D CEO November by DCEO

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E N E R GY AWA R D S

P E R M IAN BA S I N K I N G : SCOT T S H E F FI E LD P LU S : Meet Gerald Alley, the driving force behind Con-Real

CEO

The New Energy Landscape Once siloed, renewable energy and fossil fuel companies are collaborating to build a reliable and sustainable future.

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NOVEMBER 2021

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$7. 95

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BUILD.

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RESILIENCE

REWARDING

OUR POLICYHOLDERS STAYED FOCUSED ON SAFETY AND EARNED $330 MILLION IN DIVIDENDS.

Employers faced unprecedented challenges in 2020. The obstacles were steep, but you adapted, stayed strong and stayed committed to keeping your workers safe. And we were proud to reward that commitment with a $330 million dividend payout this year. It’s our way of helping your business — and Texas — keep moving confidently into a brighter tomorrow. For more on how our dividend program is changing the way workers’ comp works for you, go to texasmutual.com/rewarding.

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Let the Journey Begin Premier flexible workspace & personalized services for your growing business harwoodleasing.com/flex

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SOLD ICON GLOBAL - A MARKETING MACHINE

$725MM

$39.95MM

$250MM

$34.22MM

$100MM

$32.5MM

$59.5MM

$31.1MM

$45MM

$21.5MM

$43.9MM

$17.136MM

$40MM

$16.562MM & COUNTING

• INDEPENDENTLY LICENSED & INTERNATIONALLY CONNECTED FULL SERVICE BROKERAGE FIRM • RANCH • COMMERCIAL • UNIQUE RESIDENTIAL • APPRAISAL

I N F O @ I C O N . G L O B A L | 2 1 4 . 8 5 5 . 4 0 0 0 | W W W. I C O N . G L O B A L

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$ 2 50 MM | U nder C o ntract S A ND OW L AKE S R ANC H 32,000± acres Rockdale, TX

Pr i ce by p re-q ual i fi ed re ques t T H E R OMANOV E S TATE 9-acre compound | A Richardsonian Romanesque Houston, TX

ICON GLOBAL - A MARKETING MACHINE

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Icon Global designs and implements strategic, tactical marketing and sales campaigns for unique, high-end properties globally Icon is a recognized leader in Farm & Ranch, Luxury Ranch, and Unique Residential sales. Icon, also represents select industrial and commercial real estate projects. Icon goes beyond acquisition and sales representation, providing unmatched services with an Appraisal resource group as well as an Energy services division (Minerals, Oil & Gas and Renewables such as Wind, Water and Solar). The team also provides expertise and consultancy in ranch and livestock management, as well as property tax base services.

Icon Global is first and foremost a marketing company. As and when and where we do that right, we then get to be a brokerage company - executing on deals and successfully servicing clients. A majority of our deals are quiet, off market and confidential. However, if required to aggressively and internationally market with high visibility...We can...and We do.” - Bernard Uechtritz | Founder

I N F O @ I C O N . G L O B A L | 2 1 4 . 8 5 5 . 4 0 0 0 | W W W. I C O N . G L O B A L

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J u st L i sted Pri c e by p re-q ual i fi ed reques t T UR KE Y TR AC K R ANC H 80,000± acres | under one fence Texas Panhandle

photo by Wyman Meinzer

ICON GLOBAL - A MARKETING MACHINE

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I N F O @ I C O N . G L O B A L | 2 1 4 . 8 5 5 . 4 0 0 0 | W W W. I C O N . G L O B A L

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J u st L i sted M i n bi d $6 ,0 0 0 / ac re - Tur nkey E L K H AR T R ANC H 6,000± acres Elkhart, TX | 2.5 hrs from Dallas & Houston

ICON GLOBAL - A MARKETING MACHINE

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I N F O @ I C O N . G L O B A L | 2 1 4 . 8 5 5 . 4 0 0 0 | W W W. I C O N . G L O B A L

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$ 15.5MM S U GAR E E 1,300± acres Athens, TX | 1 hr from Dallas

ICON GLOBAL - A MARKETING MACHINE

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$1 2. 9MM PIN E MOU N TA I N L A K ES 800+ acres Brownsboro, TX | 1 hr from Dallas

I N F O @ I C O N . G L O B A L | 2 1 4 . 8 5 5 . 4 0 0 0 | W W W. I C O N . G L O B A L

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B L AC K WIL L OW R ANC H 7,103± acres Watrous + Valmora, New Mexico

ICON GLOBAL - A MARKETING MACHINE

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S O L D | $72 5MM W.T. WAG G O NE R R ANCH

S O L D | $59.5MM B A RE FO OT R ANC H

SOLD | $83. 85 MM THE RESERVE & SU L P HU R B L U F F

SOL D | $45 MM RIO BO N I TO R A N CH

S O L D | $4 0 MM

SOLD | $34. 22MM

K B C AR TE R R ANC H

BROSECO R A N CH

S O L D | $3 2 .5MM

SOLD | $1 1 . 95 MM

K C7 R ANC H

F I N CA ST L E

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Stepping up to the challenge. As the economy recovers from the pandemic, BKD continues to stand firm in our commitment to helping you mitigate the financial effects. Our trusted advisors are ready to help you navigate the current environment and meet your business needs with protection measures and cost recovery strategies.

Everyone needs a trusted advisor. Who’s yours? bkd.com/energy • @BKDEnergy

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CONTENTS NOVEMBER 2021

VO LU M E 1 6 | I S S U E 0 9

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

Gerald Alley aims to have lasting impact with his company, Con-Real.

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The New Energy Landscape

The Conscience of the Permian

Life. Leadership. Legacy.

Once siloed, renewable energy and fossil fuel companies are collaborating to build a reliable and sustainable future.

With his Pioneer Natural Resources sitting atop the world’s largest basin, Scott Sheffield leads in the monumental energy transition.

Meet the force behind Con-Real, Texas’ largest Black-owned construction and real estate company.

story by KELSEY J. VANDERSCHOOT portraits by SEAN BERRY

story by JENNIFER WARREN portrait by SEAN BERRY

story by BARRY SHLACHTER portrait by JILL BROUSSARD

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CONTENTS

20 EDITOR’S NOTE

DOSSIER 2 3 YO U N E E D T O K N O W

Mimi Crume Sterling, The Family Place 26 MEET THE 500

Stacey Doré, Hunt Utility Services and Sharyland Utilities

2 6 L O C A L LY S O U R C E D

David and Rae Liu, Leatherology

2 8 R E TA I L

Derek Curry, Sneaker Politics 3 0 O N T H E TA B L E

Dennice Johnson, Hyphen 3 2 F O O D & B E V E R AG E

Kenneth Braddock, Rosewood Ranches

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

FIELD NOTES 53 LEADING OFF

Gail Warrior, CASPR Group 54 FINANCE

The SPAC explosion of 2020 has reached equilibrium, but the alternative path to going public isn’t going away. 56 ON TOPIC

Rob Davis of Critical Start, Amy M. Stewart of Stewart Law Group, and W. Joe DeMiero of Hawkeye on the best business advice they’ve ever received.

