFrannie!

Gardner Wallace Financial Solutions GardnerWallace.com 972-833-2565 YourTeam@GardnerWallace.com

Certain appropriately licensed individuals of Gardner Wallace are registered to offer securities through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC and/or investment advisory services through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Neither Kestra IS nor Kestra AS are affiliated with Gardner Wallace. Investor Disclosures: https://www.kestrafinancial.com/disclosures

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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

Frannie Gardner Managing Partner Gardner Wallace Financial Solutions

in the early days of my career, i would sometimes get a little intimidated when interviewing CEOs. After all, many of these accomplished individuals were at the helm of national or global companies. But hearing about their personal journeys would always reveal their sense of humanity, and I soon realized that everyone has struggles along the way. D CEO’s approach is to tell the stories of North Texas businesses by writing about the people who run them. We dig deep to blend personal information with company details; you can learn a lot about a leader’s strategies when you understand how they’ve been influenced by their life experiences. Lately, I’ve noticed that executives have become more open in talking about not just their successes but their failures and heartaches, too. In this issue, for example, you’ll read about Hana Khouri, president and CEO of fast-growing Drive Shack Inc., a golf entertainment company that generated $282 million in revenue last year. (See page 50.) Among other things, she discusses her struggles with anxiety following the death of her younger sister. “I still have to work on mastering my emotions and worrying less every day, but I think being open about it has made me who I am today,” Khouri says. “I’ve had to teach myself that it is OK to struggle.” You’ll also read about Ann Mukherjee (page 44), the global chairwoman and CEO of Pernod Ricard, the world’s second-largest wine and spirits company. Mukherjee joined the company even though alcohol had led to two profoundly tragic experiences in her life. “I wanted a seat at the table,” she says. “I took the pain and tried to make it positive power.” It’s meaningful when business role models like Khouri and Mukherjee show their human side and talk about the suffering they’ve overcome. It helps open the door for others to do the same and leads to compassion, understanding, and acceptance. God knows we can use a little more of that in this world.

Christine Perez Editor

DCEOMAGAZINE.COM

6/9/22 2:51 PM

The Women of At Stream, we’re committed to our core values of NICE, HONEST, SMART and PASSIONATE in everything we do. We proudly promote an environment for diversity and inclusion and will never stop striving for a culture rooted in equality. This mentality extends to how we service others, including our clients, colleagues, and those within our communities. Our Women of Stream initiative works to cultivate a workplace that empowers women to reach their full potential without the challenges of bias or exclusion.

“I love Stream because it’s a group of smart, good people, who all love to grow our business. I enjoy creating and growing client relationships. I love it when I can instill such confidence in a client that I’m their first call! They know that they can call me for market intel or a candid opinion.” Sarah Ozanne

Senior Vice President | Industrial | Dallas 2020-2021 Stream Top Producer

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6/10/22 12:46 PM

LETTER FROM THE EDITOR-IN-CHIEF

Meet Our New Publisher The move allows Gillea Allison, the president of D Magazine Partners, to address company strategy and partnerships. And it aligns with our company’s new focus on solutions.

remember the local b* g campaign? it was a monster Instagram hit that drew residents and visitors to stand in as the visual “I” in “BIG,” as in “Dallas: Big things happen here.” Noelle LeVeaux, who at the time was chief marketing officer and senior vice president for Visit Dallas, made that program happen. That’s when I first met her, about a decade ago. I took her to dinner and asked if she’d ever want to work in marketing for D Magazine Partners. As I recall, her answer was, “Nope.” That’s how it happens, right? I wasn’t even fully sold on the B*G campaign. (“Can’t we be something besides big and yadda yadda?”) But I was crazy about the creative thinking and execution that brought it to life. It was a logistical triumph. I know a talented marketer when I see one. When we launched our search for a new publisher for D Magazine, D CEO, D Home, D Weddings, DMagazine.com, and our massive events programs, we spun our wheels at first, looking for a killer sales leader. Then we had a realization that got us going. Our teams know how to

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sell. But it’s 2022. We need to offer our advertisers and sponsors custom marketing solutions. Like, actual original campaigns. Their needs have changed, and we needed to change, too. What if our killer sales leader had a secret weapon, a genius marketing brain that she could bring to the aid of our advertisers and sponsors? I am thrilled to announce that Noelle LeVeaux has joined us as publisher of D Magazine Partners. As far as I can tell, she is the first math major we have ever hired, a graduate of Spelman College. She most recently served as chief marketing officer at one of the most beloved institutions in the city, the Communities Foundation of Texas—D CEO’s partner on the Nonprofit and Corporate Citizenship Awards program. There are no two greater allies than CFT and D Magazine Partners, and I know going forward that our partnership will be stronger than ever. The move allows Gillea Allison, our president, to address company strategy and partnerships. And it aligns with our company’s focus on solutions, whether that means creating marketing programs for our sponsors and advertisers, sharing DEI strategies and other executive insights with the leaders who read D CEO, or publishing analyses that show City Hall how it might conduct business differently. Noelle brings that spirit and independence and solution-mindedness to her new home at D Magazine Partners. For our culture, she is a natural fit. For our business partners, she will deliver high-impact marketing strategies that take our company from very good to great. Most important, she loves this city as madly as we do. The future for our company (and our city) just got brighter. Thank you all for being part of it.

P H OTO G R A P H Y BY K I M L E E S O N

“For our culture, she is a natural fit For our business partners, she will deliver high-impact marketing strategies that take our company from very good to great.”

Christine Allison Editor-In-Chief and CEO

DCEOMAGAZINE.COM

6/9/22 3:03 PM

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AGENDA

D CEO’s 2022 Power Broker Awards each year, d ceo recognizes the region’s top commercial real estate pros who generate the most revenue for their companies with its Power Broker Awards. This year, a record 99 firms employing more than 2 400 licensed brokers participated in the program, with data based on 2021 production numbers. Only the top 20 percent are awarded the Power Broker designation. Members of the 2022 class were recently celebrated at an event held at Bank of America Plaza. This year, a special Lifetime Achievement Award was added to recognize the profound impact of Roger Staubach, founder of The Staubach Co. (now JLL). Upon being presented with the award, the tenant rep icon joked, “I think I like this even more than my Heisman.” Special thanks to founding sponsor Bank of America Plaza for hosting the event, to premier sponsor Davidson Bogel Real Estate, and signature sponsors Allen Economic Development Corp. and De La Vega Development.

Artemio De La Vega, Susan Ridley, Maher Maso

Marianne and Roger Staubach

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Mike Ablon, Lynn Dowdle, David Glasscock

Melika Rafiei, Cindy owell, Annmarie De La Vega, Andrea Seldowitz

Ally Huynh, Hayley Krahl

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Greg Goree, Timmy Newsome

P H OTO G R A P H Y BY B R E T R E D M A N

Max Chanon, Tomeka Herod, Mason duPerier

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6/3/22 12:18 PM

SECTION NAME

ASK THE EXPERT

Persuasion Skills: Storytelling R O G G E D U N N , C EO, R O G G E D U N N G R O U P

photos of golf ball-sized hail, uprooted trees, and the difference b etween intriguing story torn-off roofs. People will watch the emergency telling and a dull recitation of the facts, no matter broadcast only for a few seconds, but stay glued how accurate, is like the diff rence between creamy to the meteorologists because they tell an interdesigner ice cream and liquid antacid. While you esting story. know the antacid is good for you, you won’t enjoy it like a multi-layered story. From “Goldilocks and Start a story with an important problem, tease the Three Bears” to “Little Red Riding Hood,” we’ve the audience with suspense, lead—b ut do not grown up on stories. Further, people have an intell—the audience how the problem can be solved, nate psychological attraction to understanding and and show them an impactful and obtainable reagreeing with a well-structured story as opposed sult with memorab le examples incorporating to b land, antiseptic, and straight forward facts. their own set of values and you will persuade A study by Phil Tetlock proves the point. People your audience almost every time. were asked about the likelihood that a flood in the I used storytelling in a trial where I told the jury United States will occur in the next 10 years that the case was a story about gender discrimination and kills 1,000 people; another group was asked about two phone calls. The first call was when my executive the likelihood that an earthquake in California will client received a call in the hospital from her boss demoting her. I concluded my opening statement cause a dam to break and unleash waters flooding b y mentioning that the story ends with a second towns downstream and killing 1,000 people. call that I would reveal in my closing argument. In Logically we know the California flood is much closing, I told the jury that after they rendered a less likely because a flood anywhere in the U.S. verdict, the attorney for the Fortune 500 company killing 1,000 people would automatically include the California flood. Despite that logic, by a wide my client was suing would call the board of directors margin, given the more detailed California stoand depending on the jury’s verdict, would either say it was business as usual, or that Dallas County ry, the control group said that event was much more likely than a flood anywhere in the U.S. jurors had spoken and there were consequences for Nob ody likes plain, b oring facts. How much gender discrimination. That story created suspense attention do you pay when the emergency broadat the b eginning, and—at the end—it laid out an impactful solution that the cast system appears on TV jury could deliver to set the with that screeching sound with a b lack-and-white community standard for warning of severe weather how female executives in the in various counties until 10 C-suite should be treated. The takeaway: For your p.m.? Compare that to media-savvy meteorologists next presentation, embrace 500 N. Akard Street, Suite 1900 who use color graphics and storytelling instead of a dry Dallas, Texas 75201 pepper their warning with recitation of logical facts. 214.888.5000 | info@roggedunngroup.com

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ROGGE DUNN represents companies, executives, and entrepreneurs in business and employment matters. These include the CEOs/ presidents of American Airlines, Baker Hughes, Beck Group, Blucora, Crow Holdings, Dave & Busters, Gold’s Gym, FedEx, HKS, Texas Motor Speedway, Texas Capital Bancshares, Texas Tech University, and Whataburger. Dunn’s corporate clients include Adecco, Beal Bank, Benihana, Cawley Partners, CBRE, Match.com, Thackeray Partners, Rent-A-Center, and Outback Steakhouse. In 2021 and 2022 Dunn was included in D CEO Magazine’s Dallas 500 list, which recognizes the most influential business leaders in North Texas. He has been honored as a Texas Super Lawyer every year that award has been given and recognized as one of the top 100 attorneys in Texas by Texas Monthly (a Thomson Reuters service) and a D Magazine Best Lawyer 12 times.

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SPONSORED SPOTLIGHT

Tito’s Handmade Vodka

The story behind the vodka so smooth you could drink it straight. tito’s handmade vodka st arted in austin more than 25 years ago with a man named Tito Beveridge. You’d think with that last name, his future would lead directly to the spirits b usiness, b ut it took failures and more than one left turn to get there. Some know exactly what they want to do with their life. Beveridge thought he did when enrolling in the pre-med program at Vanderbilt. After working in a hospital, a realization settled in—healthcare was not for him. Beveridge came home to the University of Texas and got a job on an oil rig. He noticed one man working inside with air conditioning. He asked, “Who is that, and how much does he make?” He was the resident geologist that made over $1 million per year. It wasn’t profound, but the idea of a science-based job and a seven-figu e salary led Beveridge to pursue degrees in geology and geophysics at UT. After graduating, he landed in Venezuela running heli-portab le dynamite seismic crews and then managed groundwater geology in Colombia. It was searing and arduous. As his feet sloshed in the sweat in his boots, he knew he needed to pivot. He traded in his rubber boots and made his way home again. Back in Texas, Beveridge started his own oil company. Months later, Operation Desert Storm sent gas prices tumbling, leaving him with a failed business and barrels of debt. He was down, but not out. For fun, he bought cheap vodka, threw habaneros into each bottle, infused the hooch, and jarred it as gifts. It wasn’t fancy, but people loved it. Along the way, he got into mortgage b rokering. Was it his dream career? No. But it led to the greeting that changed the trajectory of his life.

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At a party, a stranger said, “Hey, you’re the vodka guy!” Beveridge corrected him saying, “You mean, the Mortgage Guy.” The man proceeded to praise the stories of Beveridge’s infused vodkas. This got him thinking: What if he could be the vodka guy? One night soon after, a television broadcast came on instructing viewers on how to uncover their passions. “Find the intersection of ‘what you love to do’ and ‘what you’re good at.’” Beveridge drew a line down a sheet of paper and made his lists. The result? A vodka company. Flavored vodkas already lined liquor store shelves. What Beveridge needed was a “vodka so smooth you could drink it straight.” A vodka-fl vored vodka. He built a 998-square-foot shack in rural Austin and a still using junkyard parts, guided by photos of moonshiners and prohibition-era busts. Eventually, he was making the smoothest vodka around. But he hit a wall. No one would invest. Backers said he would never get permits. Texas had never had an operating, legal distillery. So, Beveridge racked up 19 credit cards and funded the business himself. He pored over code and challenged Texas laws. Eventually, he got the permits no one thought he could. He hand-b ottled, glued paper lab els, screwed on copper caps, and slept almost never. He gave away his vodka always making one request: “If you like it, tell 20 of your friends.” They did just that. Word spread, and distributors came on board. Twenty-fi e years later, Tito’s Handmade Vodka fills glasses around the world. Once a bootstrapped operation, Tito’s has grown into a brand synonymous with community impact, dog rescue, and the smoothest vodka around. Here’s to Tito’s 25th anniversary.

Tito’s Shack Cherry Sour Back in ‘97, Tito Beveridge tossed some black cherries into a bottle and created the first-ever Tito’s infusion. Now, you can toast to that cherry concoction by sipping a drink inspired by its flavor. INGREDIENTS: 1 ½ oz Tito’s Handmade Vodka ¼ oz orange liqueur 1 oz cherry juice ¼ oz lemon juice 1 egg white DIRECTIONS: Add all ingredients to a shaker and dry shake Add ice and shake again Strain into a glass

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6/8/22 12:52 PM

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DOSSIER TRENDS

WATC H

a n d

NORTH TEXAS NEWSMAKERS

YOU NEED TO KNOW

Lynn McBee’s Next Grand Experiment The biotech and education exec is taking a scientific approach to solving Dallas’ employment issues as the city’s new workforce development czar. story by CHRISTINE PEREZ photography by JILL BROUSSARD

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DOSSIER

while her two sisters played with their baby dolls, a young Lynn McBee spent her time collecting bugs, conducting experiments with her chemistry set, and building ramps for her Derry Daring Trick Cycle. (The action-figure toy was marketed as the girl version of a set featuring motorcycle stunt king Evel Knievel.) McBee’s father, a Korean War vet who used the G.I. Bill to earn a master’s degree in mathematics, strongly supported her interests. Her mother, an SMU grad who was a teacher for about 10 years, was confused by it. “She saw how much I loved being outside and how I was sparked by science, though,” McBee says. “I was lucky to have my parents in my camp saying, ‘You can do whatever you want.’ And so, I did.” She earned a biochemistry degree at The University of Texas in Austin, when just 25 percent of students in the school’s College of Natural Sciences were women. She then took a job with New England Bio Labs in Boston, working as a research scientist. McBee was transferred to Dallas and, after three decades with the company, shifted to an advisory role to take the helm of Young Women’s Preparatory Network. The program supports 10 STEM-focused, all-girls public schools in Texas. “I’m passionate about helping girls have an opportunity to get an education—especially in the science field because that’s where the jobs of tomorrow are,” she says. “I also think women make the best engineers and scientists because we multitask, we’re creative in our thinking, and we’re naturally more

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“This isn’t just about plugging someone into a job; it’s about developing a career path that will change not only their lives but generations that follow.” LYNN M c BEE

analytical because we’re always having to do a million things and problem-solve.” In late 2018, McBee joined a crowded field of Dallas mayoral candidates. She finished third, losing out to current Mayor Eric Johnson—whom she has known since their days in Leadership Dallas’ class of 2006. This past January, McBee accepted an invitation from her former rival to serve as the city’s workforce development czar. Programs like Dallas Promise and other initiatives through DISD and Dallas College have made inroads with middle school and high school students, McBee says; the workforce initiative is targeted at an older population of people (25 to 65 years old) who need to be skilled, reskilled, or upskilled. “Quite frankly, the only way we will be able to grow as a city is if we develop our workforce,” she says. “This isn’t just about plugging someone into a job; it’s about developing a career path that will change not only their lives but generations that follow.” It’s an audacious goal and one that will require finding a way to help people—many who are grappling with generations of poverty— overcome significant barriers, including transportation and childcare issues. As she does with everything, McBee is approaching the problem with a scientific mindset. “Scientists think in terms of systems and processes,” she says. “It makes you very efficient, and it makes you able to make decisions quicker.” Strategies include working with faith-based organizations and nonprofits to build awareness and the business community to provide support, jobs, and career pathways. That might mean, for example, helping an airline mechanic get the needed education and training to become a pilot. “Immediately after the mayor made the announcement, companies began reaching out and offering support,” McBee says. “The pieces are there; it’s just connecting everyone and helping them align behind what we’re going to call success.”

GAME PLAN

Bridging the Divide Between Jobs and Skills Along with McBee’s appointment as workforce development czar, the city-wide initiative to upskill Dallas centers on these three priorities, outlined in a report by Cicero Group, commissioned by Mayor Johnson. FOR MAL COLLABOR ATION.

Establishing formal agreements with existing workforce development organizations to align efforts and accountability for outcomes. PR OGR AM ENGAGEMENT.

Leverage the mayor and city council members to communicate and promote local upskilling programs to target audiences. NAVIGATION SUPPOR T.

Refine digital support and develop a hub to help working-age adults take advantage of upskilling opportunities and resources.

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DOSSIER

L O C A L LY S O U R C E D

Fashionable Flashbacks

MEET THE 500

SHARON ANDERSON WRIGHT President and CEO HALF PRICE BOOKS

at age 13, sharon anderson wright became Half Price Books’ first employee after her mother Pat co-founded the business in an old laundromat on Inwood Road and Lemmon Avenue with Ken Gjemre. She was named manager of the chain’s eighth store shortly after graduating from high school. Today, Half Price Books is the country’s largest family-owned bookstore, with more than 120 locations nationwide. The company also has a wholesale division called Texas Bookman. EDUCATION: “I’ve taken some courses at Richland College.” BIRTHPLACE: “Tulsa, Oklahoma” FIRST JOB: “When I was about 7 years old, I started working with my dad in his showroom and at trade shows, unwrapping and displaying clocks. I also worked in his warehouse, fillin Red Devil Paint orders. I learned that work can be fun if you like who you’re working with and that seeing an actual visual result of your labor is very rewarding.” BEST ADVICE: “Treat everyone as you would want to be treated.” TOUGHEST CHALLENGE: “Taking over the company after my mom suddenly died. I felt completely unprepared, but I knew I needed to do it to help keep the company stable.” DESTINATIONS OF CHOICE: “Italy and Tulum, Mexico”

HOW I MOTIVATE OTHERS: “I try to help my employees feel empowered to make decisions.” GREATER GOOD: “I like to support the North Texas Food Bank. People should not go hungry.” FAVORITE THING: “My tractor” LOCAL FARE: “A favorite is the Indian restaurant Kebab N Kurry. I love all the vegetarian options—but not too spicy.” FUN FACT: “I own a local hardware store, Rooster Home & Hardware.” SECOND HOME: “We have 23 acres near the Red River in Texas, where we built a small log cabin. We bought it when our children were young so they could have a place to play and camp in the woods. We wanted them to have a place they can return to that would not be developed—our own nature area.”

PROUD MOMENT: “Surviving a global pandemic without borrowing any money.” WALK-UP SONG: “The song I’d pick would depend on the mood. As a leader, you always must have a game face on. ‘Stayin’ Alive’ by the Bee Gees and ‘Smile’ by Nat King Cole are favorites, but there are too many to name.” DREAM CAR: “My Honda minivan is just fin .” BIGGEST RISK: “Professionally, it was buying the building that houses our Half Price Books flagship and orporate offices.” RECOMMENDED READING: “I always read The Washington Post and listen to KERA. I’m a news junkie. And as for books, I just pick things up as I see them in the store. I love all of Barbara Kingsolver’s books.” HOBBY/PASSION: “Photography”

working the display case at the thrift store at her grandmother’s church, Tracee Nichols began collecting vintage jewelry as a kid. “I just became obsessed with gems, jewelry, and diamonds,” she recalls of her younger self buying costume pieces. She graduated to more valuable baubles while working at her aunt’s antique dealership. Friends began saying they would buy pieces from the collection with small tweaks. “I thought, ‘I’m just going to start making pieces,’” Nichols recalls. Drawing on her background in architecture and design, she created her first necklace, The Roman, i 2013 in Los Angeles. “It’s from the early 1700s, where people would rub a coin and engrave a message,” she says. Nichols’ line has expanded to include token necklaces, earrings, men’s items, and more, and her pieces have been worn by celebrities such as Taylor Swift and John Travolta. She moved her majority e-commerce company to Dallas in January 2020 and says she soon hopes to become a local name, expand into local boutiques, and focus more on custom collaborations. —Kelsey J. Vanderschoot

A N D E R S O N W R I G H T BY J A K E M E Y E R S ; LO C A L LY S O U R C E D C O U R T E S Y O F T R A C E E N I C H O L S

Jewelry designer Tracee Nichols creates vintage-inspired trinkets for Hollywood stars.

BUCKET LIST: “The only thing on my bucket list right now is grandchildren.” STRUCTURE AND STYLE

Tracee Nichols’ pieces combine fine j wels with architectural inspiration.

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

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A purpose for all people. At the core of our purpose—to build better lives and communities—are the values that guide us to be intentional about diversity, equity, and inclusion. We do the work every day to diversify our leadership, empower all teammates, and fight for the opportunities we all deserve. Because we believe a culture where we can live and contribute our authentic selves is a stronger one.

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O N T H E TA B L E

Laurence Mittelbronn Is Off to the Races The food and beverage leader is taking on her next challenge: bringing a car racing championship to DFW.

story by KELSEY J. VANDERSCHOOT illustration by JAKE MEYERS

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as we settle in for lunch on the bonton Farms patio, Laurence “Lo” Mittelbronn chats it up with the staff. The nonprofit market, restaurant, and café in southern Dallas holds a special place in her heart. Knowing she will be on the go, Mittelbronn orders a filling Grass-Fed Burger with cheese, and we bond over a shared ability to live in an agricultural countryside—where we both grew up—and big cities, where we have thrived since. Mittelbronn’s roots extend to the area near Metz, France, where she grew up around her parent’s produce gardens and collected milk from a neighboring farm. “It helped me understand the meaning of good products,” she says. That foundational knowledge propelled her to a former post at the National Restaurant Association, where she developed the growth strategy for membership engagement and served as a supply chain expert during pandemic shortages. “There is a big relationship component to that, which people don’t think about but is important,” she says, explaining how vendors often give their limited supplies to customers with whom they have good standing. Careful menu planning, strategic thinking, and negotiating fixed prices as a buffer against market fluctuations have also been key. She recently shifted to head of direct procurement for Reef Technology, a Miami-based company that builds ghost kitchens in shipping containers. She’s working remotely in Dallas while challenging herself with a large project outside her industry: bringing the global championship of an innovative car race to North Texas in 2024. “It would put Dallas on the map at a scale it has never been,” Mittelbronn says.

This isn’t the first time she has challenged herself beyond her industry. While preparing to be a stockbroker after college, she took a job in London decanting 1.8-kilogram tins of Iranian caviar into smaller portions. She spent the next decade in the luxury food sector in various roles, including being a food buyer for London-based Harrods and a business development manager for Caviar House and Prunier in Switzerland. At the latter, she partnered with Porsche, Rolex, and other lifestyle brands to provide upscale foods at large events, even after sturgeon had been declared an endangered species and demand dropped. “I was not going to invent a new caviar,” she says. “You have what you have. What you need to do is push yourself.” And that is exactly what Mittelbronn has done—through a 9/11 layoff at Caviar House, a move back to France to manage partnerships with more than 50 suppliers as head of global supply chain, food, and beverage at Paris-based Sodexo; running global supply chain for food and beverage at French hotel company Accor then moving to Dallas to lead its North American procurement; through launching her own procurement advisory business; and through working with GLEAM Network and Copia, two California ventures that mentor the underserved in the restaurant industry and deliver food waste from hotels, restaurant, and more. Mittelbronn says she knows it’s time to change course when her work becomes routine. “I need to bring something to what I do,” she says. Her new position at Reef and her work on the car-racing project provide plenty of opportunity for growth. And although her endeavors take her worldwide, she has no plans to leave North Texas. “Dallas is a place I really enjoy, and it feels warm,” Mittelbronn says. “It is home.”

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DOSSIER

SPECIAL REPORT

Winning the War for Talent A comprehensive guide to negotiation strategies, compensation trends, CEO recruiting, parental rights, remote work guidelines, upskilling, and more.

AUDSHULE

stories by WILL MADDOX, CHRISTINE PEREZ, JENCIE TOMASEK, and KELSEY J. VANDERSCHOOT

two years ago, while we were huddled at home watching Tiger King, or crossing to the other side of the street to socially distance ourselves from our neighbors, the federal government injected billions into the economy via stimulus programs to help stabilize a tanking economy. Today, we see the impact of that with, among other things, a heated war for talent. At the height of the pandemic, many businesses were able to transition to remote work, allowing many white-collar families to continue to save money without anywhere to spend it. With the arrival of the COVID-19 vaccines, the economy began bouncing back, and spending jumped as confidence about the future strengthened. The economic resurgence was like a humid, warm updraft, colliding with the cool, dry air of a workforce that was reevaluating how, when, where, and whether they wanted to work—conditions that have led to what economists are calling the Great Resignation. The pendulum shift has left employers searching for answers. continued on page 038

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DOSSIER

continued from page 037

Charles Schwab

PREMIER BANK “We created a program to give managers and employees greater fl xibility with remote work options. It’s designed to balance the importance of workplace fl xibility with the benefit of in-person interactions for training and learning from one another, building human connections, and maintaining our culture. It reflects the trust we have in our employees to work in support of our clients and, at the same time, create a better work-life balance. More than a third of employees have elected to work remotely for more than 90 days a year, and more than a quarter have elected to fully work from home. We expect these numbers will flu tuate with time.” C H R I S TIA N RO D R I G U E Z P re si d e nt a n d CO O

continued on page 042

A Shift Toward

TRANSPARENCY Being open about company values, decisions, and social iniatives is a new hiring must.

Transparency around corporate governance policies and environmental and social issues—such as climate change and diversity, equity, and inclusion— has become essential in hiring and retention, as job-seekers are looking for employers whose values align with their own. “If you aren’t being forward thinking and addressing ESG issues, your employees, regulators, or consumers are going to really start to notice,” says Jaimee Eddington, partner at executive search firm Heidrick Struggles. She advises ensuring that interview-

“We recently moved into new office space. It reinforces our vision and allows for increased workplace fl xibility. While many companies reduced their physical footprint, Slalom doubled

ers represent the ethnic makeup of the overall company and including diversity leaders in hiring conversations, as it communicates DEI commitment to talent. “If they’re not meeting anyone diverse, then how are they going to feel like they’re going to be accepted?” Eddington says. Similarly, hiring a chief sustainability officer, and including them in recruitment, can demonstrate a climate conscious culture. Finally, openly communicating the processes behind board, accounting, legal, culture, and hiring decisions can help employees feel involved and promote retention. Acknowledging areas for improvement and demonstrating progress in ESG can be more impactful than trying to prove perfection. “People want to see progression,” Eddington says. “They want to see they’re getting to a place that’s better.”

I C O N : S H U T T E R S T O C K ; H E A D S H OT C O U R T E S Y O F C O M P A N Y ; T R A N S PA R E N C Y A R T: Y A R O S L A V D A N Y L C H E N K O

WORKPLACE

S T R AT E G I E S

The Bureau of Labor Statistics’ most recent Job Openings and Labor Turnover Summary found 11.5 million open jobs nationwide in March, the highest number since the bureau started measuring that figure in 2000. Though total work separations were consistent in March, the number of quits was 4.5 million in March— also an all-time high. The unemployment rate in Texas continued to drop; it was at 4.4 percent in March, down from 4.8 percent in January. In addition, the state had 267,800 more jobs in March than it did for the same month in 2021, and employment was 104.7 percent, compared to pre-pandemic levels. Texas was one of the first four states to recover all of the jobs it lost due to the pandemic, building on past economic and population growth. But even in North Texas, home to one of the quickest growing metropolitan areas in the country, companies struggled to fill their open positions. Because of the number of open positions and economic opportunities, workers have leverage and are voting with their feet, leaving their jobs for what they perceive as greener pastures. As a result, employers have to make significant and quick adjustments to retain and attract the talent they need or be left behind. So, what did employers do? Schedule flexibility was the most significant change. According to a Dallas Regional Chamber survey of local companies, 62 percent now have hybrid work arrangements, which would have seemed ridiculous before 2020. More than half of employers have remote work on certain days and times, and nearly half have flexible work hours within the day. More than a third of employers (38 percent) say they let

our office space. That’s because our local office has grown from 100 employees nine years ago to more than 400 today. The new space provides options to collaborate in teams, focus on mental and physical wellness, and just enjoy being present with each other again.” CI N DY TR A N | M a n a g i n g D i re c to r | S l a l o m

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DOSSIER

WORKPLACE

S T R AT E G I E S

HCK2

PARTNERS “One of our core values is living a balanced life. Although we have always been fl xible by extending work-from-home to accommodate school pickup, etc., it was definitely a paradigm shift to have a fully remote staff. That said, once our team members became comfortable with working virtually and we became efficient and

A New Focus on

oficient

with this new model as an organization, we decided

MENTAL HEALTH

It’s about more than just traditional healthcare. Flexible schedules, remote work, vacation time and other benefit are all mental health considerations for employers.

to adopt a permanent

increased vacation

find health benefit

time, remote work,

solutions. “They’ve

pet insurance, and

been quitting in

allowing workers to

droves or searching

provide care to their

for new positions

children or elderly

when they’re being

important core value of

family members.

asked to come back

balance. While we try to

hybrid model of three days in-office and two days work-from-home. It allows us to continue meeting that very

manage schedules that

One in four adults

to offer more mental

onsite clinics, and

experiences a

health options. That

remote providers are

benefit is flexibility

management wants

diagnosable mental

includes expanding

now expected. Com-

for employees,”

them back in the

health disorder each

provider networks,

panies are helping

says Marianne

office for a number

year, Johns Hopkins

providing free coun-

employees improve

Fazen, president and

of reasons. Recog-

research finds. Ma y

seling sessions, and

their mental health

CEO of the DFW

nizing the interest

companies are

adding Employee

by supporting work-

Business Group

in fl xible work

we expect our team to be

reconfiguring thei

Assistance Plans.

life balance through

on Health, which

arrangements is

fl xible and accommo-

benefits pac ages

Telehealth options,

fl xible scheules,

helps employers

absolutely critical.”

“The No. 1

to work, and senior

accommodate working at home two days per week, we are in the professional services business. If a client requests an in-person meeting on a WFH day,

date this request. Regardless of the ability to do a job remotely, as well as the convenience and cost savings on

“We have always treated our team members as adults. We say our team is a company of owners, and with that mindset, each team member is empowered to own their work in the way that’s best for them. That gives them the freedom to take their kids to a sports practice in the middle of the afternoon and finish up a

commuting, there is no substitute for human connection and in-person, direct communication.”

ork project that night. It’s an integration, and with an

ownership mindset, we each take responsibility for our work.”

H E ATH E R C A P P S Fo u n d e r, P re si d e nt , & C EO

J O H N O L A J I D E | Fo u n d e r a n d C EO | A x xe s s

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C H A R T S O U R C E : P A R E N T A L L E A V E R E S O U R C E C E N T E R A N D D C E O R E S E A R C H ; H E A D S H OT C O U R T E S Y O F C O M P A N Y ; C O F F E E : J E F F W A S S E R M A N

days, modified schedules

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S E C T I O N DNOAS M SE IER

How Does Your

COMPANY STACK UP?

Employers increasingly view progressive parental leave policies as a way to attract talent, build loyalty, and provide for continuity in leadership. Here’s a look at benefits o ered by top North Texas businesses.

Finding Your Company’s

NEXT CEO

The war for talent extends to top spots on the organization chart. MATERNITY

MATERNITY

PATERNITY

COMPANY

PAID LEAVE

UNPAID LEAVE

PAID LEAVE

UNPAID LEAVE

Accenture

16 Weeks

8 Weeks

AT&T

12 Weeks

BNSF

8-10 Weeks

2-4 Weeks

2 Weeks

10 Weeks

Deloitte

16 Weeks

Frito-Lay / Pepsico

6 Weeks

Jacobs

7 Weeks

40 Hours

Kimberly-Clark Corp.

16 Weeks

7 Weeks

5 Weeks

Match Group

20 Weeks

McKesson

12 Weeks

6 Weeks

PwC

20 Weeks

6 Weeks

12 Weeks

6 Weeks

Texas Instruments

12 Weeks

4 Weeks

Toyota North America

9 Weeks

UPSKILLING

Keep and develop top talent by giving them opportunities to grow.

problem is upskill-

internal training

ing, both within and

departments,” says

outside of the work-

Shawntel Landry,

place. Some compa-

president of the

nies are partnering

American College

with educational

of Education. “We

institutions to see

need to look at

Most employees

worker skillsets. A

how their internal

how we share those

are looking to grow,

World Economic

training platforms

training materials,

learn, and advance

Forum report found

might apply toward

evaluate them, and

their careers. The

that 40 percent

an academic degree. turn some of that

companies that

of workers will

“All this great

into academic credit

employ them are

require reskilling in

training exists out

for employees and

looking to develop

six months or less.

there, and many

shorten their path-

leaders and improve

One solution to this

corporations have

way to a degree.”

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there’s a generational shift in leadership at businesses across the country, with the pandemic causing some Baby Boomers to retire a little earlier than planned. Although stock market losses have compelled some to hang on to their jobs, others have determined that they’ve made enough to live comfortably and want to spend time with the grandkids. Or they’re trading in their jobs in corporate America to take a “giving back” role. The departures are providing an opportunity for millennials and Gen-Xers to step into leadership posts. The question is: Are they ready? “You know, I think my grandmother would have questioned whether we were ready,” says Matrice Ellis-Kirk, CEO of Dallas-based executive search firm Ellis Kirk Group. “I’m very comfortable that these companies are in very capable hands.” Common mistakes companies make when hiring for C-suite positions include confusing what they think they want with what they need—or mixing up vision and strategy. “It requires getting things aligned to know what the vision is, and then setting the strategies to get there,” Ellis-Kirk says. “When you don’t have that kind of alignment, you oftentimes see that the C-suite hire is more aspirational. And if it’s too aspirational, you’ve got a delta between where you are now and where you want to be.” Once a new leader is hired, he or she will find that the corner office is not what it used to be. There are no more benevolent dictators; employees today want their CEOs to be authentic and transparent and have humility. To be successful, Ellis-Kirk advises creating a community around their vision and inspiring workers to innovate to achieve the shared goals. “A lot of people have hit the reset button,” she says. “They’re redefining what success means to them and what that means for their futures.”

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DOSSIER

Recruiting Strategies and

employees determine where and when they work. When the pandemic forced everyone into remote work, leaders had to balance work culture and employee morale when determining when and how their teams should return to the office. DRC Senior VP of Regional Marketing and Talent Attraction Jessica Heer described it as a horse race. When one company decided it wanted to come back to the office full time, competitors instructed their recruiters to focus their efforts on the company without flexibility, offering the employees of its competitor a hybrid schedule. A widely accepted pre-pandemic policy is now a reason to have a target on your back. That said, most employers still believe that some level of in-person interaction is essential. “The value proposition is that collaborative work together,” Heer says. “It’s the unintentional colliding in the hallway. There’s a lot of collaboration and learning that happens.” The numbers don’t lie. We are in an unprecedented talent tornado, and employers need to make the most of a tricky situation where workers have the upper hand. North Texas’ diverse economy, growing population, and business-friendly regulatory and legal environment put it in an excellent position for a quick recovery. President and founder of talent strategy firm Talent Suite Melanie Shaffer put a positive spin on the mindset of those looking for talent answers in a recent DRC panel. “We’re in the middle of the great experiment,” she says. “We don’t know yet what the answers will be, so we have to get curious.” Follow your curiosity through this special talent package to see what experts say about how best to attract, retain, and develop talent.

COMPENSATION TRENDS

What do today’s workers want? Hint: It’s no longer just about the money. It’s no secret that job seekers hold the upper hand in the labor market. Companies that don’t adjust their recruiting and retention strategies accordingly will be left behind. Robin Pinkley, an organizational behavior guru at SMU and founder of the M2M Center for Profitable Negoti tion, says workers want their employers to feel like a club they want to join. Here, she shares 10 strategies for how employers can best compete.

ONE Be clear about who you are trying to attract and why. You don’t want to just fill se ts—you want to bring in the right talent.

successes they see on it. They anchor on the dream. Make sure your outward image, while always realistic, represents an appealing club they’d like to join.

TWO Make sure your image aligns with your hiring goals. If you’re targeting younger talent, for example, don’t have a website fille with photos of middle-aged people. Young people are savvy about digging up information on prospective employers, and everything you show them, they believe.

FOUR Figure out how to connect with your employee targets. It doesn’t do any good to spend time crafting your message if you don’t reach the people you want to reach.

THREE Younger employees are especially influen ed by social media and all the

FIVE Older generations lived to work; Gen Z and younger millennials work to live. They want their careers to fi into the lives they want and believe they deserve; they are not willing to put off living unti

they retire. Make sure your hiring strategies and compensation packages reflect this gene ational shift.

some; others will be more interested in fl xible hours. Rethink everything and build a menu of options.

SIX Don’t assume you know what employees want. One of my clients kept throwing bonuses and higher pay at its salespeople, but it didn’t work. In talking with employees, we found that what they really wanted was more time off.

EIGHT Most hiring managers don’t do enough research to learn what the external market is offering. Be assured: savvy candidates do.