OFF DUTY

61 ART OF STYLE 58 THOUGHT LEADER

SMU’s Eva Szalkai Csaky on unlocking economic gains through smart energy use.

Sara Madsen Miller, 1820 Productions 6 2 M U S T- R E A D

The favorite business books of area C-Suiters. 6 4 D I N N E R PA R T Y

6 6 W E L L T R AV E L E D : N E V I S

King R. White, Site Selection Group

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P LU S : Meet Gerald Alley, the driving force behind Con-Real

CEO

North Texas execs share the two business leaders they’d most like to have dinner with.

E N E R GY AWA R D S

P E R M IAN BA S I N K I N G : SCOT T S H E F FI E LD

The New Energy Landscape Once siloed, renewable energy and fossil fuel companies are collaborating to build a reliable and sustainable future.

68 ROOTS

Wande Elam, Toyota Motor North America 96 END MARK

Education pioneer Ela Hockaday

ON THE COVER:

Scott Sheffield of Pioneer Natural Resources, photographed by Sean Berry.

DCEOMAGAZINE.COM

9/24/21 12:34 PM

EXPERIENCED

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P U B L I S H E R Gillea Allison

EDITORIAL EDITOR Christine Perez MANAGING EDITOR Will Maddox ONLINE MANAGING EDITOR Bianca R. Montes ASSOCIATE EDITOR Kelsey J. Vanderschoot ASSISTANT EDITOR Ben Swanger CONTRIBUTING WRITERS Richard Alm, W. Michael Cox EDITORIAL INTERNS Preston Rios, Catherine Rosas, Catherine Rushing

ART DESIGN DIRECTOR Hamilton Hedrick STAFF PHOTOGRAPHER Elizabeth Lavin DIGITAL ART DIRECTOR Emily Olson

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

MARKETING & EVENTS MARKETING DIRECTOR Gigi Ekstrom BRAND MANAGER Carly Mann EVENTS PRODUCER Beth Albright EVENT COORDINATOR Amber Knowles ADVERTISING ART DIRECTOR Katie Garza SALES MARKETING MANAGER Jenni Elam EVENT INTERNS Karime Alvarado, Jeffrey Uncad

AU D I E N C E D E V E LO P M E N T DIRECTOR Amanda Hammer MANAGER Sarah South DATA ENTRY SPECIALIST Jade Osseck RETAIL STRATEGY MANAGER Steve Crabb MERCHANDISER David Truesdell AUDIENCE DEVELOPMENT INTERNS Jessica Taber

PRODUCTION DIRECTOR John Gay MANAGER Pamela Ashby PHOTO RETOUCHER Veronica Jones PRODUCTION INTERN Cassie Davis

BUSINESS CONTROLLER Sabrina LaTorre SENIOR STAFF ACCOUNTANT Debbie Travis STAFF ACCOUNTANT Lesley Killen ACCOUNTS RECEIVABLE COORDINATOR Jessica Hernandez IT TECHNICIAN Luan Aliji ADMINISTRATIVE ASSISTANT Jacob Villalobos

WEB EDITORIAL DIRECTOR Matt Goodman SENIOR DIGITAL EDITOR Alex Macon

MAIL 750 N. Saint Paul St., Ste. 2100, Dallas, TX 75201 The magazine assumes no responsibility for the return of unsolicited manuscripts. WEBSITE www.dmagazine.com/publications/d-ceo MAIN OFFICE 214-939-3636 ADVERTISING 214-939-3636 x 128 REPRINTS 214-939-3636 SUBSCRIPTION SERVICES For immediate assistance, call 214-939-3636 x 232. For other inquiries, e-mail customerservice@dmagazine.us. 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. For custom publishing inquiries, call 214-540-0113.

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 OF STAFF Rachel Gill FOUNDER Wick Allison

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AGENDA

John Wiley Price, Quishana Pouncy

Will Evans

Walt Humann, Prentis Murphy

Communities Foundation of Texas in september, communities foundation hosted a cause-minded Conversation on the newly re-issued book, The Accommodation, in partnership with Deep Vellum Publishing. Held at the Pittman Hotel, the event featured The Accommodation author Jim Schutze and forward-writer John Wiley Price, in a discussion moderated by CFT’s Noelle LeVeaux. The Accommodation is a powerful, long-repressed Dallas book that examines the city’s suppressed past of race and politics. Watch the live stream recording and view event photos at CFTexas.org/Accommodation and learn more about the forthcoming community-wide read at BigDReads.org.

Sanderia Faye, Noelle LeVeaux, Christa Sanford, Tiffany Anderson

Beverly Wright, Diane Hosey

Jason Oliver, Keri Mitchell

Noelle LeVeaux, Jim Schutze

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Antong Lucky, Jerry Hawkins

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

Dave Scullin, Melanie Ferguson, Drexell Owusu

Shan Zaidi, Michael Hinojosa, Trè Black

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LETTER FROM THE EDITOR

The Great (CEO) Resignation

Oil & Gas An Industry Always Pivoting

Is Your Business Prepared For A Major Change? Take The Assessment At

Robert Gardner, CEPA, CFEd® 972-833-2570 Who Business Owners Trust

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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

GardnerWallace.com/business

two years ago, texas a&m university professor anthony Klotz, wrote about a mass, voluntary exodus from the workforce, calling it “The Great Resignation.” As prescient as he was, even Klotz could not have predicted the way the work world would be vastly transformed by a global pandemic (and how his catchphrase would become embedded in today’s business vernacular). For company leaders, finding and hanging on to talent is a chief concern. According to the U.S. Department of Labor, more than 11.5 million workers quit their jobs in April, May, and June 2021, with many leaving to form entrepreneurial ventures. But it’s not just entry- or mid-level employees who are checking out. Executives across the region are stepping away from corporate life. We’ve seen plenty of evidence as we’re pulling together the 2022 edition of the Dallas 500, our annual publication that profiles the most influential leaders in North Texas. There are a lot of new faces in the book, with Robert Jordan replacing Gary Kelly at Southwest Airlines, Satish Malhotra filling the shoes of Melissa Reiff at The Container Store, and Peter McCanna succeeding Jim Hinton at Baylor Scott & White Health, to name just a few. Demographers saw this coming, with baby boomers—the largest segment of the working population—hitting retirement age. The tribulations of the past couple of years may have accelerated the timetable for some. The leadership vacuum is complicated by the fact that, with baby boomers working longer than those who came before them, up-and-comers in Generation X haven’t been given the same leadership grooming opportunities. The new class of CEOs will have to deal with a vastly different work world than their predecessors. The good news is, they’ll bring new energy and innovative ideas with them when they do take the helm. That’s good not only for their companies but for the North Texas business community as a whole.