SEVEN Similarly, lose the rigidity in compensation packages; ask people what they care about, and structure plans accordingly. Salary will be most important to

“Work has forever changed, and we must pick the right mode for the right moment. AT&T is at the dawn of a new age of connectivity, and with employees back in the office, we have mo-

NINE Bonuses influen e many young candidates; immediate money means a lot to them. Consider offering a bonus in exchange for a lower salary. TEN Employees truly care about culture and liking the people with whom they work. Get rid of any bad apples, even if they’re contributing in some ways. It’s amazing how one person can screw everything up.

mentum to execute our strategy with collaboration and creativity on our side. We’re confident we can lean into our hybrid model; ongoing fl xibility is key as we implement and refine it. Finally, it’s important that we continue to watch for signs of burnout among team members.” A N G E L A SA NTO N E | S e n io r E xe cutive V P, H u m a n Re so u rce s , AT&T

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H E A D S H OT C O U R T E S Y O F C O M P A N Y

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Rule Breaker In running the North American operations of Pernod Ricard, the world’s second-largest wine and spirits company, A N N M U K H E R J E E pushes the boundaries.

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An infant Mukherjee with her mother, who was killed by a drunk driver when Mukherjee was just 14 years old.

Ann Mukherjee’s friends were stunned in late 2019 when she accepted an offer to become North American chairman and CEO of Pernod Ricard. Sure, the French company is a global powerhouse, ranking as the world’s No. 2 seller of wine and spirits (and determined to become No. 1). Its diverse portfolio offers plenty of opportunity for growth, spanning more than 240 premium brands available in 160 countries. And with a pedigree that includes national and global Mukherjee, an only child, moved with roles at consumer goods comher parents from panies such as PepsiCo, The India to Chicago in the 1970s and spent Kraft Heinz Co., and SC Johnher formative years son, Mukherjee was uniquely in the Windy City.

qualified for the position. But alcohol had been responsible for profound, tragic experiences in her life. When she was 14, her mother was killed by a drunk driver. And when she was even younger, she was sexually assaulted by an attacker who was intoxicated. “When I took on the role at Pernod Ricard, a lot of people who knew me asked, ‘Why would you do that?’” Mukherjee says. “My answer is simple: If you have gone through those kinds of experiences, you feel fir thand the pain. Either you run away from that, or you help change it, so others don’t have to go through it. You can either walk away from the fire, or you walk into the fire. I wa ed in.” Having a seat at the table lets Mukherjee “turn pain into positive power,” she says. As a CEO, she has a mandate to ensure a return on investment. “But I also feel I have a mandate to do that in a way where there’s also a return on responsibility. And that’s why I’m a huge advocate for keeping people safe. If you’re going to use these products the wrong way and use them as a weapon, then don’t buy our products. We’re in this business to unlock magic; we’re not here to have our products used for harm.” Pernod Ricard was formed in 1975 through the merger of two French anise-based spirits companies: Pernod, founded in 1805, and Ricard, created in 1932 by Paul Ricard. It has grown both organically and through significant acquisitions. It’s now an industry force with nearly 19,000 employees and global FY2021 revenue of $10.5 billion. Mukherjee’s leadership philosophies fit right in with the company’s mission to be “créateurs de convivialité” (creators of conviviality). All eyes are on her, as the North American market is critical to the company’s overall performance. It’s bigger than the next three geographic segments at Pernod Ricard combined, Mukherjee says. “For us, [the Americas group] is the difference between being No. 1 and No. 2 in the world,” she says. “My job is to accelerate our performance here in the U.S., and if we do so, we can be No. 1 in the world. That’s how much sway one country has in the portfolio. And for me, who is a challenge-the-status-quo kind of girl, this is right up my alley. Bring it on.”

PAT H WAY TO T E XAS Mukherjee was born in Kolkata (formerly Calcutta), India. In the 1970s, when she was 5 years old, she and her parents moved to Chicago. She lived the typical im-

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Absolut, which joined Nike and Coca-Cola as founding members of the American Marketing Association’s Hall of Fame in 1993, is known as Pernod Ricard’s “brand of provocation.”

migrant life in the Windy City and loved it. But after her mother’s FIRE ISLAND Its allyship continues death, her father found it difficult to via the film Fire Island go on alone, and he moved with his and an “Out and daughter back to India. Open” initiative supAfter spending nearly a decade in porting LGBTQ bars. America, Mukherjee had a hard time making friends and #SEXRESPONSIBLY fi ting in. She’d try to bribe people by buying them food Under Mukherjee, from the canteen, but nothing worked. Over time, she reAbsolut has targeted alized others didn’t understand what she was saying; she hate speech and spoke Bengali, but with a Chicago accent. So, Mukherjee launched a #SexRebegan watching a lot of Indian television and working sponsibly campaign. on her infle tion. “That’s when I learned that you really have to read your audience,” she says. “I also learned a lot about being vulnerable.” After high school, Mukherjee applied to her dream college, The University of Chicago, and was accepted. She studied economics but also was looking for an outlet “to get the other side of my brain to work, too.” She settled on a second bachelor’s in religious theology and did her honors thesis on the Apostle Paul. “I always struggled with him because when you read his letters, he felt a bit Machiavellian to me,” she says. “I wanted to try to figure out what motivated him. He was the one who never met Christ—he came to him in a vision. In the end, I came to believe that he truly was devout, and getting others to believe was most important to him. Like I did in India, he had to adjust himself and get to know his audience. It was a profound experience as I

Mukherjee moved to DFW in 2006. “When you look at where America is going,” she says, “all you need to do is come to Dallas.”

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

ABSOLUT OUT It was a pioneer in supporting gay rights more than 40 years ago with its “Absolut Out” campaign.

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went through my thesis. It was learning about humanity; it was learning about people in general.” Unsure of how to put her economics and religion degrees to work after graduating (“What, am I going to become a TV evangelist?” she jokes.), Mukherjee took a job working for the University of Michigan, raising money for the school’s endowment funds. After four or five years, she realized that working with people “really lit [her] up,” and went back to school to earn a master’s degree in marketing and finance. That led to a job at consumer goods giant and Chicago stalwart, Kraft Foods (now The Kraft Heinz Co.), where she became close with Irene Rosenfeld, the company’s North American president. After Rosenfeld left Kraft to become chairman and CEO of Plano-based Frito-Lay, she convinced Mukherjee to join her in Texas. For Mukherjee, convincing her husband proved to be more of a challenge. “He’s the opposite of me,” she says. “He was born in America but immigrated to India with his family when he was 4. He grew up there, then came back to the states for university. So, he is very Indian, and I’m kind of American. He could be president of the United States,

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T HE ‘ Q UEE N O F CO R N ’ Most people assumed Mukherjee would return to Chicago, too. But she had made a commitment and never considered going back on her word. Her official title was vice president of corn brands (Fritos, Cheetos, Doritos, Tostitos, and the like); her nickname became “the queen of corn.” As it turns out, her timing in joining Frito-Lay was ideal. “I’m coming to work on these incredible, multimillion-dollar brands, right?” she says. “And when I get there, Indra Nooyi had taken over as CEO of [Frito-Lay parent company] PepsiCo. Her mandate was to raise the profile of marketing; she wanted the marketing to be as big as the brands.” Mukherjee threw herself into the role. And it was at Frito-Lay, she says, where she learned to start breaking some rules—like eschewing big ad agencies and outsourcing Doritos Super Bowl ads to consumers. “It was just unheard of back then,” she says. “But we overtook Budweiser as the No. 1 Super Bowl ad. We would do crazy shit, and wow, it was fun. But I swear to God, it was the spirit of Texas and the spirit of Dallas.” Mukherjee’s success led to her promotion to CMO and then global president of snacks. She continued to thrive, but after nearly two decades of working at corporate conglomerates, she wanted to gain private company experience. So, in 2019, she joined SC Johnson—the household products powerhouse behind Glade, Windex, Pledge, Ziplock, Raid, and more—as the company’s fir t global CMO. Not long after joining, she was promoted to global chief commercial offic . About four years into the post, she was enjoying a week at the company’s private villa in the south of France—a perk enjoyed by top execs—when her phone rang. “I was sitting there overlooking the French Riviera, and I get this call about a search and some secret list I’m on for an opportunity at a company called Pernod Ricard,” Mukherjee says. “I don’t typically take headhunter calls, but this one was unique. I immediately start Googling, and it’s Jameson, Absolut, and all the brands I love. It’s the second-largest wine and spirits company in the world.” Knowing that his new North American CEO would be critical to his company’s future, Chairman Alexandre Ricard personally oversaw the search. It came down to Mukherjee and another

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HOUSE OF BRANDS Pernod Ricard is known for having one of the most comprehensive portfolios in the industry. Its 240-plus brands span from whiskies, cognac and brandy, vodka, and gin to liqueurs, rum, champagne, tequila, apéritifs, and wine. Here are a few of its top sellers:

ABSOLUT Established in 1879 in Sweden, where it is still made, this vodka comes in countless varieties. It’s also known for its award-winning ads. THE GLENLIVET Produced in the Scottish Highlands since 1824, it’s the world’s No. 2 single-malt scotch whisky. Writer Charles Dickens was an early fan. JAMESON This global leader in Irish whiskey was created in the 1770s by John Jameson, who operated under the motto “sine metu” (without fear). KAHLÚA Born in Mexico in 1936, this dominant coffee liqueur made of Arabica beans and rum is the basis for the Espresso Martini, White Russians, and more.

candidate. “I didn’t think I would get the job, then Alex called me at like 5 a.m. one Saturday, because, you know, he’s in Europe,” she says. “And he said the most special thing to me; he said, ‘Ann, from the day I met you, it has always been you.’”

MO RE “CO CKTAIL-AWAR E” Mukherjee was the fir t external top exec hired at Pernod Ricard, which is based in Paris. “Ann had an impressive career path and a wealth of experience,” Ricard says. “She also had the [fast-moving consumer goods] and consumer-centric proficie cy we were looking for, which made her a wonderful candidate.” The U.S. is Pernod Ricard’s No. 1 market. Its mission to unseat Diageo (maker of Johnnie Walker, Crown Royal, Smirnoff, and other big brands) as the global wine and spirits leader can’t be achieved without gains in America. “Delivering in the U.S. is simply critical to us,” Ricard says. “Moreover, the U.S. is the most infl ential market in terms of trendsetting; any brand or trend emerging there is very likely to become global. That’s also why I personally value Ann’s judgment and input so much.” Mukherjee is doing her part. Pernod Ricard, which has nearly 19,000 employees, generated global revenue of $10.5 billion (USD) in FY2021, gaining share in most key markets and seeing nearly 10 percent in organic growth. The Americas led the way, with revenue climbing nearly 15 percent. A 63 percent increase in e-commerce sales offs t challenges in on-premise (bar and restaurant) sales. Isolated at home, people have become more “cocktail-aware,” Mukherjee says. They be-

MALIBU Introduced as a coconut rum in the 1980s in Curaçao as the basis for piña coladas, it’s now produced in Barbados and comes in many fl vors. MONKEY 47 As its name implies, 47 plant ingredients are used in the secret recipe for this batch-distilled, handcrafted gin made in Germany’s Black Forest.

MARTINI M A R T Í S A N S

but I can’t.” She eventually persuaded him to take a chance on Texas, and the couple moved here in 2006. The day they arrived Mukherjee learned that Rosenfeld had been lured back to Kraft as the company’s global CEO.

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gan researching more brands and hosting more parties and learning how to make drinks like chocolate martinis, which led to a big jump in Kahlúa sales. With more discretionary income, they also began splurging on a $40 or $60 bottle of whiskey or tequila, instead of buying something cheaper. And then Drizzly and other home-delivery services came in. All of it changed the way people think about, and buy, wine and spirits. Tequilas are especially hot now, Mukherjee says, as are whiskies and high-end gins. Pernod Ricard is also seeing strong growth from its ready-to-drink cocktails, based on its Absolut, Malibu, and Jameson brands. It has strong market share in the cognac business, led by Martell. With a wide and diverse stable of brands (see sidebar on page 48), Pernod Ricard has reaped the benefits. “It allows us to compete in a very wide [range] of segments,” Mukherjee says. “The power is in our portfolio, putting it in the right places and taking advantages of trends. That’s what has accelerated our growth.”

A N A N T I Q UAT E D I N DU ST RY The wine and spirits business is not without its challenges. Mukherjee says she is often surprised at how behind the times the industry is. There’s little data transparency and not a lot of tech overall. “In other [consumer products] industries, data is easily available. You can understand exactly who is buying your products.” Because of the complex way it’s structured, especially in the U.S., where regulations vary from state to state, the alcohol industry is a data outlier. It’s also lagging in e-commerce by about 20 years, Mukherjee says. After prohibition, the U.S. government set up a three-tiered system, so no one supplier could have a monopoly. Companies such as Pernod Ricard (suppliers and manufacturers) don’t sell directly to retailers or consumers. They get their products into the hands of end users, stores, bars, and restaurants through distributors. “It makes it more complicated to bring in that modernity and for it to work across the U.S., but I think more people are figuring out that we’ve got to crack the code,” Mukherjee says. “Consumers have smart devices; they’re demanding more, and we have to deliver it for them.” Another area that’s ripe for improvement is retail. Women account for more than half of alcohol sales, but for the most part, the shopping experience is less than ideal. Liquor stores are often not well lit, they’re not always in the best areas of town, and they can be intimidating. Mukherjee says she’d like retailers to figure out a way to improve the experience and make it more like Nordstrom and Target and less like a hardware store. “Why

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should buying alcohol be like buying a wrench?” she says. Despite industry challenges, Mukherjee says the opportunities for growth are endless. And for her, there’s no better base for driving that growth than Dallas. She maintains a second home in New York and travels incessantly, but after 16 years, Dallas has become home. “When you look at where America is going, all you need to do is come to Dallas,” she says. “It’s exploding; it’s like a teenager coming of age. ... It’s not about style, it’s about substance. That’s embodied into what Dallas is. I love Dallas.”

Mukherjee still has a love of Chicago and roots for the Bears and the Cubs, but is a big fan of the Cowboys and Mavericks, too.

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N I N E YEAR S AG O, 30-YEAR -O L D

HANA KHOURI H E L P E D W R IT E T H E PLAYBO O K T H AT AL LOWED GLO B A L E N TE RTAINM ENT G IANT TO PG O L F TO SCALE ITS P O RTF O L I O. N OW, SH E’S WO R KING H ER M AG IC AS P RE S I D E N T A N D C E O O F

DRIVE SHACK, A G O L F ENT ER TAINM E N T

CO MPA N Y THAT G ENER AT ED $282 M IL L IO N IN R EVENU E L AST YEAR . AM O NG ITS PR O M ISING

PUTTERY, A M INIG O LF EX PER IENCE FO R A D U LTS BACKED BY RORY MCILROY.

B RA N DS I S

story by

B E N S WA N G E R portraits by

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HA N A K HO U R I ’S putting tempo is off. The fidgety wiggle in her backswing on the first hole of the library course at Puttery’s flagship location at Grandscape in The Colony is evidence of her lack of experience on the links. “I’m terrible at traditional golf,” she says. “The first time I swung a driver, I flung it way into the air. At minigolf, I just knock the shit out of it.” Khouri is why the designers behind Puttery made the venue “knock-the-shit-out-of-it-proof.” Even still, the president and CEO of parent company Drive Shack manages to sink a hole-in-one on the sixth hole. Walking into the library course is like finding yourself on a real-life Clue board. With vintage books, constellation models, Tiffany-style lighting, and Victorian-era rugs, the course transports patrons to an Oxford professor’s home library in the 19th century. The venue’s three other courses offer different escapes: the ski lodge, the rooftop, and the illusion courses take players from within the walls of a 20,000-squarefoot retail space to a mountaintop in Aspen, a New York City rooftop, and a fanciful land that evokes Alice’s Wonderland or Willy Wonka’s chocolate factory. Down a couple of cocktails—each course has its own unique menu—and the experience intensifies. Led by Chairman Wesley Edens, who also owns the Milwaukee Bucks and is founder and CEO of New Fortress Energy, Drive Shack has been a public entity since its inception. It was initially founded in New York in 2002 as Newcastle Investment Corp. In late 2013, Newcastle acquired American Golf (which was once the world’s largest golf course management company)

K H O U RI WAS B O RN in Lebanon. When she was just 15 months old, her family fled the Middle East due to war and unrest. She came of age in Houston and, as she says, “grew up a confused child.” Both of her parents were educators, but she never felt inspired to follow that career path. She loved her first job at a Saltgrass Steak House, but her first real dream to impact the world on a large scale came from the cystic fibrosis that afflicted her younger sister, Ami. “For the longest time, I wanted to be a doctor; I wanted to cure my sister and those battling cystic fibrosis,” she says, choking up. But in 2002, Ami’s fight came to an end when she died at the age of 17. The loss

THE DALLAS DRAW About six months into Hana Khouri’s tenure at the helm of Drive Shack Inc., the pandemic shut down the world. The company’s American Golf offices in Los Angeles, tech base in Dallas, and headquarters in New York were shuttered. Khouri had an epiphany. “The three offices didn’t make a lot of sense to me,” she says. “And business in New York is expensive. I saw the amount of talent in Dallas and the ingenuity taking place in the corporate world and on a personal level. This region cannot be beaten.” So, at the start of 2021, Khouri moved all Drive Shack operations to DFW, home of golf entertainment competitors Topgolf and Invited (formerly ClubCorp). The move was endorsed by Chairman Wesley Edens. “If you’re going to have a national business,” he says, “Dallas presents you with the ability to visit the developing and operating sites pretty easily.”

Drive Shack’s entertainment driving ranges are outfit ed exclusively with TaylorMade golf clubs.

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from Goldman Sachs, and Edens rebranded Newcastle as Drive Shack Inc. In 2016, the company, with help from TaylorMade Golf, began to kick around the idea of opening Topgolf-like venues. It started offloading some of its American Golf properties to fund the venture, and opened its first Drive Shack in Orlando in 2018. A year later, Khouri stepped in as Drive Shack Inc.’s CEO. She had other ideas about what should be the company’s focus. “Topgolf had the market share, so it just didn’t make sense to me,” she recalls. The company planned to enter major markets with its Drive Shack concept, an antithesis to Topgolf’s approach at the time of attacking midsize markets like Waco or Rogers, Arkansas. The facilities, typically three-tier driving ranges that total about 65,000 square feet, require 12 to 15 acres and an extensive 18- to 24-month construction process. The plan depended on identifying markets that would choose a new brand over the established Topgolf. “We could have done it,” Khouri says. “But why? Did we really want to be the company that just chased the coattails of another brand for our entire existence?” So, Khouri continued to sell off American Golf’s courses, including a deal valued at $34.5 million, and began building a new vertical for Drive Shack Inc.: Puttery—an innovative minigolf brand established on the foundation of differentiation.

The company’s American Golf pillar accounted for 79 percent of Drive Shack Inc.’s 2022 Q1 revenue.

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3 Puttery made its debut as Urban Box. But McIlory and Khouri’s teams quickly changed the name.

2 3

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4 In honor of Ami, Khouri and Drive Shack recently raised $33,295 for the Cystic Fibrosis Foundation.

left an irreplaceable hole in her family’s life and led to ongoing mental health struggles for Khouri. “I struggled with anxiety a lot after my sister passed, and I saw my dad also struggle with mental health issues,” she says. “At this point in my life, I don’t think I will ever conquer anxiety. I still have to work on mastering my emotions and worrying less every day, but I think being open about it has made me who I am today. “I’ve had to teach myself that it is OK to struggle and it’s OK if I don’t know how to do something,” Khouri continues. 4 “But at the end of the day, I will dig my heels into the situation and try to figure it out.” After earning a degree in psychology at Marshall University, Khouri thought she’d look for work that would utilize her education, perhaps in drug addiction counseling. But when she moved back to Houston, she fell into a consulting role for entrepreneurs wanting to open restaurants and bars in the city. Her passion for hospitality, born in the trenches at Saltgrass Steak House, returned. She consulted for a couple of years, then in 2010, joined music and entertainment management company Live Nation Entertainment, which has offices in Houston, as director of operations. Her first challenge was to turn around the Foundation Room, a private-membership lounge at the House of Blues in Houston. “At the time, I saw the members-only model dwindling; people weren’t spending their disposable income on a social club membership,” Khouri says. She opened the venue to the public for the first time while also ensuring member satisfaction. “It was an operator’s dream—we brought in more revenue and never increased our expenses,” she says. Khouri operated numerous Live Nation venues during her three-year tenure and was involved in and saw more than 1,000 concerts. In 2013, she was set to take a role with a restaurant group in Washington,

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D.C. But a phone call from a Dallas-based company changed everything.

I T WAS TO P GO L F on the line. When she picked up the phone, Khouri says the first thought that came to her mind was, “What in the world is Topgolf?” The fledgling entertainment company wanted to talk with her about becoming director of operations for a soon-to-be-opened venue in Scottsdale. But before she could tee things up, Topgolf replaced its CEO, and Khouri had to reinterview for the Scottsdale post. A few weeks later, she was officially hired—again—and went on to open the Arizona facility. About two years into her tenure, after helping the CEO revamp the company’s nationwide labor model (a process that didn’t gain her many friends, Khouri admits), she was promoted to national director of operations. Within a month, she oversaw the opening of five Topgolf venues across the country. Next, she helped develop a growth strategy that allowed the company to fulfill its goal of opening 10 locations a year. (Topgolf currently has 84 venues in operation or opening soon.) “When I first started in my roles, I really didn’t know the answers,” Khouri says. “But I think my production just came as a result of being thrown into each situation and paying attention to what our associates had to say and what different communities had to say about our venues.” Eighteen months later, in 2018, after opening 23 Topgolf locations, Khouri began to feel stuck. “Frankly, at Topgolf, there was a ceiling to what I could learn,” she says. “When I’m not pushing myself, I have nothing to give.” Near the end of her tenure at Topgolf, Khouri crossed paths with Edens—the aforementioned chairman of Drive Shack Inc. and CEO of New Fortress Energy. After a convincing pitch from Edens to ditch the entertainment industry for the energy sector, Khouri

1 At Puttery’s fla ship location in The Colony, Khouri and company have seen a 37 percent to 36 percent split between beverage and gameplay revenue.

joined him as chief of staff at New Fortress. But when Khouri’s noncompete agreement with Topgolf ran out a year later, Edens moved her to his golf enterprise. “It was critical for Drive Shack, a company that anticipates high levels of growth, to find someone like Hana to lead it,” Edens explains. “She is very hands-on, detail-oriented, and surrounds herself with capable people.”

GOLF BRANDS

AMERICAN GOLF

DRIVE SHACK

PUTTERY

Drive Shack Inc.’s three brands target different consumer markets: the traditional golfer, the golf entertainment enthusiast, and the photo-opseizing partygoer.

At its peak, Drive Shack Inc.’s golf portfolio consisted of nearly 300 courses. Today, it leases, owns, or operates 55—good enough for $54.6M revenue in 2022 Q1.

The company’s entertainment driving ranges come equipped with TaylorMade golf clubs and swing-tracking tech. There are currently four venues, with another on the way.

Drive Shack Inc.’s 21-and-older minigolf venues are designed to feel like a private club. Each site offers multiple courses, with cocktail menus specifi to the course’s vibe.

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FAC I L I T Y A N D FA M I LY I M AG E S C O U R T E S Y O F D R I V E S H A C K A N D H A N A K H O U R I ; I C O N S : S H U T T E R S T O C K

Khouri and Ami grew up in the Lebanese culture, which Khouri says is rich in food and family, and were very close to their grandmother, Kathy.

At the time of her hire, Edens was unaware Khouri would trash the company’s strategy of focusing on entertainment driving ranges. “But the hallmark of every successful business is its ability to adapt and change,” he says. By 2021, Khouri fine-tuned plans for Puttery and landed a $10 million investment from golf superstar Rory McIlroy. His Symphony Ventures has a 10 percent ownership in each venue that opens through 2023. “Where Drive Shack is right now is really the turning point,” says Peter Saleh, managing director and restaurants analyst at BTIG, a global investment banking, trading, research, and brokerage services firm. “It has positioned itself in a great category we call ‘eatertainment,’ and the cash-on-cash returns for Puttery are great.” The buildout process for the brand takes just six to nine months, compared to the nearly two years it takes to build Drive Shack locations. (Khouri says the company will open only one more Drive Shack, in Manhattan, in 2024 and kill plans for a prospective New Orleans venue that predates Khouri’s tenure—and hindered 2022

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Q1 financials.) There’s also a significant differential in construction costs, which fall between $7 million and $11 million for each Puttery, compared to $25 million to $40 million for a Drive Shack. These were key factors in Khouri’s push for a strategic shift. “My job is to build a company that creates value for our associates and creates value for our shareholders,” she says. “I’m not going to wait two years to get the first dollar in revenue back. It is not the best use of capital, and it is not in the least bit efficient.” The first Puttery, which opened in The Colony in September 2021, raked in $4.6 million in revenue in its first six months. The second, which opened in Charlotte in December 2021, took in $1.8 million in its first two-and-a-half months. By the end of this year, Khouri will open Putterys in Washington D.C., Miami, Houston, Philadelphia, Chicago, Pittsburgh, and Kansas City. “If they can execute on their gameplan for this year, they will catch investor interest in their stock—so long as unit volumes and margins continue to hold where they are,” Saleh says. “I think $9 million to $10 million sales volume out of [Putterys] and a steady 30 percent EBITDA will generate that excitement.” By the end of 2024, about 50 Putterys are expected to be up and running. “We could very well get to 100 or 200 sites over time,” Edens says. “We have no limit on how well this particular type of entertainment asset will perform, but we know we’re onto something tremendous.”

K H O U RI WO RRIE S A LOT. She worries about the next generation of cystic fibrosis fighters and still dreams of finding a cure, just in a new way, as a board member of the North Texas chapter of the Cystic Fibrosis Foundation. She loses sleep about bettering the Drive Shack experience for customers. She stresses about increasing the company’s 2021 EBITDA of $16.2 million. But near the top of her priorities, alongside growing company value, are the 3,400 employees under her watch. “As a leader, it’s so easy to see what’s on the surface of your associates, check that box, and move on,” she says. “But it doesn’t work that way. I’ve learned you must sit with your people, truly get to understand them, and ask yourself, ‘How can I make their experience better?’” The outlook for Drive Shack is promising. The company is on track to hit $322 million in revenue this year, with the Puttery venues leading the way. But Khouri has never been known for playing it safe. “Golf entertainment was the most realistic for Drive Shack coming out of traditional golf,” she says. “We have bigger ambitions, though. We aspire to be the entertainment holding company.”

THE EXPERIENCE ECONOMY Dallas-Fort Worth has attracted countless competitive entertainment companies, ranging from Topgolf and Dave & Busters to the new VR gaming experience Two Bit Circus at Park Lane and the soon-to-beopened, soccer-based TOCA Social in the Design District (which recently began shifting corporate employees here from the United Kingdom). “North Texas is quickly becoming an entertainment hub— even beyond golf,” Khouri says. But why? RetailUnion Partner Larry Leon has the answer. “Dallas has the best economy in the country,” he explains. “There’s no other market in the country [where the competitive entertainment sector] is growing to the extent that I’m seeing it grow here. I think it is not only going to be here for the long term, but because of the incredible amount of high-tech power that is behind a lot of these concepts, I think it’s going to continue to grow with a lot of very novel, interesting, fresh, new concepts that are computeraided. People are drawn not only to the concepts but also to the kitchens that some of these venues have. It’s what we call the experience economy— and it’s going to be very, very strong for many years.”

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EY ENTREPRENEUR Of The YEAR 2022

REFUSING

TO QUIT The 46 regional business leaders honored in EY’s 2022 Entrepreneur Of The Year program used ingenuity and tenacity to fill mar et gaps. EN T R EP R EN E U R S F I N D purpose in solving problems and identifying cracks

in the market where processes can be improved and innovations brought to life. “That gap became our opportunity,” says Noblesoft Technologies founder and CEO Venkat Yerubandi, of the spark that led to the creation of his company. For the 46 entrepreneurs featured here, the vision crystallized, and their commitment paid off. They’ve struggled to find funding and scale their enterprises, taken risks, and even gone on to acquire the competition—all with the mission of helping make the world a better place. For a 15th straight year, D CEO is proud to profile all Central Plains Region finali ts in EY’s Entrepreneur Of The Year program. Judges this year included former EY winners and area entrepreneurs (see page 63). All regional finali ts were honored Saturday, June 25, at the Omni Dallas, where winners were revealed. Those winners will then compete for national recognition in November.

story by

K E L S E Y J . VA N D E R S C H O O T portraits by

J O N AT H A N Z I Z Z O

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TOPS Midland-based oilfield equipment ompany Tops rents electric natural gas compressors that reduce operator costs and improves sustainability. “We have eliminated emissions and improved runtimes to near 100 percent,” says CEO L.D. GR EEN.

RISEIT Software development company RiseIT is forecasted to double in the next 24 months. “I see new avenues where we can expand both organically and through acquisitions,” says chairman and CEO K I SHO RE KHANDAVALLI.

AMPLIFAI AmplifAI uses data to help consumer-facing employees improve performance. “It’s becoming more difficult to attract, quickly train, and effectively retain employees. I see this as an opportunity,” says founder and CEO SEAN MINTER .

SECURONIX

MARIA

CARELL

C EO a n d P re si d e nt R E V I S I O N S K I N C A R E A N D G O O D I E R COS M E TI C S

REVISION SKI N C A R E and Goodier Cosmetics leader Maria Carell says the two

companies have tripled total revenue since 2017, when she became CEO, and have expanded their workforce by 38 percent since 2019. “We have moved beyond the startup phase in all aspects, and I am very excited about the next stage we are entering,” she says. Founded in 1986, Irving-based Revision was the fir t brand to widely incorporate peptides into skincare products and pioneered at-home neck therapy. It continues to invent from its 110,000-square-foot research facility in Dallas—and aims to expand its global footprint soon. “Our goal for the next five years is to continue to drive market penetration while focusing on true skincare innovations,” Carell says.

“We are innovating in multiple areas, primarily in security analytics, technology, and threat hunting,” says Securonix CEO SACHIN NAYYAR . The company uses its innovative platform to investigate cybersecurity threats.

BRAINVIRE Brainvire, which helps businesses transition to digital, sees pandemic trends fueling continued opportunity. “I have witnessed 20–30 percent of businesses adopt digital, and more are on their way,” says CEO CHINTAN SHAH.

COMMERCIAL METALS “We’re leading innovation in our industry by introducing the world’s fir t continuous micro mill, utilizing the cleanest, most energy efficient ech to produce rebar,” says Commercial Metals chairman, president, and CEO BAR BAR A SMITH.

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THE BENEFICIENT COMPANY GROUP BRAD HEPPNER C h a i r m a n a n d C EO

After Brad Heppner sold his asset management group to Lehman Brothers, he realized the industry was struggling to manage smaller customers’ liquidity requests. “There were firms po ping up every day focused on getting smaller institutions and individuals into alternative assets to ‘democratize’ the industry, but very few—or perhaps none—focused on getting them out in a simple, rapid, and cost-effective way while delivering transparent data on the investments,” Heppner says. He launched The Beneficient ompany Group to meet this hole in the market, providing custodial and liquidity services with fiduciary powers to small companies. Now, it has grown to $3 billion in total assets.

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DANIEL

McCARTHY C o -fo u n de r a n d C EO MUSICBED

BEF ORE H I S CO M PA N Y launched, Musicbed Co-Founder and CEO Daniel McCarthy welcomed a child, renovated and sold his home, and sold his ad agency. “I knew Musicbed was the path forward,” he says. The Fort Worth-based company helps filmma ers find or create music that matches their work and navigate the necessary royalty fees. McCarthy and his co-founder Nic Carfa have since grown their vision to include a second brand under parent organization FM Brands. Called Filmsupply, it licenses cinematic footage. Both companies gained market share during the pandemic when producers had to reevalute their creative processes. Now, McCarthy and Carfa are expanding again. “Specificall , we are taking on the stock photography industry in a fresh way,” McCarthy says.

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EY ENTREPRENEUR Of The YEAR 2022

l e d by

N SIM

ONS

MY LABS DIRECT

Justin Simons created Plano-based My Labs Direct to avoid the surprise billing involved in insurance reimbursement, offering D2C testing at wholesale. The company shifted its focus from blood and molecular testing to COVID-19 testing during the pandemic, spurring 260 percent growth. It will now further expand its offerings via a joint venture with Baylor University. “We’ll study concussion biomarkers, a menstrual blood test that identifies can er biomarkers, and gut microbiota to determine the best foods for cancer patients throughout treatment,” Simons says.

JAY BRAY C h a i r m a n a n d C EO M R . CO O P E R G RO U P

The largest non-bank mortgage servicer nationwide, Mr. Cooper Group serves nearly 4 million customers and a portfolio of more than $800 billion in unpaid principal balance. “We grew our servicing portfolio 644 percent over the last decade,”

says chairman and CEO Jay Bray. He took the lead in 2012—the year Mr. Cooper went public—and led it through a two-year shift from its former name, Nationstar. Now, he’s guiding the company as it continues to innovate. “We’re partnering

HALO WITH CESAR MILLAN

“Throughout COVID, we were the best at filli g shifts when healthcare facilities were in dire need. We ended 2020 filli g 100,000 hours per week.” TO M E LLI S , S h if tKey

W H AT A R E THE STR E NGTHS AND CHALLENGES OF DF W’ S E N TR E P R ENEURI AL LANDSCAPE? “There are unique clusters of biotech innovation, but publicprivate partnerships and fina cial institutions supporting local ventures are nascent. We need public or academic institutions to aid tech transfer and economic incentives for startups.”

“Dallas-Fort Worth is a microcosm for the pro-business orientation of Texas. For an entrepreneur, DFW boasts an educated workforce, receptivity toward new businesses and entrepreneurs, and a favorable regulatory and taxation regime.”

“We have a lot of strengths in terms of having the right skill sets and talent here. We don’t have the funds to help startups get off the ground, though. We need more of that. It’s also important to note that Dallas has grown a lot for the tech market.”

“We’re a melting pot for people from all around the world. DFW is a powerful place to start and be in business, but we could do more to promote our strengths. People are focused on Austin or Silicon Valley because they haven’t heard what we have.”

S U L AG N A B H AT TAC H A RYA N a n o s co p e T h e ra p e u ti c s

C H R I S C ROS BY C o m p a s s D at a ce nte r s

S H R I D H A R M IT TA L Zi m p e r i u m

J OS E P H P. U R SO Ac tive P u re Te c h n o l o g i e s

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with Google Cloud to create a customercentric digital mortgage servicing platform, powered by advanced automation tech such as AI, machine learning, data analytics, and cloud scalability to make the mortgage process easier,” Bray says.

C E SA R M I LL A N C o -fo u n de r

H E ATH E R G O D E Fo u n di n g Te a m M e m b e r KEN EHRMAN C o -fo u n de r a n d m a n a g i n g p a r tn e r MICHAEL EHRMAN C o -fo u n de r

Co-founders and brothers Ken and Michael Ehrman began brainstorming Paws, a smart collar company, after their niece’s dog escaped from her yard and was hit by a car. They added canine behavior specialist Cesar Millan and founding team member Heather Gode to formally launch in 2017, combining Millan’s knowledge of dog psychology with the Ehrmans’ Internet of Things expertise. The company earned $3 million in revenue in 2020; it jumped to $30 million in 2021 and is now on track to break $100 million in revenue this year. Company leaders say they’re also currently keeping more than 80,000 dogs safe with Halo, with that number increasing rapidly every day.

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EY ENTREPRENEUR Of The YEAR 2022

CATALYZE DALLAS HOLDINGS J O E D 'C R UZ Fo u n de r a n d m a n a g i n g di re c to r TR I CIA D 'C R UZ Fo u n de r a n d m a n a g i n g di re c to r

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“My two favorite words in the English language are entrepreneur, which means ‘bearer of risk,’ and ‘iconoclast,’ which means ‘breaker of idols.’ It isn’t always necessary, but it’s important to be willing to be one or both when the opportunity arises.”

GA B E A B S H I R E U tilit y C o n ci e rg e

M I C H A E L D. G IA N N I M D7

L AW R E N C E K I N G H e a ds to r m

C H I P R EG I S TE R A rg a n o

“With product-market fit in lace, business model set, and market focus locked-in, Worlds is scaling. We are engaged with some of the largest global brands.” DAV E CO P P S , Wo r l ds

Ear care company Eosera was founded in 2015 after its leaders left corporate careers in Big Pharma and discovered the market niche was ripe for innovation. “Many of our products are the fir t of their kind,” says Co-founder and CEO Elyse Stoltz

Dickerson. In the past three years, Eosera has increased revenue 657 percent. It plans to move its 38 employees into a larger headquarters later this year. “Not only will we have more space, but we designed it to suit our specific needs ” Dickerson says. Eosera

products, which include remedies for ear wax removal, pain, and itch, are sold in more than 26,000 retail outlets across the United States. “We’re in most major drug and food stores in the U.S., but we have plenty left to conquer,” Dickerson says.

led b y

ARM CANDY

LO DS

060

“Tenacity is underrated. Very few boxers become a champion without getting knocked down during the fight. Same for entrepreneurs. Talent, skill, and preparation are necessary, but it’s the tenacity that helps you get off the mat and keep going.”

C o -fo u n de r a n d C EO EOS E R A

“Take action, don’t just brainstorm. I’ve seen too many people work on a business plan but never begin to execute. We like to say that an 80 percent solution that gets enacted is better than continuing to seek a 100 percent solution that never gets out of the gate.”

ELYSE STOLTZ DICKERSON

“Replace yourself as soon as you can! When you are starting out, you have to do everything—even the things you hate and suck at. Spend as much time in your unique ability and allow others to do the same. This will become a great foundation for an amazing culture.”

Joe and Tricia D’Cruz left corporate jobs to found Catalyze Dallas, which commercializes intellectual property to help R&D companies scale. Early on, they met with Lockheed Martin. “They wanted help commercializing IP that was ‘sitting on the shelf.’ That led to our fir t spinout, and today, we work with many top defense and aerospace companies, as well as global tech companies,” Tricia says. The company’s ability to take a product and turn it into an entrepreneurial venture has attracted notice. “The last year has seen our pipeline of investments grow, and with new capital raised, we have big plans to add to our portfolio of operating companies,” Joe says.

WHAT I S YOUR BEST BUSI NESS ADV IC E F OR OTHER ENTREPRENEURS?