Christine Perez Editor

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AGENDA

Greyson Fewin, Cole Murphy, Nate Eskinder

Huntley Lewis, Max Schwartzstein

Kaitlin Jones, Alix Rios, Lauren Clark

TREC Young Guns: Night at the Levee the real estate council (trec) recently hosted its inaugural Young Guns: Night at the Levee featuring live music from local pop-punk bands As the City Sleeps and Van Full of Nuns. Night at the Levee raised funds for the 2021 Young Guns Project to renovate an apartment building that will house 14 families in Dallas’ Forest District neighborhood. The project is a collaboration between the Young Guns, TREC’s 35-and-under commercial real estate professionals’ group, and St. Philip’s School and Community Center.

Alex Scheiwe, Nate Eskinder, Becky Madole, Julie Saqueton, Greyson Fewin, Mike Ablon

Alex Scheiwe

Mike Ablon

Greyson Fewin, Nate Eskinder

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Olivia Barnes

P H OTO G R A P H Y BY S T A C E Y B R O O K S O F S E E P I N K I N C .

Meredith Quigley Rooker, Anna Procter

Van Full of Nuns

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Pioneer’s nearly 2,000 employees congratulate Scott on receiving the 2021 Legacy Award

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NOVEMBER 2021

DOSSIER TRENDS

WATC H

a n d

NORTH TEXAS NEWSMAKERS

YOU NEED TO KNOW

C O U R T E S Y O F T H E F A M I LY P L A C E

The Family Place’s Mimi Crume Sterling The former Neiman Marcus exec wants to work herself out of a job caring for domestic violence victims. story by WILL MADDOX

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DOSSIER

domestic violence nonprofit? The answer: Servant leadership. Sterling’s first job was washing dishes as a pre-teen at Lantern Brunch in Andover, Massachusetts. She attended Phillips and college on financial aid and was a varsity rower. After graduating, she arrived in New York with $2,000 in her pocket, crashed at a friend’s grandmother’s apartment for six weeks, and began building her career. Sterling’s shift to the nonprofit world makes sense with a better understanding of her international travel and luxury retail career. Her high school’s motto was non sibi (not for self), and the it is mimi crume sterling’s third day on the job when we speak about her new role as ideal has permeated her career. And at Neiman CEO of The Family Place. She is sitting in her Marcus she focused on recruiting diverse talent car outside the home of her predecessor, Paige into the pipeline. “My role has been serving people Flink, about to embark on a field trip. That for a very long time,” Sterling says. “Whether it’s day, the two women toured the nonprofit’s faa Neiman Marcus customer or associate as a cuscilities, which offer shelter to victims of domestomer in people services, I am a servant leader. My tic violence and their families in North Texas. happiest place is serving others.” Flink, who led the organization for 30 years, When a friend of hers on the board at The is helping onboard Sterling as she transitions Family Place suggested she think about the job, from her role as vice president of environment, it seemed a natural fit, even though she wasn’t social, governance, and belonging at Neiman looking to leave. “They need you, and you need Marcus Group. “Every meeting, Paige kicks off them,” her friend pitched. “This is an amazing with, ‘I was part of the proopportunity.” As the leader of cess. I helped pick Mimi. She’s one of the state’s largest family “I AM A SERVANT going to be great.’ She’s giving violence services agency, SterLEADER. MY me her seal of approval, which ling will have plenty of opporis smoothing the transition tunities to practice the service HAPPIEST PLACE IS for the organization that has she has long valued. SERVING OTHERS.” known only her for so long.” She has fallen in love with MIMI CRUME STERLING Sterling says. the arts and diversity of North The Family Place Her resume reads like an inTexas, is plugged into Dallas ternational woman of intrigue, ISD via her three children, from an elite education at Phillips Academy— and thinks her new role at The Family Place will Andover to positions at Hermès and overseeing be a long-term opportunity. Sterling hopes that public relations at Harper’s Bazaar, Good Housethe organization can both respond to crises and address domestic violence at its roots. keeping, and O, The Oprah Magazine. Raised “My goal is not to serve more people,” she says. in Boston, Indianapolis, and New York, she has “My goal is to work myself out of a job and be also lived in Paris, Milan, and Morocco. So, why able to close up our shelters because this service would a woman with this pedigree walk away is no longer needed.” from corporate America to lead a Dallas-based

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A Holistic Home Founded in 1978, The Family Place provides safe housing, counseling, and skills to build independence while advocating for social change to stop family violence. Its three emergency shelters offer 177 beds for families in need; the organization also provides transitional housing and career development. With an annual budget of $13.5 million and about 200 employees, it provides services to more than 12,000 clients. Sterling aims to build on the organization’s solid foundation and lean into her roles as fundraiser and community ambassador to deepen relationships in Dallas and beyond. “There are a lot of opportunities to continue to develop relationships with other organizations and build a nationwide network around family and domestic violence.”

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SECTION NAME

ASK THE EXPERT

Persuasion Skills Part Six: Promote “Winning” 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

c-level execs, managers, and entrepreneurs make sales pitches every day. Whether you’re trying to motivate an employee, sell goods or services, obtain funding from a PE firm, or win an argument with family or friends, persuasion skills are essential. This article details another proven persuasion technique. People are inherently competitive and want to win in nearly every aspect of life. Athletes compete to win first place, just like attorneys go into trial hoping to win--not minimize--their client’s loss. Ultimately, humans strive for success above all else, sometimes even when the cost of competing outweighs the profit of winning. This “win at all costs” concept is present in business deals, heated debates at the dinner table, and athletic competitions. Far too often, people go to great lengths to win and end up paying a considerable price in the process. Thus, when negotiating, play into people’s hunger to win. If you lead them to believe that by complying with your suggestions, they are winning, then they are far more likely to do so.

The “what if ” syndrome is why Olympic bronze medalists are often happier than silver medalists. Andrea Luangrath’s studies show silver medalists often create alternative scenarios in which they would have won gold, causing them to be unhappy with second place. Comparatively, bronze medalists’ satisfaction is higher because they often compare their situation to that of the fourth-place finisher. Thus, when persuading someone, it’s crucial that they feel they won and did not settle for less than they deserve. One way to convince someone that they “won” is to portray yourself as the loser. If they perceive themselves as winning and you losing, they will likely comply because you make them feel they won the best outcome (a gold medal). If they perceive they won, but did not maximize, they will be unsatisfied like the silver medalist.

Trump Tapped Into The Win/Win Technique Another technique is promoting a win/win outcome in which both people win and maximize their best result, comparable to two athletes tyThe “What if” Syndrome ing for gold. Winning is not always sufficient; people also value the idea of achieving their best. In short, if the perDonald Trump successfully utilized this persuasive son you are trying to persuade does not believe they technique in his first presidential election campaign. maximized their outcome, they will not be satisfied Trump’s mantra was, “We’re going to win. We’re going purely by “winning.” When a to win so much that you may scenario does not meet someeven get tired of winning.” By framing his election as a one’s expectations, they consider “what ifs”. If they feel an win/win for everyone, Trump alternative would have been appealed to the voters’ innate better for them, they will be desire to win. The takeaway: promote more reluctant to comply 500 N. Akard Street, Suite 1900 with the outcome you are others “winning” to win Dallas, Texas 75201 subtly pushing them toward. your next sales pitch. 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 Dunn was included in DCEO Magazines’ 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 Thompson Reuters service) and a D Magazine Best Lawyer 12 times.

NOVEMBER 2021

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

The Best of Both Worlds

STACEY DORE

rae liu spent her mid-20s working in New York City, where she helped Alexander Wang launch a footwear and handbag line. The Plano-born designer decided to return home when she realized she couldn’t afford to buy the products she was creating. She and her brother, David Liu, who left an executive post with Google, founded Leatherology in 2008 to offer luxury products at lower prices. Without a brick-and-mortar store, they’re able to pass along savings to online shoppers. The brand offers more than 300 leather products in various colors and recently launched a canvas line. Its success led to an expansion into the UK and Mexico and a handbag collaboration with designer Diane von Furstenberg that features two of the icon’s prints from the ’70s. This month, Leatherology will open a pop-up store in NorthPark Center. “It was our favorite shopping destination growing up, so it is kind of full circle,” Rae says. —Sara Rushing

President and CEO H U NT UTILIT Y SE RVICES AND SHARYL AN D UTILITIES

after climbing the ladder as a corporate counsel, Harvard Law grad Stacey Doré stepped into a CEO role in 2019. She has since lead her team through significant growth—and multiple crises. “We have grown in even more important ways by developing resilience and grit,” she says. Despite the challenges, it’s an exciting time to be in energy, Doré adds. “All sectors of the industry are pulling together to create the most efficient, reliable, and sustainable forms of energy to keep up with growing demand in Texas.” BIRTHPLACE: Crowley, Louisiana EDUCATION: Harvard University (JD), University of Louisiana at Lafayette (BA-Journalism) CAREER PATH: “I chose to be a lawyer because I love to write, and I love to advocate. That led me to an in-house position at an energy company, which eventually led me to my current role.”

the trash, so please don’t throw yours away when you go there.” PROUD MOMENT: “We learned to do business in a different way during the pandemic. Those are skills that sometimes can be honed only through crisis or challenging conditions. Our team has grown closer as a result, and that elevates our performance.”

BEST ADVICE: “Don’t limit your career potential to what you think you know. You are smart, and you can learn what you need to know to do a new job.”

WHO INSPIRES ME: “My mentor and champion, Rob Walters. He taught me how to practice law, how to think about business problems, and how to support others around you and pay it forward.”

FIRST JOB: “Working at Dairy Queen in my hometown. I learned the value of showing up on time, ready to work hard. I also learned that it’s not fun to dig those red Dairy Queen baskets out of

WALK-UP SONG: “I’d choose ‘Little Red Wagon’ by Miranda Lambert. It’s a sassy, confident song that puts me in a good mood. My family makes fun of me for singing it all the time.”

DESTINATIONS OF CHOICE: “We have family traditions of visiting Destin and Beaver Creek, so those are special places to me. I also love Napa Valley, Paris, and the Amalfi Coast.” SECOND HOME: “We built a house a couple of years ago in our hometown of Crowley, Louisiana. It is obviously not a coveted vacation destination, but it’s a special place to us, and our families live there. Our house is on a piece of my grandfather’s farm property, right next door to my sister’s home and only a couple of miles from my husband’s sister.” HOBBIES/PASSIONS: “Orangetheory Fitness, half-marathons, and jigsaw puzzles. I’m also learning to play mahjong.” DINING OUT: “I love Del Frisco’s filet with a lobster tail and lobster mac and cheese—and a very dirty Grey Goose martini, up.”

D O R É 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 L E A T H E R O L O G Y

The siblings behind Leatherology, David and Rae Liu, create products that are both luxurious and affordable.

MEET THE 500

FAMILY TIES

Leatherology cofounders David and Rae Liu are known for their personally embossed goods.

LOOKING AHEAD: “There are huge opportunities for innovative and flexible businesses to meet the energy needs of our growing economy and to positively impact our community while doing so.”

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

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WaFd Bank Energy Team

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DOSSIER

R E TA I L

story by BEN SWANGER

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derek curry came of age in louisiana with an affinity “WE SELL for streetwear and southern hospitality. He has since translated A LIFESTYLE, that affection for fashion into a burgeoning chain of sneaker bouNOT JUST tiques that sells upwards of 2,000 pairs of shoes a week, in-store SNEAKERS, and online. But his story isn’t one of instant success; Sneaker Politics took nearly half-a-decade to find its footing. NOT JUST Told by others that a job in fashion was frivolous, Curry laced CLOTHING.” up wingtips rather than Air Jordan’s and initially chased a career on Wall Street. While building his resume, he helped support himself by managing a Finish Line footwear store. The smell of new shoes every day inspired him to reconsider fashion and look for a way to disrupt sneaker sales. During a trip to Boston, he found that shoe stores were much more experiential there. Instead of an employee greeting him at the door with a foot-measuring device, the vibe was personable and social. Seeing a gap in the market, he was determined to bring the concept to the South. In 2006, he launched Sneaker Politics in Lafayette on the backbone of hospitality. Every dime of the upstart’s funding originated from personal savings. During the five-year runup to profitability, Curry tried everything, even resorting to selling his personal collectible shoes and flipping kicks at buy-cost just to get his name circulating. But it was his ability to find rare and collectible sneakers and his high-touch approach to retail that resonated. Before long, Curry got in with the biggies, scoring exclusives with Nike, Adidas, Air Jordan, New Balance, and more. His timing could not have been better. Statista puts the value of the fast-growing global sneaker market at $70 billion for 2020 and expects it to hit $102 billion by 2025. “Sneakers have become an asset,” Curry says. Today, there are seven Sneaker Politics stores in Louisiana and Texas, with Austin opening in 2018 and Deep Ellum, where Curry is now based, in 2019. The brand, which sells casual apparel in addition to shoes, has grown sales and profits by 30 percent year over year and is topping that average in 2021—all while supporting the underserved through partnerships with Dallas-based United People’s Coalition and Tank Proof. “We sell a lifestyle; not just sneakers, not SNEAKERHEAD just clothing,” Curry says. “It started out as me Curry teamed up with Reebok on two building friendships, impacting the commupairs of its classic nity, and to this day, we hold those values.” Ventilator.