Dallas-based Arm Candy, an agency-to-agency media firm, focuses on outcomes when building out its clients’ media plans. It help other agencies manage media campaigns without them having to hire and train employees in media content—frequently not an area of their expertise. “This approach led to the development of our technology, Cyris, which allows us to better understand the expected outcomes that our strategies deliver and helps us make media recommendations that are most likely to achieve business objectives,” says founder and CEO John Lods. The company has grown revenue 350 percent in the last two years. Lods says nearly all new business continues to come from referrals.

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NOBLESOFT TECHNOLOGIES SAAS supply chain management company Noblesoft Technologies looked to Latin America during COVID. “This risky proposition saved us and opened up new vistas for service business,” says founder and CEO VENKAT YER U BANDI.

RECURO HEALTH The Richardson-based telehealth company launched in 2021 with a $2.9 million oversubscribed funding round. Led by former Teladoc founder MI C HA EL GORTON, the company announced another $15 million in funding just fi e months later.

THRYV The software company pivoted from advertising to business management and automation when J O E WA LSH took the helm. “With the mass adoption of smartphones, SMBs needed to communicate with their newly mobile consumers,” the leader says.

TITUS OIL AND GAS

EDWIN D.

TATUM C EO TAT U MTE K

THE IDEA F OR M OD U L A R construction firm TatumTek came to Edwin D.

Tatum after he played professional basketball in Latin America. “I began investing in residential construction projects,” he says. “I became frustrated with the change orders, inspection process, and delayed times. I distinctly remember telling myself, ‘There has to be another way.’” Now, the company he founded builds homes in eight to 16 weeks, making the construction process more sustainable in the process. “There’s no point in making customers wait a year on the largest purchase of their lives,” Tatum says. The company bought land for its fir t manufacturing and distribution center in 2019, and this year it forecasts more than $50 million in revenue. “Our business is truly in the starting blocks of a long race,” Tatum says.

Titus Oil and Gas founder and CEO MA RSHA LL HICKEY focused on single drilling horizontal well units, rather than acquiring large swaths of acreage. Now, his upstream company produces the equivalent of 30,000 net barrels daily.

TRUE VELOCITY Entrepreneur KEVIN BOSCAMP bought a single patent in 2003 and realized it could disrupt the defense sector. Now, Garland-based ammunition company True Velocity has more than 300 patents established or in development.

ACRETRADER Led by CA RTE R MALLOY, AcreTrader establishes contracts with land owners, listing 1/10 share of farmland as real estate investments on its app, then allows investors to purchase shares and later disperses dividends.

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6/13/22 3:22 PM

CHERRY COATINGS Z AC K C H E R RY C EO RO C K Y C H E R RY C h i ef G row th O f f i ce r

Cherry Brothers Painting was founded 54 years ago in 1968 by brothers Pat and Jan Cherry. It became Cherry Coatings in 2017, after the founders’ sons and nephews took over as leaders. Now, Zack and Rocky Cherry, the company’s CEO and chief growth officer, respectively, are guiding the enterprise through rapid growth, reaching more than $100 million in revenue in 2021, breaking into two new markets a year, and exploring robotic automation. The dynamic family duo, who lead 1,400 employees from their Carrollton headquarters, aims to reach $750 million in revenue by 2030. This year the key focus is on reporting systems, CRM, streamlining IT, and cloud-based infrastructure.

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TERRY

WEBER C EO B I OTE

I RV I NG - B AS E D B I OTE places implants under the skin, which release hormones with the same

molecular structure as those that naturally occur in the body to help patients balance their levels. “There are over 200 million people in the United States who are affe ted by symptoms of hormone imbalance, which means there is a massive opportunity for Biote,” says CEO Terry Weber, who began leading the company three years ago. In 2021, she guided Biote through 19 percent growth, producing $139.6 million in revenue and took the company public in May 2022. Biote also houses a training facility, where it teaches its methods to more than 4,700 healthcare professionals and 2,800 clinics. “I couldn’t be more proud of what we have accomplished so far and what we are setting out to do,” Weber says.

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EY ENTREPRENEUR Of The YEAR 2022

l e d by

D Y

EDEN GREEN TECH.

BA DRINA

Vertical farming company Eden Green Technology was born in 2017 when its two South African founders witnessed a 5-year-old child hoarding food for his younger sister. The boy said it wasn’t his day to eat. Eden Green aims to make locally grown greens more accessible. The company broke ground on its fir t vertical farming greenhouse in Cleburne last year and launched its second facility in June. “We can now turn out up to 17 harvests per year in a greenhouse,” says CEO Eddy Badrina, who oversees the company’s 24 employees.

MOHAMMAD ELASHI Fo u n de r a n d C EO SY N A P TI C M A N AG E M E NT

Synaptic Management leader Mohammad Elashi launched three companies and acquired one in six years across healthcare, renewable energy, pediatric speech and occupational therapy, and construction. He bootstrapped each

venture, starting with Synaptic Pediatric Therapies, which he launched with $5,000 as a college student. Each of his enterprises has grown 3,000 percent to 6,000 percent. Combined, the four companies produce more than $65 million

“As the most consumed meat in the country, I knew that chicken was where I could make the most impact through building a regenerative system for poultry.” M AT TH E W WA D IA K , C o o k s Ve ntu re

in annual revenue. Next up? Adding as many as 50 Synaptic Pediatric Therapies outpatient facilities. “We are onefourth of the way there, building eight clinics in the last 24 months, and we are projected to build fi e to eight more in 2023,” Elashi says.

2022 EY ENTREPRENEUR OF THE YEAR JUDGES KAREN ALD RI D GE R E B E L ATH LE TI C S

SCOT T EVERET T S 2 C A P ITA L

JAM I E O ’B ANI O N B E AU T Y B I O

DAS NO B EL

I L LU S T R AT I O N S J A K E M E Y E R S ; I C O N S : S H U T T E R S T O C K

W HAT HAS B E E N THE TOUGHEST CHALLENGE YOU’VE EN CO UN TE R E D A N D ARE TRYI NG TO OVERCOME?

MT X G RO U P

D R. CHAND RA PEM M ASANI U WO R L D

“We have around 10 developers who have been instrumental to our tech’s success working remote from Western Ukraine. They are all from Kharkov, one of the areas suffering from intense fighting. Most have sent their families out of the country.”

“Creating an ethos of empowerment and accountability. We have embraced equity, diversity, and inclusion; investment in R&D; purpose beyond profit; and hyper collaboration to create meaningful work that stands the test of time.”

“Transitioning from an owner-run company to a company run by an outsider. Keeping an owner engaged and listening to him, while attempting to guide the business to be more professional and prepared to scale, is a tough balance.”

“Pushing my team to consistently choose opportunity over predictability. As we’ve grown at an accelerated rate, I’ve realized that achieving what’s never been done before requires taking risks where no roadmap exists.”

DA N I E L B E R A R D I P ri o rit y-1

DA N N O B LE HKS

K E N N E TH L E WI S A m p ex

M I K E B I DW E LL N e ig h b o rly

B RYAN PERKI NS N OVA R IA G RO U P

RA SESSI O N I I TAYS H A G E N E TH E R A P I E S

SARAH SHAD O NI X SCO U T & C E LL A R

J ULI SPOT T I SWO O D ONBE

JAY ST I LL G U I D O N E N E RGY

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Thinkers. Doers. Innovators. At a place where opportunity takes shape.

CMC congratulates the EY 2022 Entrepreneur of the Year finalists, including our own Chairman of the Board, President and CEO, Barbara Smith.

cmc.com

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FIELD NOTES

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

a n d

C O M M E N TA R Y

TOUGHEST CHALLENGE

Creating an Unbranded Marketing Campaign Rachel Ferdinando, Senior Vice President and Chief Marketing Officer F R I T O - L AY N O R T H A M E R I C A

J U A N M OYA N O

“when i joined the frito-lay division of pepsico nearly five years ago, we were undergoing a generational shift—seeing the rise of Gen Z and grappling with how to effectively connect with this next generation of digital natives. Eighty-two percent of Gen Z consumers skip ads as fast as possible, so traditional advertising will not resonate. This led us to try a brandless campaign for Doritos. That meant no logos and no branding—we didn’t even use the product’s name. We released a brandless television commercial and deleted logos from our social media channels, outdoor ads, and website, and even pulled off a live MTV Video Music Awards integration—all without ever showing our product. The campaign allowed consumers to become co-creators. Rather than try to convince Gen Z to believe what we’re saying, we gave them an idea in a way that enabled them to share their passion and beliefs about our brand. We shaped the brand with them, not for them.” —As told to Ben Swanger

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FIELD NOTES

FINANCE

A Good Gamble Female founders still face significant challenges when it comes to securing funding. But the payoff s there.

founding a business starts with a dream —a dream to fix, improve, or create something new. Unfortunately, for many women and minority entrepreneurs, the funding they need to scale their companies is harder to secure than it is for their White male counterparts. Awareness around this inequity came to the forefront in 2020, fueled by a nationwide push for social justice, transparency, and impact investing. Two years later, have we made any progress in closing the funding gap?

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P H OTO G R A P H Y BY A U D S H U L E

story by KELSEY J. VANDERSCHOOT

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FIELD NOTES

Nationwide, numbers paint a grim picture. In 2019, women-led startups garnered just 3.4 percent of all venture capital funding. In 2021, that number dropped to roughly 2 percent of a record-breaking $330 million in U.S. VC funding. So, although more capital is available, early-stage companies led by women are getting even less of it than they were pre-pandemic. And it’s not because they can’t perform: Data suggests that women-led businesses continued to exit faster and at higher valuations through the pandemic than those run by their male counterparts. An awareness of the issue is growing. “We’re at this phase where we see there is a problem and we are having discussions about it,” says Tiffany Ricks, founder and CEO of Dallas-based cybersecurity company HacWare, adding that there has been an increased interest in mentoring Black women founders. “But that’s where it’s been stopping,” she says. Ricks closed a $2.3 million seed round for HacWare in April. The lead investor in the round, the CEO behind Elevate Capital, expressed a vision for investing in companies led by Black women. “What he has seen is that with the companies in his portfolio, they’re outperforming many of the other groups,” Ricks says. She is among few female founders in traditionally male-dominated spheres to receive investments from a male-led firm. Another is Brenda Stoner, CEO of Dallas-based delivery startup Pickup, who closed a $3.5 million Series A round in April 2020 and a $15 million Series B round in March 2021. They are among the roughly 16.6 percent of working women in America who become entrepreneurs, compared to the nearly 18.3 percent of working men who do so. Of those who enter investor pitch rooms, women in retail and female-dominated spaces are often more likely to receive funding than their STEM-focused counterparts; investing in a woman in STEM can seem riskier to a traditional male investor who has seen fewer examples of success.

FOCUSING ON RETURNS This lack of representation exists on the investor side as well and is often cited as a factor for the ongoing equity gap in funding. “One of the things

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that we need is to get more female venture capital partners, GPs, and LPs, because the more people at the top who are looking at these companies, the more are going to be inclined to invest in them,” says Laura Baldwin, who leads the Dallas chapter of Golen Seeds. In this area, the statistics are a bit more promising: According to The New York Times, in 2019, 12 percent of general partners at venture capital firms were women, and there were 740 women angel investors nationwide. In 2021, those numbers had risen to 15 percent and 1,000 angel investors. There are slower gains in wealth management, ticking up from women accounting for 11 percent of managers in 2020 to 11.8 percent in 2021. “It’s a very big gap to make that 50 percent,” says Eva Yazhari, leader of Dallas-based impact VC firm Beyond Capital Ventures. The number of funds investing in women startup leaders in North Texas has risen in the past two years, though Yazhari believes this effort is a small step. “They’re not at scale when we compare them to larger, institutional-quality pools of capital,” she says. Baldwin cites a new RevTech Ventures fund that targets retail tech startups run by and focused on women as an example. Impact Ventures, whose latest accelerator cohort is made up of nearly 70 percent women-owned enterprises, is another. “I don’t think that was intentional,” Baldwin says. “Those were the best quality companies that they saw.” Overall, moves are being made to close the funding gap, but so far, they’ve preceded the check writing phase. Perhaps, more time is needed for their impact to trickle down, but for now, progress may come down to enlightening male investors. “I think it’s a matter of educating some of these guys: it’s not just good for women, it’s good for business,” Baldwin says. Ricks adds that even more focus on early-stage ventures would be an improvement—making more risky investments and seeing the dreams of women entrepreneurs. “I just think we need to be a little bit more of dreamers in Dallas, where we are looking at the team, and we’re looking if that team has built something before,” she says. “Do they have the capabilities of doing this? And if so, then, betting on that.”

THINKING SOCIAL

Impact Investing Eva Yazhari, who leads Dallas-based impact venture capital firm B yond Capital Ventures and its sister fund Beyond Capital Fund, invests in early-stage companies in India and East Africa. She’s a champion of impact investing, aiming to generate a social benefit alongside financi returns. Of the three companies her firm i vests in, one is woman-led. “I would call investing in women an opportunity,” she says. “I would say the same for people of color, simply because I believe that we are in networks and rooms and understand products and services differently. … It’s an opportunity to generate impact as well, because we know that women and people of color allocate to other women and people of color at a greater pace than White males.” More people are seizing this opportunity in emerging markets than domestically, Yazhari adds. “There’s probably a little bit more progress in emerging markets, simply because a lot of the investors looking at emerging markets are probably more impact-oriented.”

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ON TOPIC

What leadership strategies have you found to be most successful? edited by BEN SWANGER

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illustrations by JAKE MEYERS

SUSAN BRYANT

KELSEY CUNNINGHAM

ELLEN DETRICH

Principal THE MB GROUP

Chief Financial Officer T I M E LY M D

Chief Accounting Officer T E X A S C A P I TA L B A N K

“People think that when you’re the leader you aren’t scared, but that’s far from true. Uncertainty in the world and economy can be frightening, so I’ve been working over the last year on reanalyzing those fears into possibilities. Changing my thinking allows me to dream about building a company that will impact people in big ways, and I’ve been relentlessly pursuing how to make this dream a reality.”

“One of my leadership strategies is to be a partner and resource to others. I believe my role is to help others succeed in their initiatives and to play a part in providing the support needed to achieve those initiatives. To do so, I need to make time to understand their goals, how their role and department function, and be a thought partner for them. This is one of my favorite aspects of my job.”

“I strive to empower my teams to think independently and to make decisions across the bank. I fin that motivating them to do this is best accomplished when they know I will always have their back. Sometimes knowing they are supported is all someone needs to have the confidence to handl things on their own and take that step to grow their careers—so we can collectively achieve success.”

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THOUGHT LEADER

Are You Looking to Exit Your Business?

mediator between you and your employees in cases of disagreements. Also, be sure your attorney and CPA are involved in all phases of discussions.

Communications guru Gail Cooksey explains why selling to employees can often be the best solution for ensuring continuity.

PHOTOG R APHY COU RTESY OF GAIL COOKSE Y

1. HIRE A GOOD CONSULTANT. Finding someone with experience in employee buyouts and succession plans and who specializes in your industry is the most important step. Designing a solid plan that protects everyone’s interests is critical; the consultant can act as a

hen you launch your own business, the last thing on your mind is how to exit. But eventually, the time will come when you want to sell your company to either retire or move on to other opportunities. When that time came for me, I opted to sell my company not to outsiders, but to key employees within my organization. Nine years ago, I received a blind email from a management consultant specializing in exit and succession planning. What got my attention was his mention of an employee-based buyout plan. That sounded very attractive to me; I could create long-term wealth for myself, give key team members an opportunity for ownership, and ensure that the company’s legacy would live on. I began by promoting two key employees, Colby Walton and Jason Meyer, to full partners. They started assuming more responsibility in running the company, and I reduced my active involvement. On Dec. 31, 2021, Walton and Meyer became the full owners of Cooksey Communications, and I stepped away. Having successfully been through the process, here’s some advice for business owners who are interested in pursuing a similar path.

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START SEVERAL YEARS IN ADVANCE. Identify key employees who may want to buy the company and talk to them about their goals and interests in ownership. This isn’t a small ask. Just because someone is a great employee doesn’t mean they want to take on the responsibility of ownership. They need to be committed to the long-term success of the company. It also takes time to build up equity that will help with the buyout. And it gives you and the entire company time to adjust to the eventual change. Leading up to execution, review the succession plan at least once per year.

3. WHEN IT’S TIME, GET OUT OF THE WAY. Let your key employees begin assuming more responsibility over time and start stepping back a bit. This will help with customer retention and protecting the company’s culture. In our case, by the time I sold my firm, y two partners were already running the day-to-day operations. When you get to the deadline written into your plan, you and your key employees will be ready for the transition. Let them fl and be their own bosses, knowing that you have trained them well.

Gail Cooksey founded Irvingbased Cooksey Communications in 1994 and sold it last December.

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6/13/22 3:51 PM

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OFF DUTY THE PERSONAL SIDE

o f

DFW BUSINESS LEADERS

ART OF STYLE

P H OTO G R A P H Y C O U R T E S Y O F J E S S I C A V I C K

TALENT CONSULTANT GENNÉA SQUIRE DE TORRES SEEKS OUT UNIQUE DETAILS IN HER ATTIRE.

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WHAT I DO: “As a principal at Cadré Talent Consulting, I collaborate with clients and private equity groups to identify, develop, and help retain their top talent.” STYLE ICON: “My style icon was my grandmother. She always wore beautiful skirt suits from the top designers. In terms of celebrity style, I gravitate toward Jackie Kennedy, Victoria Beckham, and Catherine, Duchess of Cambridge. I love solid-color pieces with good tailoring. I am always looking for something classic with details that make the piece unique.” ON THE JOB: “I work mostly with executives on confidentia projects, so it is important to look respectable and professional. I always add a hint of feminine flair o not just be another consultant in a suit. My wardrobe conveys a serious conversation about the future of their organization and their employees.” FASHION INSPIRATION: “I’m inspired by wherever I am. I love to travel, and I’m fluent in F ench and Spanish. I once had a conversation with a friend about how when you speak multiple languages, you have personalities for each of those cultures. To me, the same goes for my style.”

G R E AT E R G O O D

Working to Bridge the Gap How nonprofit executive Froswa’ Booker-Drew supports underfunded organizations led by Black women. growing up in shreveport, louisiana, Froswa’ Booker-Drew saw giving back in action, watching her father feed the homeless from the restaurant he ran. “He always gave them dignity in doing it,” she says. She led the NAACP chapter as a student at UT Arlington then entered the nonprofit world with a job at the South Dallas Cultural Center after graduate school. “That was the beginning of seeing what disparity looked like in our communities,” she says. A shocking statistic from Candid, a philanthropic research database, gives meaning to her mission: in 2016, only .6 percent of total funding

from 1,000 of the largest U.S. foundations was targeted at women and girls of color. “There is such a deficit of funding for folks [in] communities with a need,” Booker-Drew says. She eventually found her way to the State Fair of Texas as vice president of community affairs, working to repair community relationships that had been bulldozed by racist park leaders. She helped create the Juanita Craft Humanitarian Awards, honoring the activist who helped integrate the fair, and facilitated the donation of $2.1 million to nonprofits that benefit South Dallas and Fair Parks. Along the way, friends approached her about co-founding a giving circle for Black women through the Texas Women’s Foundation. Since its inception in 2017, HERitage Giving Fund has given roughly $100,000 in member dues and donations to Black-led nonprofits that provide afterschool support, midwife training, and housing for homeless teen mothers and their babies. This past April, Booker-Drew stepped away from the State Fair to work as an author, speaker, and leadership consultant, but she continues to be active in HERitage. “It’s a safe space to have camaraderie with folks who are in the field,” she says. “I understand what it’s like to be in nonprofit management as a Black womINVESTING an. It’s a benefit to have commuHERitage nity and to connect to people Giving Fund supports and who have the same passion and empowers leaders of want to make a difference.” underserved —Will Maddox nonprofits

STYLE DEFINED: “Classic with a feminine edge.” FASHION ESSENTIALS: “My iPhone and a water bottle to stay hydrated.” GO-TO LOOK: “When I’m off-dut , it’s jeans, boots, and a tailored blazer. Professionally, I love a good pencil skirt with a beautiful structural blouse. Heels for whenever I am not with my children.” HOW I ACCESSORIZE: “Shoes are my favorite accessory. I have some pairs that are almost 20 years old, and I put effort into keeping them in excellent condition.”