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

Deep Ellum Entrepreneur Derek Curry Laces the Community with Sneaker Politics

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Jackson Walker Tax Transactional and M&A Team

Celebrating the shared progress of the Texas energy industry

Rob Ahlander NYU Tax LL.M.

Brady Cox

NYU Tax LL.M.

Byron Egan UT Law

Willie Hornberger NYU Tax LL.M.

Chad West

NYU Tax LL.M.

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DOSSIER

O N T H E TA B L E

How Hyphen Founder Dennice Johnson Is Creating the Travelocity of Moving The North Texas entrepreneur takes the work out of relocations for sports stars and celebrities.

story by DIANTÉ MARIGNY illustration by JAKE MEYERS

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waiting for a booth at hillstone, hyphen founder Dennice Johnson and I waste no time getting acquainted. We chat briefly about our hometowns, Plano (hers) and DeSoto (mine), being like two different worlds. I learn that Spanish is her first language, that she’s a toddler boy mom, and that she orders the same thing every time she visits the popular Park Cities eatery— blackened salmon, creamed corn, and broccoli. Inspired by her loyalty to the meal, I order it, too. Johnson has made a name for herself in the real estate industry with her luxury concierge service specializing in the relocation of athletes, celebrities, and executives. Getting there, though, was not a clear path. “I was open to the journey,” she says, “I’ve done everything from fast food to retail to corporate and banking. I was a teacher for five years. I was open to suggestions; people would say, ‘You’re funny; you should do this. You’re assertive; you should do that.’ I eventually stumbled into real estate ... I did one or two relocations and thought, ‘This is kind of fun; I should venture off and do it by myself and see if it will work.” Today, Hyphen is a multimillion-dollar business that has worked with more than 200 players across 30 teams in the NFL and NBA. Her stories of proving herself in the industry range

from a client once calling her “Jesus” after she did the near-impossible: move him and his family in a matter of days after being uprooted in an NBA trade. And then there was that time she physically pushed a stalled Porsche Panamera into a shipping container. Her grit and determination, she says, mostly come from watching her father hustle from being a plumber with an 8th-grade education to running a $30 million construction company in Dallas. When times were tough, and she did not make enough to even cover her own salary, she leaned on his advice that success is about staying power. “A lot of entrepreneurs sometimes get discouraged in that first year, the second year, the third year,” she says. “Most businesses fail in three years, so it’s all about making sure you wake up and find your ‘why’ every single day.” When it came to scaling her business, Johnson got advice from The 10X Rule and its author, Grant Cardone. His words about being fearless—even when it can paralyze you—resonated with Johnson, and she knew he was someone who could help. Using her powers of persuasion, she managed to get the billionaire on the phone. During their short call, she says he changed how she saw life, her family and friends, and her business. “He literally dismantled and restructured my business in 20 minutes,” she says. What’s one of the biggest takeaways, I ask. Upping her game, she says. Johnson explains that Cardone told her to write down her financial goal. She put down to make $5 million a year. He told her that was a joke, and to write down $100 million. Why? Because she knew how to get to $5 million, Johnson says. “But with a $100 million, I had a why and drive and purpose.”

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IT’S EASIER TO PLAN FOR THE FUTURE WHEN YOU HELP SHAPE IT. Stephens has been an active participant in the oil and gas industry for more 80 years, understanding that capital and ideas are indispensable to a thriving energy industry. Our advisory assignments demonstrate how an independent investment bank, backed by extensive knowledge and innovative ideas can help build stronger, more prosperous companies. Since 2009, Stephens has helped our clients close 169 transactions worth more than $54 billion. Isn’t it time that you give our experienced team of energy investment bankers a call to discover how a relationship with Stephens could help your company? Keith Behrens 214-258-2762 keith.behrens@stephens.com Paul Moorman 214-258-2773 paul.moorman@stephens.com Brad Nelson 214-258-2763 brad.nelson@stephens.com Charlie Lapeyre 214-258-2784 charlie.lapeyre@stephens.com Jim Wicklund 214-258-2798 jim.wicklund@stephens.com 300 Crescent Court, Suite 600, Dallas, TX 75201 STEPHENS INC. • MEMBER NYSE, SIPC

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SECTION NAME

HANDS ON

Chef Michael Lane often visits the ranch, less than an hour from DFW.

GREEN-MINDED

Rosewood Ranches works with area distilleries to upsycle spent grain.

RAISED RIGHT

Kenneth Braddock shows off Rosewood’s premium Texas Wagyu.

FOOD & BEVERAGE

From Pasture to Table Kenneth Braddock is perfecting Texas Wagyu at the Hunt family’s Rosewood Ranches south of Dallas.

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

story by BIANCA R. MONTES

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walking into one of dallas’ newest barbecue joints, I knew what I wanted as soon as I laid my eyes on the menu. “Wagyu brisket,” I tell a man behind the counter at Oak’d Handcrafted BBQ, which recently opened on Greenville Avenue with an impressive group of backers behind it. As I watched my meal being prepared, I had no idea that the process of getting the meat to my plate had been several decades in the making. But with a tour of the Hunt family’s Rosewood Ranches on the schedule, I was soon to learn more. A LIFE OF RANCHING Kenneth Braddock is exactly what you’d imagine when picturing a Texan rancher—thick white

mustache, Stetson hat, and all. He grew up in the Panhandle with his dairy-farmer father. Following in his father’s footsteps, he went to Texas Christian University to study ranch management and had a short-lived career with a dairy farm before venturing into embryo transplants in cattle. His innovative work in calving led to John Bunker Sands calling him in the early 1980s. Sands, the son of Caroline Rose Hunt, was executive director of The Rosewood Corp. at the time and responsible for developing wetlands on the family’s ranches. The two men had never met but bonded over that two-hour phone call and went on to work together at the ranch for nearly two decades. “I learned a lot from him—from stewardship to environment,” Braddock says about Sands, who passed away in 2003 after a year-long battle with pancreatic cancer. “One of the biggest things I learned from him was how to really duck hunt— not just shoot ducks,” he recalls with a raspy laugh. continued on page 034

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DOSSIER

BEEF PROS

Chef Michael Lane is flanked by Forum Meat’s Walter Wilkerson and Tod Winn.

continued from page 033

This year marks Braddock’s 36th year with Rosewood. The morning of our conversation began with a report card on the quality of the ranch’s Texas Wagyu cattle. A TEXAS SPIN ON WAGYU Few realize the time and effort it takes to deliver a piece of beef to the table. For Rosewood, the process of getting beef to the table takes about 29 months. Braddock says he first came up with the idea of starting a meat business at the ranch about 20 years ago. With the demand for high-quality meat beginning to grow, he wanted to create a hybrid Texas Angus version of the popular Wagyu beef. “I didn’t want to reinvent the pasture-to-plate wheel. I just wanted to see if I can be the best spoke in it,” Braddock says. Lucky for him, Rosewood is the type of company that will give you a lot of room to run with ideas—as long as they work. Collaborating with a “middle-man,” high-end meat processor and cutter Forum Meat Co., the ranch’s Wagyu is now on the menu at coveted restaurants, including several by José Andrés, such as his famous Las Vegas eatery The Bazaar, Oak’d, and Billy Can Can, to name a few.

continues to rise, Rosewood anticipates going from processing about 3,000 head of cattle a year to more than 5,000 over the next two years. Much of the demand comes from a growing awareness of people wanting to know where their food comes from, especially the younger generation. “They want a narrative,” says Todd Winn, co-founder of Forum Meat Co. “The local movement has gotten a lot bigger. Chefs and consumers are looking for Texas product with no hormones, no antibodies, and that is less processed. Rosewood is about as pure as you can buy.”

RANCHING

Getting Wagyu on the menu It took nine months for Michael Lane to secure a deal with Rosewood Ranches to use its Prime and Wagyu beef at Oak’d—a first restaurant for the seasoned chef who has worked with everyone from Robert Del Grande at The Annie Café & Bar in Houston to Dean Fearing at Rosewood Mansion on Turtle Creek. “They aren’t just going to let anyone pick them up,” Lane says. “It has to be a restaurant that will service their brand well.” In Rosewood, Lane was looking for a premium producer that also had the wherewithal to grow. A lot of ranchers, he says, lack the ability to produce enough animals and “don’t have the relationships or the knowledge to scale,” Lane says. “Kenneth [Braddock] has all of that. He can anticipate what I’ll need in two years and is working on that now.”

FAT STREAKS

The Rolls-Royce of beef, Wagyu, is rated based on marbling and other factors.

A GROWING MOVEMENT And as the demand for premium beef product

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The Lone Star State is becoming an epicenter of energy innovation, both in traditional sources and renewables.

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The new Energy Landscape Once siloed, renewable energy and fossil fuel companies and leaders are collaborating to build a reliable and sustainable future. i t ’ s h a r d to ov e r stat e t h e i m pac t t h e o i l

and gas industry has had on North Texas. Beyond global companies and game-changing innovations, it has created scores of millionaires—and a few billionaires—who have helped fund the region’s growth and arts and education infrastructure. From the black gold of the gusher age to the natural gas boom and fracking in the Barnett Shale, the industry has seen big shifts during the last century or so. And now, another big evolution is underway: a movement away from strict reliance on fossil-based forms of energy and consumption to include renewable sources such as solar and wind. What we’re seeing is a sector fueled by interdisciplinary camaraderie and disruptive innovation. In recognition of this shift, D CEO revamped its former Oil & Gas Awards to include renewables in our new Energy Awards. In this special report, read about some of the key players leading the way—and a profile of Legacy Award winner Scott Sheffield of Pioneer Natural Resources by industry journalist Jennifer Warren.

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The next energy mavericks A different breed of risk-takers and innovators are propelling the sector into a new era. One thing is clear: This ain’t your daddy’s energy industry.

wa l l st r e e t a n d co n s u m e r s a r e d e m a n d i n g

that companies across the country own up to their impact by providing environmental, social, and governance transparency. Closer to home, winter storm Uri in February 2021 revealed surprising weaknesses in Texas’ energy grid, spotlighting the need for new and more reliable sources. In response, fossil

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fuel players are stepping up to create the energy sector of the future—an industry marked by interdisciplinary camaraderie and disruptive innovation. North Texas’ leading role in the shift is underscored by the seven finalists in the Excellence in Innovation and Sustainability category in D CEO’s 2021 Energy Awards. Highlighted in this feature, they’re focusing on everything from bacteria microbes and hemp crops to carbon capture and clean backup power generation.

A N E W S P I N O N R E C YC L I N G

Engineer Mark Bouldin moved to the United States from Hamburg in 1988, beginning a more than 30-year career in the energy sector centered around lubricants and asphalt and winding through major players, including Shell, Sunoco, and Koch Industries. At Safety Kleen, Bouldin led the largest collector and re-refiner of used motor oil as president of performance products. He then built liquid waste collection company GFL Environmental’s U.S. operations through acquisitions, eventually taking the company public. This past March, Bouldin took his expertise in the recycled motor oil niche to TopSail Energy as CEO. “I saw a nice opportunity to see how we could build something that was unique for Texas,” says Bouldin, who has since rebranded the company to Blue Tide Environmental. “We don’t see ourselves as an energy company. We see ourselves as a recycler,” he says. He also re-

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

s t o r y b y K E L S E Y J . VA N D E R S C H O O T

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vamped a marine fuel refinery in the Cedar Bayou to work with used motor oil and created a vision of becoming the first major re-refinery in Texas to process used motor oil and turn it into high-quality engine oil. “Our goal was to see if we could even further reduce the carbon intensity of what we were doing with this recycling,” Bouldin says. When refinery construction is complete in Cedar Bayou, Blue Tide will purchase used motor oil from collection trucks, refine it, then sell it to distributors as a base for engine oil. When the plant is fully up and running, it will move 4,000 barrels per day—roughly 168,000 gallons. Within three years, Bouldin hopes to expand to the East Coast, and North Texas will play a big role in his company’s future. “Dallas is right now, probably the No. 1 or No. 2 generator of used motor oil in the state, and will likely become the No. 1 generator,” Bouldin says.

E M B R AC I N G C A R B O N C A P T U R E

In 2013, after nine years in the oil and gas industry, former attorney Jonathan Grammer began toying with carbon capture when a client approached him about using captured CO2 for tertiary recovery in a Texas Panhandle reservoir. Grammer spent two years amassing knowledge and data before oil prices dropped, and the project was shelved. “But the science was all there,” Grammer says. After winter storm Uri hit Texas in February 2021, legislative priorities shifted from harnessing clean energy to ensuring reliable power. Grammer knew the sector needed a way to make coal and natural gas viable—which meant capturing CO2. “I knew carbon capture was going to be the next big thing,” he says. By the spring of 2021, Grammer had pulled together a team of five experts in oil and gas, law, technology, and reservoir engineering to form U.S. Carbon Capture Solutions, a consulting firm that works with emitters to capture CO2 and pipe it to oil reservoirs for tertiary recovery. Where leaders such as