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P H OTO G R A P H Y C O U R T E S Y O F H E R I T A G E G I V I N G F U N D A T T E X A S W O M E N ’ S F O U N D A T I O N ; B O O K E R - D R E W: J A K E M E Y E R S

continued from page 073

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OFF DUTY

PURSUITS

Locke Lord’s Elizabeth Mack helps communities—and orchids—blossom. story by BRANDON J. CALL

when elizabeth mack was 8 years old, she began taking Japanese flower arranging classes. She instantly fell in love with orchids and was drawn to the flower’s voluminous blooms. “What I really love about orchids is that they have these beautiful, showy flowers that last a really long time,” she says. The chair of Locke Lord’s national environmental practice graduated from Harvard Law School in 1988. After clerking for Sidney Fitzwater and the U.S. District Court for the Northern District of Texas, she began her career at Locke Lord in 1989. About 15 years ago, she rediscovered her love of orchids and began growing them herself. At any one time, her home usually contains about 30 of the plants, each strategiFULL BLOOM cally placed to maximize eastElizabeth Mack’s ern morning sunlight expofl wer arranging hobby as a child sure. She has even turned an blossomed into a passion for upstairs TV room into what growing orchids as she affectionately calls the “oran adult.

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chid hospital”—an intensive care unit where she takes care of plants that are not in full bloom or need a little rest and recovery. So, what is the secret to breathing life into sometimes temperamental flowers? “Bright consistent light and tender loving care,” Mack says. “A lot of people think they can put three ice cubes on their orchid every week; that’s not going to cut it.” And, yes, Mack does have conversations with her plants often: “I talk to them all the time,” she says with a chuckle. “My kids laugh at me—completely.” At work, she holds a leadership role at Locke Lord and has been recognized for her achievements. Earlier this year, she was honored as “Lawyer of the Year in Environmental Law” by the peer-reviewed trade publication, The Best Lawyers in America. Mack has litigated environmental cleanup efforts both locally—in Deep Ellum, the Medical District, Trinity Groves, and Farmers Market in downtown Dallas, to name a few—and in 40 states around the country. Whereas a property might have been a giant industrial factory at the turn of the century, Mack uses her knowledge of federal issues such as the Clean Air Act, Clean Water Act, and Safe Drinking Water Act to mitigate corrective action and enforcement to make the spaces inhabitable for new businesses and residences to enjoy for generations to come. “One of the things I’m most proud of is getting contaminated properties cleaned up so that they can be put back into beneficial use,” she says. “Cultivating orchids is so inspiring to me, but it’s equally inspiring to watch our communities grow with revitalization.”

C E O P L AY L I S T

We asked area leaders what they would choose as their walk-up song and why. “One of my favorite songs is ‘Harvest for the World’ by The Isley Brothers. It reminds me to think every day about those who may still be striving to find thei point of impact in our community, and then to consider how I might help forge or clear a path for them to be successful.” TA M E L A T H O R N T O N

Executive Director, Urban Land Institute, Dallas-Fort Worth

“My walk-up song would be ‘Grinding All My Life’ by Nipsey Hussle. He was the epitome of a multifaceted Black entrepreneur who wanted to use his talents and wealth to pour back into his community. This song truly defines y journey from being an attorney to the CEO of my own company—and the grind it took to become successful.” LEAH FRAZIER

CEO, Think Three Media

“‘Hit Me With Your Best Shot’ by Pat Benatar. My days are unpredictable for a whole host of reasons— client and personnel issues, or issues with one of the nonprofits I ser e. But I love the unpredictability, and I’m always ready to take on the challenges.” H I L DA C O N T R E R A S G A LVA N

Partner-in-Charge Dallas, Jones Day

P H OTO G R A P H Y C O U R T E S Y O F E L I Z A B E T H M A C K

Planting Seeds for the Future

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OFF DUTY

OVERSEA SUITES

Accomodations include 108 one- and twobedroom overwater bungalows.

YACHT TIME

Guests arrive and depart the resort via a custom-designed Andreyale Bateux water taxi.

W E L L T R AV E L E D

Bora Bora A favored destination of skincare exec Jamie O’Banion, the French Polynesian paradise is worth the long flight to get there. story by HAMILTON HEDRICK

A CLOSE LOOK PADDLE AWAY

Guests have access to complimentary paddleboards and canoes for private water excursions.

Swimming with reef fish is just one of the many guided lagoon snorkel experiences.

R&R HAVEN

The Golden Sun Ritual at the Four Season spa uses luxe ingredients, including 24-carat gold oil.

TROPICAL ESCAPE

Overwater bungalows with sliding doors bring the outdoors in and allow for unobstructed views of paradise.

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6/10/22 11:31 AM

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P H OTO G R A P H Y C O U R T E S Y O F F O U R S E A S O N S , B O R A B O R A A N D H A M I L T O N H E D R I C K

the ocean scares me. sand? no. seaweed? Not ideal. Fish? Absolutely not. But there is something mystical about Bora Bora. So, despite my fears, I found myself diving headfirst into the crystal-clear waters of the Pacific, floating casually among schools of tropical fish, and paddle-boarding like a pro. Best known for its sugar-white sand beaches, turquoise water, and brightly colored coral reef, the French Polynesian paradise is a perfect place to relax and disconnect. I recently spent a week at the Four Seasons Bora Bora, home to 108 overwater luxury bungalows with unmatched amenities and unobstructed ocean views. Each bungalow comes with a private sundeck, dining area, outdoor shower, and dock for jumping directly into the crystal-clear waters. Guests seeking an even more luxurious stay (or those who prefer to look at the ocean versus swim in it) should splurge on one of the 27 bungalows that come with private plunge pools. For those traveling in larger groups or just seeking a bit more privacy, there are seven beachfront villas, ranging in size from one to three bedrooms. Along with private beaches, a lagoon sanctuary, ultra-luxe spa, and an infinity-edge pool, the resort also offers four top-notch restaurants. Led by Executive Chef Eric Desbordes and his team, each venue offers a different culinary experience with equally impressive views. They range

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from the daily breakfast buffet at Tere Nui to the elegant Arii Moana, which offers Mediterranean-inspired dishes and overlooks the lagoon. Have at least one meal (or three, like I did) at Vaimiti. With its Asian-inspired cuisine, curated cocktails, and a seemingly never-ending sake list, this venue feels more like a discovery found in the meatpacking district of Manhattan than the Tahitian island of Bora Bora. And after lounging in one of the many beachside cabanas, stop in at Faré Hoa Beach Bar & Grill. The casual eatery a must for lunch or a post- excursion cocktail. It converts weekly into Fish House at Faré Hoa, showcasing the region’s freshly caught seafood. Digging your toes in the sand as you indulge on Mahi Mahi Fish and Mango Leche del Tigre is a blissful experience. There’s no shortage of ways to relax at the resort, but for those seeking a bit more adventure, a wide variety of excursions are available. They range from a 360-degree WaveRunner island tour or a guided deep-sea fishing trip to a ray and shark feeding tour. There are also extensive dive programs and tours offered onsite; no surprise, as Bora Bora is a renowned diving destination. Stop by the Four Seasons dive center to set up an adventure or even get certified. While you’re there, ask about the company’s partnership with WiseOceans, an organization focused on conserving the world’s oceans. Led by on-staff marine biologist Louise Sabadel, the resort offers guided lagoon snorkel tours, children’s programs, and even a chance to graft your own coral and return it to the lagoon sanctuary. Those looking for a more terra firma experience can opt for a Land Rover guided history tour or a hike up Mount Pahia. And for self-care, don’t miss the Four Seasons’ full-service spa, which offers unique experiences like the Taurumi Mind and Body Ritual—a two-hour body scrub followed by a Polynesian massage, said to “restore balance and harmony in the mind and body.” Whether you spend your time in the infinity-edge pool looking out at the ocean, lounging in one of the private cabanas, dining on delectable tropical treats, or enjoying one of the specialty massages, it’s time well spent. And who knows, maybe you, too, will find yourself fearlessly floating in open water. Manuia!

T R AV E L T I P S

Sunset Cruises and the World’s Best Beaches The founder of skincare brand BeautyBio, Jamie O’Banion has traveled all around the globe. She says she’s found some of the most impressive beaches and crystal-clear, turquoise lagoons in Bora Bora. For dining, O’Banion is a big fan of the Lagoon Restaurant led by Michelin-starred chef Jean-Georges Vongerichten at the St. Regis Bora Bora Resort. For accommodations, she favors the Four Seasons Resort Bora Bora, with its luxe amenities and private bungalows. And for a special treat, the beauty business exec highly recommends taking a sunset cruise to St. James. Restaurant-Bar. “It is the place to enjoy a fine F ench Polynesian fusion-style meal and cocktails in a romantic waterside ambiance,” she says. —Brandon J. Call

JUST BEACHY

Private beaches offer picturesque views of the lagoon and its crystal-clear waters.

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YOUNG SCHOLAR Davis’ late mother, who was a teacher, motivated her to graduate from high school at age 15.

ROOTS

CEO NEW FRIENDS NEW LIFE

as told to BEN SWANGER illustration by JAKE MEYERS

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ATHLETIC GENES

Davis’ eldest brother, Bennett Davis Jr. (left, in top right photo) became a pro basketball player.

in 1979, hurricane david ripped through The Bahamas, Dominican Republic, Puerto Rico, and the eastern coast of the United States. In all, $1.5 billion in damage was recorded and more than 2,000 casualties. All the while, Bianca Davis was being born in a Bahamian hospital. The now CEO of New Friends New Life, a local nonprofit that helps women break free from human trafficking and provides resources for survivors, says The Bahamas aren’t always sunshine and palm trees, as often depicted. Here, she shares her story: “I grew up on the island of Grand Bahama. It had about 50,000 people, and we had a very tight knit community. Everybody knew everybody, and everyone was always willing to help everyone. (I made it through Temple University thanks, in part, to gifts of up to $1,000 from neighbors.) But the hardest part about living on the island is the hurricanes. In my time as a kid, I endured six of

P H OTO G R A P H Y C O U R T E S Y O F B I A N C A D A V I S

BIANCA DAVIS

QUICK STUDY

After one week in fourth grade, Davis tested out of the class and moved up to fifth g ade.

BOOKWORMS

When she was 12, Davis and her father (left) started a book club; it is still active today.

them. It seemed each one was more severe than the last—and they keep getting that way. Economically, it is very difficult to live there. Tourism is 80 percent of the economy, and if a hurricane hits The Bahamas, tourists just go to Jamaica or to Mexico. But for us, our roots are there; there’s no other option for us, and it is very hard to recover. Luckily, my dad—we called him ‘Captain Emergency’— kept us safe with his preparation. But the howling winds, power outages, surging storms—that trauma every year sticks with you. Behind the beautiful weather, there’s a lot to deal with; but behind the hurricanes, is a loving community.”

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6/3/22 12:54 PM

Women make up just 8.2% of Fortune 500 CEOs, and women of color are even fewer – at only 1.2%.

You can do something about it.

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EY Entrepreneur of the Year 2022

EY ENTREPRENEUR OF THE YEAR

SHUTTERSTOCK

Go behind the scenes and learn the stories behind some of this year’s E&Y Entrepreneurs of the Year nominees. Here, they reveal what it takes to become a success and why Dallas-Fort Worth is the perfect place to be an entrepreneur.

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EY Entrepreneur of the Year 2022

TOM ELLIS CEO & Co-Founder, SHIFTKEY

tom ellis is revolutionizing the healthcare industry and proving that disruption done right is the investment opportunity of a lifetime. For more than a decade, Ellis, CEO and co-founder of ShiftKey, has been focused on solving problems within healthcare. After working in the industry, he saw an opportunity to completely disrupt the way healthcare facilities typically find licensed and certified professionals to fill available shifts. Traditionally, third parties use antiquated, manual processes that are slow and ineffic nt (think 100 phone calls to reach one person) to fill shifts. Ellis knew that a technology platform would revolutionize the industry, connecting businesses with shifts to fill with professionals looking for work and replacing all the legacy companies that waste so much time and money. Meet ShiftKey. ShiftKey is a technology platform that, today, is used by thousands of healthcare facilities to post available shifts and, in turn, is used by a network of tens of thousands of licensed healthcare professionals looking to bid on and fill those shifts. Leveraging marketplace dynamics and deep industry knowledge, the company is playing a vital role in mitigating America’s healthcare staffing shortages, enabling direct connections between facilities and healthcare professionals. By offering the opportunity to work as much or as little as they choose and putting the power back into

the hands of healthcare workers, ShiftKey is bringing more licensed professionals back into the workforce, a solution that is solving a major crisis in healthcare. “Our story is really about modernizing an industry, from a person making hundreds of calls to fill a shift to enabling a healthcare facility to post multiple shifts online with a simple click and having those shifts filled,” Ellis says. “We are now the go-to resource for healthcare facilities to get the professionals they need, when they need them.” Since its inception, healthcare facilities have posted more than 35 million hours of shifts on ShiftKey, interacting with tens of thousands of professionals looking for flexible work. Since an investment by Lorient Capital in March of 2021, the company’s valuation has increased by nearly 15 times, making it one of the most successful private equity investments in history. “ShiftKey has been an amazing success so far, but we have a lot more work to do. We are just getting started, and I am really excited about where we are headed. ShiftKey is fundamentally a technology company, and we have a few more ideas up our sleeve.…so stay tuned,” Ellis says, proving that he is definitely an entrepreneur to watch and a standout nominee for the EY Entrepreneur of the Year award.

shiftkey.com

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EY Entrepreneur of the Year 2022

BRAD HEPPNER Chairman & CEO, THE BENEFICIENT COMPANY GROUP, L.P.

brad heppner, chairman and ceo of the beneficient Company Group, L.P., has a long-standing belief that people deserve better, whether that be better careers, opportunities, or financial options. Early in his career, he discovered there was an untapped opportunity to create a better way for small institutions and individual investors to access the value of their alternative assets. These investors faced–and still face–b urdensome pitfalls of an archaic industry that caters to large institutions and has been slow to innovate. Thus, Benefici nt, or “Ben” for short, was born out of the need for a new, trusted entity that could help small

institutions and individual investors achieve liquidity for their alternative assets in a simple, rapid, and cost-effe tive process backed up by an intuitive technology platform. Heppner sees a massive opportunity for Ben to b ring true democratization to an industry that has left some investors sidelined. While many firms have formed with the purpose of getting investors into alternative assets, there has been a disproportionate number of firms helping investors exit these assets. Heppner believes Ben off rs the final piece to a better alternatives industry for the investors they aim to serve.

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EY Entrepreneur of the Year 2022

LAWRENCE KING CEO, HEADSTORM

lawrence king is an athlete by nature, a lawyer by education, and a nerd at heart. During law school, he dove into coding, then worked odd jobs to pay for law books. He has always had a genuine admiration for developers and those involved in creating solutions with software. As a result, his entrepreneurial journey has been heavily influ nced by that experience. He started Headstorm determined to provide a way for developers to do their best work and be properly rewarded through professional development and equity participation. Headstorm was growing fast, in both revenue and head count leading up to 2020. COVID hit hard and stalled

that growth, which resulted in King reimagining Headstorm’s approach to work with the formation of Quantum Orange, an incubator of elite employees that develop go-to-market service off rings. The team has developed several solutions to help clients future-proof their companies. One specific example reduced a client’s cloud spend by 50%, creating a 30x increase in speed-to-market. That example produced savings of $6 million for the client in one year. While most firms are filled with businesspeople growing by leveraging engineers, Headstorm continues to be built on King’s vision of creating avenues for engineers to grow in business.

headstorm.com

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EY Entrepreneur of the Year 2022

MARIA CARELL CEO & President, REVISION SKINCARE AND GOODIER COSMETICS

a passion to pursue healthy, beautiful skin for all is what gets Maria Carell out of bed each morning. She understands the connection between healthy skin and a healthy body and is dedicated to educating consumers about the benefits of advanced skincare. “We are a mission-driven company, and our core mission is to make skin healthier,” Carell says. Carell joined Revision Skincare in 2017 and applied her background in pharmaceuticals, dermatology, and aesthetics to lead in the creation and marketing of clinically validated, efficaciou skincare solutions. “The company was a hidden gem, and I wanted to be part of elevating the science to the next level,” she says. In the past five years, Revision Skin-

care has tripled its revenue and growth, fueled the pipeline with research, new groundbreaking products, and increased support to skincare specialists. Carell also made Revision Skincare products more accessible by supporting physicians’ office with online opportunities. “It felt risky at first, but made our partners’ businesses become even stronger,” she says. She also led the transition of Revision Skincare from a domestic to an international brand and incorporated a new financial partner to further improve both customer and end-consumer experiences. “There’s more to do,” Carell says. “Our objective is to become a leading global brand and take advanced skincare to the next level.”

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EY Entrepreneur of the Year 2022

JOE WALSH Chairman & CEO, THRYV, INC.

joe walsh leads company strategy and operations at Thryv, which provides an all-in-one platform designed to enable small business owners to run their business efficiently and provide a best-in-class experience to their clients. Walsh joined Thryv in 2014 to develop strategic direction to solve customer pain points, attract the investment community, and build a 21st Century software company. “Eight years later, that’s exactly what we did,” Walsh says. “Thryv has an important mission to guide local businesses into modernizing into the Cloud and harnessing tools that giant companies use, giving them back time in their day. They can consult at

any time from their mobile device to see transactions, appointments, social media updates, and more. It gives them freedom and mobility they didn’t have previously.” Under Walsh’s leadership, Thryv has b ecome well-estab lished in the U.S. and is expanding into Australia and Canada. “I am most proud of our net promoter score and feedback from customers,” Walsh says. “At one point, we were concerned that we weren’t delivering enough value for the money. We have turned that around and enjoy primarily word-of-mouth referrals because of the solutions we have provided to thousands of small businesses.”

thryv.com

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EY Entrepreneur of the Year 2022

JUSTIN SIMONS CEO, MY LABS DIRECT

after identifying a need for a more patientfriendly lab experience, Justin Simons launched My Labs Direct with the goal of creating a better way for people to access lab testing. “We simply listened to our patients to learn why they were neglecting to get important lab work performed,” Simons says. “Among these reasons were busy schedules, the inconvenience of doctor’s appointments, and frustration over surprise lab bills. We knew MLD could provide a solution for this. Our goal is to enlighten consumer perspective by providing an easy and affo dable lab alternative that helps people take control over their own health.” MLD provides better access

to lab testing through its mobile concierge service available to individuals, physicians, employers, and universities as well as through self-collection kits that can be administered in the home or office MLD processes all tests in its state-of-the-art, CLIA-certified labs. MLD delivers easy-to-understand results through a patient dashboard that off rs helpful insights and tools that empower a user’s health management decisions. “In the end, we truly care, which is the driving principal within our company,” Simons says. “If we lead with consideration toward our clients’ needs and always operate in faith, the rest will fall into place.”

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EY Entrepreneur of the Year 2022

GABE ABSHIRE Founder & CEO, UTILITY CONCIERGE

gabe abshire’s approach to busines is simple: focus on making people happy. His company, Utility Concierge, doesn’t sell anything. It’s a free service that helps movers reclaim a little happiness during a stressful time. The hassle of connecting all the services needed for a new home can suck the joy out of an exciting milestone. Ashbire’s team takes on the daunting task of setting up energy, internet, security, and more and turns it into a quick call with a friendly expert. Like Ashbire, Utility Concierge isn’t focused on selling but making sure the clients are happy with the home service providers and plans they choose.

With more than 13,000 five-star reviews, clients are immensely happy with the service and thankful their real estate professionals sent them to Utility Concierge. Beyond clients, Ashbire’s team also positively impacts referral partners who trust Utility Concierge with their customers during the moving process. Utility Concierge partners with thousands of key players in the homebuying process to add a no-cost perk to their client off rings. The service helps real estate agents, loan offi rs, and other professionals make buying a home a better, happier experience for everyone involved.

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H E A LT H CA R E R O U N DTA B L E

State of Healthcare:

A Roundtable Discussion for Businesses Industry experts discuss the role of employers in today’s healthcare system, technology and telehealth updates, health insurance and wellness plans, COVID-19’s impact on companies, and healthcare landscape predictions.

G R E G G , G O L D FA R B , P I N K S TA F F: B R E T R E D M A N ; A L L OT H E R S C O U R T E S Y O F C O M P A N I E S

David Goldfarb, Sharmila Solanki, Dr. Mark Chassay, Karen Pinkstaff, Awstin Gregg, Anurag Jain

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In Discussion With

What role do employers have in the overall healthcare ecosystem, particularly when it comes to cost control, improving health equity, and holding providers accountable for quality outcomes? Employers have b een b urdened by the Great Resignation. On top of that, employers have had to navigate challenges from the pandemic and rising inflation that has affec ed the cost of goods and services they consume or provide. With all that said, to stay competitive in the market space, employers have had to collaborate with senior leadership to make investments in their employees to provide them opportunities to grow and b e well. Employers have to navigate these challenges and embrace emerging concepts like partnering directly with virtual healthcare delivery startups. DAV ID GOLDFARB: Employers play a significant role in the healthcare system and, with intention, can reduce healthcare costs, improve health equity, and can help hold healthcare providers accountable for outcomes. This can only occur if an employer is willing to explore transitioning to a KAREN PINKSTAFF:

ANURAG JAIN Chairman & CEO Access Healthcare

DR. MARK CHASSAY Chief Medical Officer Blue Cross Blue Shield of Texas

AWSTIN GREGG, MBA, LCSW, LCDC Chief Executive Officer Connections Wellness

the b usiness service in a superior competitive manner, but to also care for those in their charge with them. Overlooking this responsibility could perpetuate a flywheel riddled with chall nges. SHARMILA SOLANKI: Employers play a key role in their negotiations with healthcare plans for their employees. Overall, employer-sponsored plans can help improve access to care, as well as encourage employees to participate in preventive and wellness programs that can help improve health outcomes. Ultimately, employer-sponsored plans make for a happier and healthier employee base, resulting in a lower cost burden to the overall health care system. To hold providers accountable, there must be clear communication between the employer and the provider about measurable quality metrics and appropriate service off red to help ensure that employers and their providers are on the same page about the plans.

How do you think COVID-19 will influen e healthcare services or how employers think about healthcare for their employees moving forward? ANURAG JAIN: COVID-19 has impacted healthcare

Employers have had to navigate challenges from the pandemic and rising inflation that has a ected the cost of goods and services they consume or provide.

DAVID GOLDFARB Founder and President DSG Benefits Group, LLC

SHARMILA SOLANKI Managing Director-Healthcare Finance East West Bank

KAREN PINKSTAFF Partner & National Health Care Audit Leader, RSM

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partially self-insured health plan. A well-designed health plan allows for long term sustainability; it provides employers with transparency, flexibilit , accountability, and improved cash fl w. AWSTIN GREGG: The role employers have in the healthcare ecosystem is critical. Employers are in the position to advocate for their employees and to push the bar for quality outcomes. Employers are a significant source of healthcare coverage for individuals in our communities. Viewing healthcare with a high standard both internally and externally allows for employees to enjoy the benefits of accessing high-quality providers, while also responsib ly stewarding the costs to the organization. Typically, this is a cost shortcut some employers take to save a few margin points on the P&L. It is thought that the cheapest plan creates the maximum bottom line. However, we know this could not be further from the truth. An employer’s obligation is not only to render

services and changed the definition of work in many ways. From challenging the healthcare system in its entirety to operate in a diff rent model to pushing the clinical workforce to an extreme edge, causing clinician burnout, COVID-19 did help accelerate some of the trends and transformation. Hospitals are now looking for operational effic ncy and adopting global outsourcing faster. Health equity and access have become more central as a discussion topic, and health plans and providers are making changes to make it more accessib le and equitab le. Employers are now more flexible in adopting work-from-home models to attract qualified employees. At the onset of the pandemic, we had to shift more than 13,000 people in India to a remote working model in 24 hours and had them operational within a week. Thanks to our automated workfl w platform and the commitment of our staff, we were at 95% production levels within a week. We have

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K AR E N P I N KSTAF F

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Healthcare revenue cycle experience and transformation solutions you can rely on.

Our dedicated team understands that revenue cycle transformation is about the details. Access Healthcare provides high-quality revenue cycle services to help hospitals, healthcare systems, medical groups, and other healthcare providers achieve best-in-class outcomes. Our professionals bring expertise across front-end, HIM and coding, revenue integrity, and back-end revenue cycle processes. Our local, relationship-oriented client services team listens to your needs to craft custom solutions that help you meet your strategic and financial objectives. From transforming the patient experience to shifting your focus to denial prevention, our solutions put you on the path to profitability and financial stability.

To learn how we can help you extract the most from your revenue cycle, contact us at accesshealthcare.com.

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decided to retain about 20% of our workforce on a remote working model and have created layers of security to make that happen; we call this our Home POD model. Business continuity preparedness has taken a whole new meaning as well. We are now looking at new growth opportunities at self-suffic nt large campuses (a fully integrated township) on one side and satellite centers in smaller townships. This makes jobs more accessible, allowing us to employ highly qualified workers for our global workforce among smaller towns in India and the Philippines. AWSTIN GREGG: Throughout the past few years, the concept of holistic healthcare has b ecome a front-seat passenger in many conversations. Healthcare providers were challenged to introduce innovative ways to reach their patients during challenging circumstances. As we placed more emphasis on this focus and these conversations, collectively we’ve created an innovation cycle, which in my opinion has improved our ability to deliver care. This is equally true in how employers position their organizations to provide for these needs within their employee base. A very refreshing conversation of wellness,

posed many organizations ineffic ncies and there had to be investments made to update current infrastructure and add innovative solutions. The workplace will likely remain in a hybrid (in-person and remote) for the foreseeable future, and organizations will need to learn how to manage costs and the impact to their culture and training opportunities and development. DAVID GOLDFARB: In my opinion, it has brought mental health to the forefront and has required employers to shift the way they communicate to their employees. It has also been a catalyst to more virtual care for healthcare providers.

For entrepreneurs or small business owners, what are your suggestions for scaling their health insurance offerings and keeping costs in line? KAREN PINKSTAFF: Business owners need to find

that balance of quality employees and technology. If this balance is not in line, the organization will either be spending tons of money on expensive labor that can be done by machines or expensive machines that have no one to operate them. There are many state grant programs that small com-

The only way an employer will ever have true control of their health insurance costs and have the ability to have sustainable benefi s program is to evaluate alternatives to traditional, fully insured health plans. DAV ID G O L D FAR B

health, preventive care, mental health, and physical health have reached a level of visibility where meaningful collaboration can fuse with available innovation. When these variables interact, it will only ever be good news for all parties. SHARMILA SOLANKI: The COVID-19 pandemic changed the course of healthcare’s future by accelerating the shift to virtual care and telehealth. More than two years into a global pandemic, virtual doctor visits are now the norm and continue to expand and become more mainstream. The pandemic also reinforced the need for access to mental health services, especially as employees continue to adjust from a period of isolation and social distancing. As our society emerges from the pandemic, employers will need to work closely with providers to ensure that high-quality care is being provided to their employees. KAREN PINKSTAFF: COVID-19 has changed the employer landscape forever. The pandemic ex-

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panies should also leverage for tax incentives, funding, and meeting green incentives that can help lower costs and allow the organization for allocate funds elsewhere. DAVID GOLDFARB: The only way an employer will ever have true control of their health insurance costs and have the ability to have a sustainable b enefits program is to evaluate alternatives to traditional, fully insured health plans. An engaged and educated workforce is another critical factor to keeping healthcare costs in line. Lastly, employers should highly consider not only off ring, but promoting and incentivizing employees to enroll in HSA-compatible health plans.

How is technology impacting the way healthcare businesses innovate to meet their patients’ needs? Is telehealth here to stay? DR. MARK CHASSAY:

While the healthcare in-

dustry continues to learn from the COVID-19 pandemic, we know with some certainty that telemedicine is a healthcare delivery option that is here to stay even as people feel more comfortable with again scheduling offic visits. This is particularly true for behavioral health visits. In January 2020, our data showed 99% of behavioral health visits were conducted in person. But the shift became 50% to 60% virtual in March 2020 and beyond. So, telemedicine is here to stay as a care delivery option. AWSTIN GREGG: The introduction of technology is significantly enhancing the ab ility to deliver timely care in the service-based business model for many providers, including myself. The recent pandemic accelerated the community’s adoption of the idea of telehealth, and it is my strong opinion this chapter in care-delivery survives this pandemic and presents as the new preference for many patients. Additionally, telehealth introduces a delivery platform which largely mitigates typical barriers to treatment. I believe treatment compliance will increase secondary to this chapter in innovation. KAREN PINKSTAFF: Technology continues to be a disrupter across all industries. Telemedicine has b een emb raced b y providers who can see their patients regularly and connect with new patients in diff rent parts of the country/world. With the shortage of workforce, originations will look to contract with providers from diff rent locations to virtually provide care to their patients. Patients also realize the convenience of telemedicine and not having to go sit in a waiting room with other sick patients or travel to an offic gives them more flexibility that has been received positively. DAVID GOLDFARB: Just as technology is changing our everyday lives, it is impacting the way healthcare businesses innovate. Providers and patients now have opportunities to engage directly, even outside of in-person visits. As long as we stay conscious to continue to serve the sectors of the population who are not regularly using technology, the increase in technology can continue to grow and change the way we “do” healthcare. From a business owner’s perspective, constantly improving technology provides tools for not only accessing data about plan performance but also interpreting it and performing predictive modeling to build a sustainable healthcare strategy. ANURAG JAIN: Rising consumerism in healthcare has many implications for the way care is delivered. Price transparency, no surprise billing, digital health, b randed care delivery systems,

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team work The biggest part of our name will always be the smallest–of. We are Blue Cross and Blue Shield of Texas. Which means we are of our business communities, and of those who show up to work every day to help make a difference. Above all else, we will always be of service... to you. A Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association

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patient engagement, and more are interwoven into this megatrend. Healthcare providers must redesign their revenue cycle around the patient and bring about digital transformation. As patients are paying higher out-of-pocket costs, they are demanding services akin to those in other service sectors and anticipating a seamless experience that they are used to in hospitality, airline, online shopping, and other industries. Healthcare entities must focus on creating great patient experiences while delivering excellent care. There is a serious business case for investments to flow into technologies that enhance the patient experience, improve engagement, communicate the patient’s responsib ility for payments, offer flexib le payment plans, and connect across multiple channels. Access Healthcare supports its clients in their digital transformation journey b y providing technology platforms, process automation, and resources they need to manage their endto-end revenue cycle and connect with the patients. We are seeing a fundamental shift in healthcare costs and enabling our clients to accelerate their journey toward value-based care.

SHARMILA SOLANKI: Overall, the COVID-19 pan-

demic has improved our access to care by facilitating a transition toward digital medicine. Telemedicine and digital applications allow providers a more effic nt way of delivering care for patients. With the increased adoption of telemedicine, healthcare organizations will need to add digital tools to support this growing platform to remain competitive. Furthermore, telemedicine will help payers pay for expanded services in which care can be delivered virtually. ANURAG JAIN: Telehealth is now a $250 b illion opportunity. Per a McKinsey study, telehealth utilization rose to 78 times the normal utilization rate in April 2020 and has stabilized at 38 times the rate. With an increasing focus on safe access to care during the pandemic, there was a greater willingness among payers and providers to embrace telehealth as a norm, resulting in reimbursements for such care becoming more conducive. The Center for Medicare and Medicaid Services (CMS) expanded the 2021 physician fee schedule to include telehealth codes for many services. Though it is unclear if these changes will be permanent beyond the current public health emer-

Telehealth introduces a delivery platform which largely mitigates typical barriers to treatment. Treatment compliance will increase secondary to this chapter in innovation. AWSTIN G R EG G

Are telemedicine and/or digital apps changing the way healthcare organizations operate? Are they here to stay? What are foreseen limitations and/or benefi s? AWSTIN GREGG: I do believe telemedicine is changing the way healthcare organizations operate, and at the very least, it certainly requires organization leaders to challenge the way they think from an operational perspective. Telehealth removes the typical barriers to treatment by making it profoundly convenient to the user. I think some practices may prefer the in-person model to the telehealth model--and there’s nothing wrong with this stance—but I do believe the consumer market is changing, and this is a hurdle that will need to be jumped by healthcare practices as the delivery of services innovates itself.

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gency, we believe that the shift is definitive. The private equity space is buzzing with investments in digital care delivery technologies, which, in turn, will lead to the emergence of virtual healthcare delivery models. Some of the regulatory changes that facilitated the expanded use of telehealth are being made permanent. For example, the CMS has amended the 2021 physician fee schedule to include reimbursable telehealth codes. After the public health emergency, one is unsure if these services will lose their waiver status or continue; it is up to the Biden administration to make regulatory guidelines for telehealth. Substantial investment interest is flowing into enabling physicians to adopt telehealth on their existing EMR systems. Some behavioral and mental health services can quickly be delivered on the telehealth platform. Wearab le technology, such as smartwatches, are shifting consumer focus to wellness, and they enable healthcare providers to monitor

many patients remotely. With this ability, hospitals can reduce the length of stay as clinicians can monitor the patient's vitals from anywhere. Some payers encourage their members to opt for medical devices and wearables that capture data and extend post-acute care to reduce re-hospitalization rates. Payers are also pushing information regarding chronic care conditions and preventive measures to raise overall awareness and the need to stay healthy. As care shifts to the home, wearables will become part of a connected care ecosystem, pushing physiological data in real-time, providing valuable insights on patients, and aiding the ability of doctors to provide accurate diagnostics and care. Our viewpoint on these trends is to enable and help accelerate the adoption of Telehealth and wearable technology. Healthcare needs increased interoperab ility and seamless delivery of services at an affordable price point. KAREN PINKSTAFF: Telemedicine and digital apps are here to stay. Patients have all these wearable devices and that share outputs of blood pressure, exercise, oxygen intake, etc. These numbers incentivize people as well as keep them aware of their current health. This will allow patients to see providers less and hopefully patients will want to share these data points with their providers to help provide quality care. The current limitations of these devices are that they are still new to the marketplace and some of the numbers provided may not be 100% accurate yet. DR. MARK CHASSAY: BCBSTX uses a variety of intelligent automation tools to assess and accurately review data to help improve care for our members. We invested in the health technology company Collective Health to give new and existing customers access to its digital platform and services. Collective Health’s integrated solution provides a single digital platform that enables self-funded employers to administer benefits, reduce workload, manage costs, and help manage the health of their people in one place. For members, it provides a personalized experience with products and features that makes it easier to understand and manage their health care, from wherever they are.

Companies face continuous challenges with their healthcare choices. How does a business owner balance the benefi s of self-insured options with the more standard plans? DAVID GOLDFARB: Business

owners should understand their healthcare choices and map out a long-term benefits strategy. Moving to a self-insured plan should be a well-thought-

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out, long-term decision. If properly designed, self-insured plans can provide savings from the individualized plan management, increased flexib ility and control of the plan, improved cash flow, and cost savings from reduced premiums. Self-insured options also afford employers access to much more granular data regarding their plan and utilization, and the data can be used to properly design and manage the plan. SHARMILA SOLANKI: Self-funded plans are more flexible because they give business owners the opportunity to design a tailored healthcare plan that help meet the needs of their employees and save on premium costs. However, self-funded plans expose b usiness owners to higher loss from extraordinary claims. Because self-insured plans pay medical claims as they occur, b usiness owners will need to have the liquidity to pay for these potential losses. However, these plans can help improve the overall cash fl w for b usinesses. Claim unpredictab ility can b e mitigated with stop-loss insurance, which offers protection for medical claims that exceed a predetermined amount.

prevention is worth a pound of cure” is appropriate when thinking about wellness programs. It is always b etter to prevent a disease versus dealing with a chronic illness through lifestyle management and screening. On average, Harvard researchers concluded that for every dollar spent on employee wellness, medical costs fall $3.27 and absenteeism drops $2.73, resulting in a six-to-one return on investment. Employees are our company’s greatest asset and building a healthier workforce will have many tangible and intangible benefits for years o come. KAREN PINKSTAFF: A wellness program needs at least two things—it needs to be holistic and employee turnover needs to be low. Holistic means it’s more than an on-site gym or virtual primary care options or diabetes management coaches. These are all parts of what a wellness program can be, but to really see cost savings employers need to develop a strategy and stitch together all the tactical components of a wellness plan that supports that. Furthermore, the options need to be convenient so employees will actually use them. If the free primary care center or coaches are only availab le in person and some of your

As patients are paying higher out-of-pocket costs, they are demanding services akin to those in other services sectors and anticipating a seamless experience that they are used to in hospitality, airline, online shopping, and other industries. ANURAG JAI N

Preventive care is another buzz term today. What role do business owners play in improving the health and wellness of their employees? Is it an actual cost-saver? How should business owners think about their ‘wellness program’ investments? AWSTIN GREGG: The role is significant! The “cost”

associated with this can sometimes be hidden because we are investing in something we are trying to avoid. An example of this could be changing the oil in your car. We change the oil because we want to preserve the engine. We know what happens when an engine is in disrepair. I don’t complain ab out an oil change b ecause I know what I’m investing in. In the same way, I don’t look at my monthly P&L and complain about the financial allocation to employee wellness, because I know what I am investing in. SHARMILA SOLANKI: The saying, “An ounce of

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employees live far from those locations, they will not utilize those services. Second, in general, the lower turnover is the more beneficial wellness plans can be. Typically, wellness initiatives will not see significant savings right away. Employees need to actively participate in the program over the span of several years to see the largest savings. If employees turn over regularly, savings will likely be lower. DR. MARK CHASSAY: By engaging employees in making smarter choices about their health, employers can help control their company’s longterm medical expenses. Our wellness programs are designed to give members tools and support, while rewarding them for making healthy choices. It includes a suite of online courses about nutrition, fitness, weight management, tobacco cessation, stress management, and more. Empowering and engaging our members to lead healthier lives is vital to the prevention and management of dia-

betes, heart disease and other debilitating chronic diseases that drive healthcare costs. DAV ID GOLDFARB: Early disease detection and preventive care help bend the curve of healthcare costs for employers. Studies have shown that higher engagement between individuals and their primary care physicians lead to less occurrence of high-cost emergency room visits and episodic care. Reactive healthcare causes unintended consequences and unsustainable costs. Business owners that do not take a proactive approach employee health and wellness are far more likely to face unpredictable situations with that can costly and difficult o manage.