“WE CAN’T JUST PUT

COA L

A N D O I L A N D N AT U R A L G A S A N D F OSS I L F U E L S UP ON THE C H O P P I N G B LO C K AND MAKE T H E M T H E S C A P E G O AT . ” J O NATHAN G R AM M E R , U . S . C a rb o n C a ptu re S o l utio n s

Denbury Resources and Kinder Morgan had harnessed naturally occurring CO2 for enhanced oil recovery, Grammer is pivoting the process to industrial CO2. “Previously, it was too expensive,” he says. “We now have incredible investment credits and tax credits that have changed the financial landscape.” These credits have compelled some of Grammer’s clients from his original research to change their position, and new players to jump on board. With costs becoming less of a barrier, Grammer aims to use amine solvents to scrub the low-purity industrial CO2 produced by emitters such as power plants. “In some instances, there’s almost going to be a CO2 impact process,” he says, “where we’re going to have to not only strip out the carbon dioxide, but almost re-enrich it—increase the purity level— before we can pipe it into a transmission pipeline.” He hopes to have shovel-ready projects in the panhandle and the Midwest next year. “We’re looking at four to five million metric tons of carbon dioxide probably in mid-2022 that we’re assisting with capturing,” he says. The biggest challenge? Education. “This is not just a myth or a theory; we can actually do this: You can actually keep using coal and natural gas as a fuel source, and you can bring down that climate change number,” Grammer says.

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E N E R GY AWA R D S 2 0 2 1

Collaboration between fossil fuel and renewable energy companies has flourished in the aftermath of Texas’ winter storm Uri.

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N E X T Y E A R O R T WO, THERE WILL BE M O R E AC R E S OF H E M P G R OW N IN WEST TEXAS THAN A N Y W H E R E E L S E I N T H E W O R L D .” “IN THE

J O H N PAU L M E R R IT T, D e lt a Ag ricultu re

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Bill Lantz began his career as a mud engineer before joining his father’s small company, which applied naturally occurring microbes in several settings, including oil fields. When his dad passed away, Lantz formed Prosper-based JGL Solutions, focusing largely on using microbe bacteria in the energy sector as an alternative to chemical scale and corrosion inhibitors, emulsifiers, and biocides. It’s an ancient solution; research indicates that microbial organisms have been around for more than 3.7 billion years. “Wherever the microbes are applied, even if you spill them accidentally, they do good for the environment, not harm— the complete opposite of chemicals,” Lantz says. He assesses chemical levels in wells, waterfloods, and salt-water disposal systems, clearing out caustic compounds. Then, his team injects naturally occurring microbe bacteria into the system, creating unique colonies for each site. “We blend [microbe strands] together, depending on what the situation calls for,” Lantz says. Because microbes reproduce on their own, no pumps or drums are needed to control concentration, so maintenance costs are lower, and the risk of chemical leaks is eliminated. JGL is set to open a lab in DFW soon, hoping to reach new companies fracking near the Barnett Shale. “It’s just big companies getting past this fear of trying [microbes] in a frac,” Lantz says. He is also branching into soil remediation, using microbes to clean up chemical and oil spills in lieu of compounds such as hydrogen peroxide. “We find that we are way better than anything else [oil companies] do speed-wise,” says Lantz, adding that, unlike chemicals, microbes will continue to clean soil until contaminants are completely gone—well beyond state-required levels. He recently launched a soil remediation pilot program with a major oil industry player in West Texas and hopes that the program’s five sites will provide exposure and credibility, an effort Lantz also undertakes through his company podcast. “It’s just another way to educate people, and that’s what needs to happen,” Lantz says.

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S TAY I N G O N T H E C U T T I N G E D G E

Matt Vining launched Navigator Solutions in 2012 as a midstream crude oil pipeline in West Texas. He sold the company in 2017 and acquired another crude oil pipeline business; then, in 2021, he formed a carbon capture company, Navigator CO2 Ventures. “When we look at how is this industry going to evolve and where we want to be when it does, it is with the objective of staying at the cutting edge,” Vining says of his latest venture, which focuses on sequestering high-purity carbon dioxide gas. Vining plans to build an industrial carbon capture pipeline system spanning 1,200 miles across five Midwestern states. The system will capture CO2 emitted from 20 to 30 ethanol and fertilizer plants, pressurize the gas into a gel, and pipe it to the Mount Simon sandstone formation in northern Illinois, where it will be injected into the ground to reduce emissions. Initially, Vining says the system will move 10 million metric tons of CO2 per year. “From a domestic perspective, this will be the largest system like this,” Vining says. Construction will begin in 2023, and the pipeline is estimated to be up and running by 2025. Vining is currently in talks with several parties looking at ways to use pure CO2 as a refrigerant or coolant, such as data center companies, meat processing plants, and bottling plants. “It’s going to take us a few years to refine out like how wide that spectrum of opportunities really is,” Vining says. “This is the first time in history when it’s been readily accessible at the scale that would be necessary to be relevant.”

A S U S TA I N A B L E S U P P LY C H A I N

Pony Oil CEO John Paul Merritt did a lot of soul-searching after hitting it big in the oil and gas industry at a young age. “I’m always trying to figure out ‘What’s my why?’” he says. Seeing parallels between energy and an emerging hemp commodity, he leveraged his team’s expertise in oil and gas to build a business centered around opportunities in hemp. When he learned of a company that was using Big Ag equipment and practices from corn and cotton farming for hemp crops—which are usually picked by hand—he bought it. He has since focused that company, Delta Agriculture, on building a sustainable supply chain using hemp grain and fiber as paper, plastic, and soy replacements in consumer products and animal feed. The business is now growing and processing 10,000 acres of hemp at farms and facilities in Colorado, Kentucky, and West Texas. Merritt is in talks with a pet food maker to use hemp as a soy alternative in the company’s products. “The nutritional components of [hemp] currently exceed any ingredient they have,” Merritt says. He says Fortune 500 companies are warming up

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EN ERGY AWAR DS

to a crop that was legalized in 2018 and has only recently become an option when building sustainable supply chains. “It’s a fairly new crop, but it’s a miracle crop,” he says. Delta Agriculture also supplies 70 percent of biomass needed for every CBD product on the market and aspires to become a big player in the bioplastics market—a niche that is estimated to make up 40 percent of the overall plastics market by 2040. But perhaps the area that most excites Merritt is what hemp plants do before harvest. “Most people don’t know that our crops sequester about 10 tons of CO2 out of the air per acre,” he says. Merritt is building a CO2 sequestration coalition, leveraging his connections in the oil and gas sector—as well as Fortune 500 businesses in other industries. Together, they aim to plant the largest CO2 sequestration project in the nation in West Texas, enabling a million acres of hemp growth by 2026. “It’s going to create thousands of jobs that are not affected by the commodity swings of oil and gas politics,” Merritt says. He says he has met with Gov. Greg Abbott twice in the hope of making West Texas the epicenter of the hemp industry and to fuel the coalition and sequestration project. “We’re already almost there on a per-acre basis, but here in the next year or two, there will be more acres of hemp grown in West Texas than anywhere else in the world,” he says.