What can be done to ensure quality, transparency in pricing and a reduction in the cost of healthcare to help consumers? KAREN PINKSTAFF: In my opinion, organizations can continue to provide patients a cost estimate prior to a procedure or inpatient stay that will help understand the patient’s medical costs. People will always need access to medical care but if the industry remains engaged on quality of care and keeping the patient out of a hospital. This will reduce overall costs to the patient and should provide better quality of life to the consumer. There is an issue with this concept because hospitals and healthcare organizations need to see patients to make money so there needs a continued shift to valued-base care. DR. MARK CHASSAY: Primarily, it’s providing a suite of tools to engage and empower healthcare consumers with information to help them understand their options under their health benefit plans, including out-of-pocket cost estimates, information ab out physicians and facilities participating in networks, and information about provider quality. We off r Provider Finder, an online tool to help our members easily research and select physicians and facilities, as well as estimate healthcare costs. We also have Benefit Value Advisors—specially trained customer service advocates–who use data and other proprietary tools to provide members with choices that allow them to maximize their health care benefit .

Looking forward, what do you think the healthcare landscape will look like, say, fi e years from now? Five years from now, up to 50% of healthcare could be delivered remotely. Technology and data sharing will likely infl ence the trajectory of health care in the future,

SHARMILA SOLANKI:

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especially with the advancement and adoption of wearable devices. These devices can help healthcare professionals provide better care for their patients because they are now able to track their progress through data collection. As a result, there will be continued consolidation and change in the healthcare industry, where improved IT systems will be critical to sustain the adoption of data-driven, value-based care. KAREN PINKSTAFF: In five years, the healthcare landscape will remain in this hybrid model where patients are seen virtually and in-person. Healthcare technology with wearables and monitoring devices will continue to grow so providers can track patients regularly outside of an offic setting. Paired with these wearables will be a continued push for data analytics and using this data to better predict what kind of care a patient will need and how to be more proactive with patient care as opposed to reactive. This hopefully reduce the number of frequent inpatient and offic visits. DR. MARK CHASSAY: The healthcare industry is overdue for a paradigm shift–one that incentivizes value, quality, and outcomes. But it will take meaningful collab oration b etween payers and

of a truly exciting chapter in healthcare, and one that we’ll be perfecting over the next five year . DAVID GOLDFARB: The healthcare landscape and ecosystem as it stands today is unsustainable. We will continue to see growth in value-based care, specifically with direct contracting—it can benefi both employers and the healthcare system. For employers, it can provide a predictable window into spend, many times negotiating rate corridors that represent a discount over historical prices paid, all while eliminating administrative overhead that comes from working with third-party payers. For the healthcare system, this arrangement represents market share and an expanded community footprint, without the complexities of an intermediary standing between the patient and provider regarding care decisions and payment.

Mental health is becoming a routine part of the conversation these days. In what way does an employee’s mental health contribute to a healthcare organization’s success? AWSTIN GREGG: The relevancy of the mental health

of employees relates to an organization reaching its

Another path forward is supporting our doctors. We must empower physicians so they can make healthcare decisions that match the needs of their patients and our members. DR. MARK C H ASSAY

providers. By sharing administrative, clinical, and financial data, we also have a chance to hasten the movement toward value-based care. Another path forward is supporting doctors. That means contracting directly with independent physicians so their patients and our members can access care at affo dable rates. We must empower physicians so they can make healthcare decisions that match the needs of their patients and our members. AWSTIN GREGG: I believe the healthcare landscape in five years will be fueled with innovation and technology. In the past 12 months, we have seen a strong emergence of the utilization of technology to increase convenience for the consumer. A particular emergence was telehealth and the supporting technology to deliver clinical care. This has shown to increase attendance to appointments, increase convenience, and in several instances maintain or exceed average outcome measures. I believe we are on the cutting edge

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internal and external goals hand-in-hand. Ensuring our organization has resources to address mental health is equally as crucial as ensuring physical health. In my opinion, one of the most significan ways an organization can promote an employee’s mental health is by choosing leaders who have the skill of leadership. The ability to communicate criticism constructively, the ability to resolve conflic civilly, and the ability to understand EQ without condescension, belittling, or hostility are just a few of the ways employers can promote mental health of their employees. Our employees decide if we’re leaders, our title only decides if we’re their boss. There is stark contrast to what is possible in an organization with leaders versus bosses.

How are the healthcare worker shortage and the battle for talent impacting your practice for healthcare providers?

As a company focused on the revenue cycle management space, we think the healthcare worker shortage is deb ilitating and is here for the long term. We see that the deficit is across both clinical and administrative areas. Most of the solutions we provide are in the administrative space, where we help providers manage their revenue cycle. Our ability to solve administrative staffin through global workforce scalability is unique. We have added over 10,000 people in the last 15 months, helping some of the leading healthcare systems stay on top of their revenue cycle and accelerate cash fl w realizations. Our processes for hiring, training, and deploying a high-quality workforce enable us to help solve many financial challenges hospitals are currently facing, including virtual scribing, clinical documentation, and coding. SHARMILA SOLANKI: For our clients, regardless of the sector within healthcare services, finding and retaining talent is one area that is keeping management up at night. We have seen labor costs increase across the b oard regardless of clinic level. Staffin agencies are helpful, but there is a disparate cost structure between the employees and agency staffi . For many providers, this is not sustainable and eroding their margins. Also, it creates issues between the pay levels between people performing the same function. Employers are becoming creative by adding enhanced benefits and sign-on bonuses to attract and maintain their existing work force. KAREN PINKSTAFF: The labor shortage has affec ed quality of care and has forced employers to spend more money on salaries and benefits to attract and retain employees. Staff members are responsible for completing more tasks to cover the unfilled roles and the nurse/provider to patient ratios have increased which can also affect quality of care. ANURAG JAIN:

COVID-19 exposed the wide disparity in healthcare access and outcomes for communities of color. Why is it important for business and political leaders to address these inequities? DR. MARK CHASSAY: Addressing social determinants of health factors—such as education, employment, neighborhood, social support systems, and access to healthy food–is a key step to helping achieve health equity in our communities, where everyone can receive their highest level of care. Data and technology can help bridge the gap between clinical care and community health, allowing us to work with our network providers

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and community partners to measure and meet needs such as housing instability, food insecurity, and, lack of reliable transportation. ANURAG JAIN: Healthcare access is an essential subject across the world. The social determinants of health (SDOH) are important indicators of health and well-being. Inequities in healthcare access include issues faced by specific population

perceived oppression and diff rential treatment and the role of everyone supporting access to specific health plans, focused studies, and better insurance coverage. KAREN PINKSTAFF: Social Determinants of Health (SDOH) have been around for a long time, and the pandemic exposed these issues to the larger public. When patients were not able to see pro-

There will be continued consolidation and change in the healthcare industry, where improved IT systems will be critical to sustain the adoption of data-driven, value-based care. SHARMIL A SO L AN KI

groups including quality and cost of services at the point of care, lack of cultural competencies, inadequacies in healthcare population data for specific disease conditions, and economic disparities versus other population groups. The issue is not just racial but social and economic; it is partly the role of clinicians to break the cycle of

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viders in person and did not have the technology access, or there were no providers within a 25to 30-mile radius of these communities, this exposed a large population that didn’t have access to care as other communities. For a community to flourish, it needs access to care. All communities (regardless of color or ethnicity) are part of

the larger ecosystem, and when one community is affec ed, this has a ripple effect into the other communities. Some communities didn’t have access to the COVID-19 vaccine being as available as other communities, and this is just one example of the need to reduce any SDOH disparities.

What does the M&A outlook hold for healthcare? SHARMILA SOLANKI: Healthcare is very fragment-

ed. Currently, a significant portion of healthcare service companies are owned by mom-and-pop providers. As value-based care and reporting of outcomes continues to be on the forefront, there will be substantial investment in consolidating and professionalizing these platforms. For example, homecare and hospice are two sectors that are consolidating, along with other sectors, including physician practice management. These consolidations can lead to more scalable models, improving negotiation with payers, systems, and reporting capabilities. Furthermore, the professionalization of management teams will help take these businesses to the next level by focusing on effic ncies while providing quality care.

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ASK THE EXPERT

Economic Watch List: Risks and Opportunities Facing Business Leaders D E B R A B R E N N A N TAG G , C F P ®, P R E S I D E N T, B F S A DV I S O RY G R O U P

Considering all the volatility in today’s market, where do things stand from an economic perspective? The market is wildly diff rent from last year and isn’t behaving the way anyone expected. Going into 2022, we expected a more challenging environment due to inflation. We also knew the Federal Reserve would have to raise interest rates. But inflation has been persistently high, which is now forcing the Fed to raise rates more often than forecast. In response to the Fed’s aggressive rate hike plan, the typically steady bond market had its worst quarter in more than 30 years. Bonds generally provide a hedge to stocks, but that is not the case this year. These market conditions might remind some of 2008, when it felt like the wheels were coming off the financial markets. Yet there are positive things about the economy right now. Unemployment is at the lowest in 50 years, wages are up and consumer and corporate balance sheets are healthy. We keep hearing about a multitude of outcomes for the economy. What are you seeing? We prepare our clients for three outcomes: a soft landing, stagflation or a recession. All are likely. With interest rate management, the Fed is attempting a soft landing—the economy continues its positive growth. If interest rate increases don’t keep inflation at b ay, we get stagflation—prices are higher, but the Fed can’t do anything to cool them off, and demand stagnates. Then there are the factors out of the Fed’s control, like the supply chain and the war in Ukraine. If these factors continue to cause inflation and interest rates stay high, consumers will stop buying. This could lead to economic contraction and a recession.

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What is the importance of cash in this economic environment? Cash is not usually king during an inflationary period. But today’s market is diff rent due to the high level of uncertainty. The market is down, and it’s a fantastic time to buy for people with cash on hand. Cash also gives an advantage to business owners right now, but for diff rent reasons. Cash provides businesses the ability to pivot in diff rent environments. If infl tion goes down and we get back into a growth cycle, you can quickly hire or invest in growth. If we fall into a recession, you may not have as much profit but you can weather the storm if you have cash. You can keep your good, hard-to-hire people, operate at a loss, whatever you need to keep going. Should business owners have a wall between their business and personal financial plans Yes. If we learned anything during the COVID-19 pandemic, it’s the importance of balanced risk (and cash). Many business owners keep their personal and business financial plans together, but when you get into a high-risk environment, your business can cause your personal financial plan to collapse. On the other hand, if you have a strong wall between the two, you can take advantage of the diff rent opportunities caused by this volatile environment. For example, on the personal side, you can invest for the long-term, taking advantage of the down market. But business owners are always thinking of the shortterm, such as monthly expenses and payroll. If your finances are intermingled, you can’t take advantage of the long-term opportunities on the personal side because you may be funding short-term needs on the business side, particularly if any of the negative scenarios being forecast come to fruition.

DEBRA BRENNAN TAGG is a Certified Financial Planner™ and president of BFS Advisory Group, one of Dallas’ largest woman-owned wealth management firms. She is also the creator of the DBT360 Financial Plan, a proprietary program that helps her clients invest for the lives they want. The process prioritizes goals, leverages resources, and addresses risks to create a 360-degree, longterm financial plan. Tagg is a financial planner for corporate and individual clients, focusing on the unique challenges facing aspiring families, high-networth individuals, women, and entrepreneurs. She tailors investment and insurance programs to meet each client’s retirement, education, wealth building, and estate planning goals. She is among D CEO’s Dallas 500, the most powerful business leaders in Dallas-Fort Worth; is a “Woman to Watch” according to InvestmentNews; and was named 2019 Corporate Leader of the Year for D CEO’s Nonprofi and Corporate Citizenship Awards.

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SMU Cox School of Business 1

Businesses need quality leaders to grow and thrive. How do these programs prepare professionals to refine their l adership skills? The SMU Cox School of Business is dedicated to instilling leadership skills in our students throughout every course they take and academic interaction they experience. In 2020, SMU Cox introduced our revamped NextGen curriculum that is built to equip students with the skills needed to adapt quickly and efficiently o change. This enriched curriculum emphasizes leadership, analytics, and experiential learning, shaping, and preparing students for the next step in their careers. Furthermore, our SMU Cox Executive Education programs and courses focus on leadership development through open-enrollment, topic-specific p ograms. The short-course programs allow executives to master their field or fill a kn wledge gap, without the same commitment of a degree-seeking program. We also offer corporate custom-developed programs, designed in partnership with company HR and leadership teams, to meet the needs of partners like AT&T, Crestron, and Toyota.

How does your program ensure that it is aligned with the specific needs f employers in the region or executives looking for continuing education? SMU Cox leads from the front in curriculum innovation. We work with strategic corporate partners in Dallas Fort-Worth, nationally, and globally to determine market needs in real time. Our corporate partners tell us they want leaders who embrace innovation, adaptability, and critical thinking, as well as leaders who possess moral character, vision, and tenacity. Our revamped NextGen curriculum prepares executivelevel graduate students to make an immediate and lasting impact. Executive Education applies these same principles to prepare business leaders.

In what ways are business schools keeping pace with the signifi ant changes brought about by advances in digital technology and remote learning? In SMU Cox broke ground in May 2022 on a $140 million renovation and expansion project designed to train our students for a collaborative and technologically integrated world. And, to ensure students have the fl xibility they need, we have developed SMU Cox Edge, a hybrid learning model that offers the advantage of learning in person or virtually, that will launch in June. We have also adapted our Executive Education classes to the new environment with online learning platforms that provide opportunities for blended delivery: synchronous in-person and online sessions complemented by ondemand asynchronous viewing opportunities. It’s now easier than ever to acquire the skills to succeed in an ever-changing marketplace at SMU Cox.

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Southern Methodist University Business School Name: SMU Cox School of Business Executive-Level Programs: Executive MBA, Custom and Open-Enrollment Executive Education Executive MBA Admissions Contact: Jill Melton, Assistant Dean of SMU Cox Working Professional MBA Programs, jmmelton@smu.edu, 214.768.4648

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ILLINOIS Gies College of Business 1

What should learners know about Gies College Business? Gies College of Business has established itself as a leader in graduate business education because of its fully online, highly engaging programs. One of the nation’s top business schools, Gies provides an unmatched combination of quality, fl xibility, and affordability for working professionals—whether you’re interested in a single course, a credit-bearing graduate certifi ate, or a full MBA.

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How does Gies prepare students in terms of salary potential and career opportunities? At Gies Online, the vast majority of learners are working professionals looking to advance in their careers, and that’s exactly what students are accomplishing. Gies’ online MBA is priced at a market-shattering $23K and offers unprecedented ROI. 61% of Gies MBA graduates received a promotion, job offer, or accepted a new job during their time in the program. And they saw a 22% average pay increase before graduation.

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What role does Gies College of Business play in terms of preparing a diverse executive workforce suited to a global economy?

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Because of its mission to expand life-changing access to business education, Gies enrolls students from all backgrounds from all over the world. The school currently enrolls more than 7,000 students across 90-plus countries. And because these learners are taking classes from their home countries, they bring a unique global perspective to Gies’ highly engaging online classrooms. Not only does this help this diverse group of learners become the business leaders of tomorrow, but it also enriches the global experience of every learner in the program.

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What should executive students look for to ensure the program they choose provides lifelong learning and networking opportunities? Executive students should look for programs that prioritize their return on investment. At Gies, a student’s ROI comes with the ability to learn the material today and apply it at work tomorrow. Students will network with peers from around the world, and upon graduation, they join a network of more than 75,000 Gies Business alumni and more than 400,000 University of Illinois alumni.

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UTD

The University of Texas at Dallas

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What is the one thing that you want prospective students to know about your school/program? UT Dallas Executive Education programs are fl xible, convenient, and affordable. We take our research faculty and pair it with our business faculty, making a worldwide experience in the classroom and in the community. We have a program for everyone. At UTD, you can receive your Master of Science degree in 12 months, an MBA in 21 months, and special corporate certifi ations in less than one week.

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END MARK

OATH OF OFFICE

Justice League of Her Own S A R A H T. H U G H E S August 2, 1896-April 23, 1985

story by TAYSHA BILLINGER

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ormer federal judge sarah t. hughes is most known for being the fir t and only woman to swear in an American President, when she played a leading role in one of the most iconic moments in American history: Hughes swore in Lyndon B. Johnson on board Air Force One on Nov. 22, 1963, after President John F. Kennedy was assassinated in Dallas. Born in Baltimore, she attended law school at George Washington University, working as a police officer by y and studying at night. In 1922, Hughes came to Dallas to continue her advocacy for women in politics and was later elected to the Texas House of Representatives, where she served three terms. She became the fir t woman to serve as a state district judge in 1935. Her advocacy was instrumental in passing a state constitutional amendment that allowed women to serve on juries in Texas in 1954. Seven years later, Kennedy appointed Hughes to be a federal judge; she was the fir t female to hold that position in the state and the third woman to ever serve in the federal judiciary. Hughes was a foundational part of the women’s movement in North Texas and tirelessly worked for political and legal equality for all women. In a 1977 interview, Hughes described her success: “It all depends on whether you’re willing to work hard enough to get what you want, not what stands in your way.”

P H OTO G R A P H Y C O U R T E S Y O F L B J P R E S I D E N T I A L L I B R A R Y

Judge Hughes swears in Lyndon B. Johnson, who is flan ed by his wife “Lady Bird” Johnson (left) and Jackie Kennedy.

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6/13/22 1:53 PM

(CEO WORLD, 2021)

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6/10/22 1:29 PM

Trust means sharing a vision setting goals exceeding expectations more.

At Texas Capital Bank, expertise is just the start. Because our clients deserve more. We invest in our relationships by providing an unparalleled level of understanding and service you can only find in Texas. It’s why we’ve been recognized as America’s #1 Most Trusted Bank.

The #1 Most Trusted Bank in America

Texas Capital Bank

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Member FDIC

NASDAQ ®:TCBI

www.texascapitalbank.com

6/7/22 9:14 AM 6/9/22 12:07 PM

D CEO June/July 2022

Articles inside

THOUGHT LEADER

FINANCE

WELL TRAVELED

ON THE TABLE

YOU NEED TO KNOW

GREATER GOOD

LEADING OFF