C L E A N E R B AC K- U P G E N E R AT I O N

When Erich Sanchak was recruited to join Austin-based data center company Digital Realty in 2004, he knew sustainability was a big priority for founder and CEO William Stein. For each of the company’s 291 data centers worldwide, including 22 in North Texas, Digital Realty works to ensure cooling is efficient—eliminating water use in new facilities and directing outside cool air more immediately toward machines. The company also uses renewable energy to power centers wherever possible. “We are not trying to restrict our vision on any of this,” Sanchack says. Last year, Digital Realty signed a 7.5-year renewable energy credit agreement with Citi to provide 30 percent of the power needed to run its Dallas facilities through renewable energy. Now, the company is striving to continue to improve efficiency in cooling, power usage, and back-up power supply. “We are working with our supply chain on how to, on a global scale, develop something that’s either using natural gas, or a fuel cell, or those type of activities, to give a cleaner back-up generation,” Sanchack says. He is also in the process of moving his sustainability, supply chain, and cybersecurity teams to Dallas—roughly 200 employees. “Our environmental stewardship group is going to be highly concentrated here,” he says.

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A T R A N S PA R E N C Y T R A N S F O R M AT I O N

Scott Rolseth joined oil and gas giant Hunt Energy at the start of the millennium. In 2004, he helped pioneered its liquid natural gas pipeline in South America, cooling natural gas into a liquid and shipping it to markets in Europe, Asia, and Mexico to use in heating, cooking, transportation, and more. “About 700 million cubic feet a day are sold there,” Rolseth says. In 2005, he began leading the company’s sustainability efforts; 14 years later, he was named vice president of facilities, engineering, sustainability, and supply chain. Being private has long given Hunt flexibility to focus on environmental concerns that the pressures of shareholders often force public entities to forego. The Dallas-based company was the first to implement International Finance Corp.’s performance standards and still approaches each project with a unique plan to understand and protect an area’s native society, history, and species. It has modified past pipeline development and construction to accommodate archaeological research, documented ethnobotany in Arctic Canada, and used satellite technology to track no-contact indigenous tribes, so as not to disturb their protected existence. Rolseth’s team also partners with the National Geographic Society and the Smithsonian Institute to prioritize biodiversity, protection, and conservation around Hunt’s Peruvian projects. “We’ve even found rare species that were never before known,” he says. Now, Rolseth’s team is leading the private company through a massive transformation toward transparency—even though it is not bound by shareholder or Wall Street demands. Hunt published its first ESG report in September, and has been inventorying its CO2 assets, reducing its carbon footprint, improving efficiencies, and more. “We’re also looking at creating zero-emission facilities—modular facilities that reduce not just carbon footprint, but the physical footprint, and can be reused and redeployed in a lot more efficient manner,” Rolseth says. Additionally, the company has, where possible, opted out of gas flaring, a process in which unwanted byproduct gas is combusted in the open air. “Anything that is venting naturally, we will tie in and seal,” Rolseth says. Hunt then sells the captured natural gas to gas-gathering companies, even if it is at a net loss. Hunt has even begun diversifying its portfolio, hoping to shift to become an energy provider rather than an oil company. “We’re not just an oil company anymore,” Rolseth says. “We’re shifting into cleaner fuels, recognizing that the energy matrix is changing, and that it’s not necessarily up to us to decide who wants energy and from what source—it’s up to the consumer.” For a complete list of D CEO 2021 Energy Awards winners and finalists, please see page 47.

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The Conscience of the Permian LEG

story by J E N N I F E R WA R R E N portrait by SEAN BERRY

With his Pioneer Natural Resources sitting atop the world’s largest basin, Scott Sheffield leads in the monumental energy transition. e i g h t y e a r s ag o , t h e p e r m i a n was just being recognized as a powerhouse of oil-producing ba-

sins, as the shale gas revolution morphed into the U.S. shale oil revolution. Pioneer Natural Resources CEO Scott Sheffield was a leading, prescient voice among independent exploration and production companies in revealing its potential. Since then, the Permian has become the largest contributor to total U.S. oil production, nearly 5 million barrels per day (bd) of 11 million. As a result, the U.S. imports less oil from OPEC and exports its highly prized sweet crude. Pioneer is now the largest oil producer in the Permian Basin—and their fortunes are inextricably linked. ¶ U.S. oil and gas firms were so successful at extracting oil that global prices collapsed from $115 to $35 in the 2014–16 oil bust, when Saudi Arabia, the leader of OPEC, decided to retake its lost market share. Russia and other major producers have since joined forces with OPEC as the extended cartel called “OPEC+” to maintain more stability. ¶ The coronavirus pandemic, however, left independents of all sizes exposed, with challenged balance sheets, debt overhang, and business models that may be unsuited to the changes occurring in the industry—a massive energy transition. Fortunately, Pioneer, under Sheffield’s stewardship, has one of the best financial and carbon-metric positions in the industry. Too many shale players chased production growth at the expense of the investor, and the days of reckoning have been happening. The period of rapid oil demand destruction during the pandemic, even negative-$37 oil at one point, was a supercharged catalyst for industry consolidation.

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SIZE AND SCALE

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In his more than three decades as CEO, Sheffield has positioned Pioneer for success in a changing energy world, one in which oil demand faces many unknown scenarios. Recently, Pioneer acquired two exploration and production companies in fairly quick succession. “Really, the pandemic set us up, with the crash in oil prices,” Sheffield says. “The pandemic exposed companies in the sector that had mediocre balance sheets. It’s the first time in 40 years the industry is acting differently [with restraint in pushing growth].” During a crisis, Pioneer has learned to quickly cut rigs, frac crews, and other measures to protect cash flow. The company’s $4.5 billion acquisition of Parsley Exploration was announced in October 2020, a time when COVID cases were heading toward a peak, and Parsley’s stock price was low. “Because of our balance sheet, which was the best one in the industry during the downturn, we could pick up $3 billion of their debt,” Sheffield notes. (The CEO was kept at arm’s length during negotiations, as Parsley was founded by his son, Bryan.) The second buy, Double Point Energy, with its Pioneer-adjacent acreage, for $6.4 billion, was announced in April. Both acquisitions are cash-flow accretive and fit like a glove, Sheffield says. “We went from $20 billion market capitalization to $30 billion with Parsley, and then with Double Point to over $40 billion market cap [as of late June].” Had the pandemic not happened, companies and assets such as these would not have been for sale, Sheffield says. Paradoxically, COVID was like a booster shot for an already consolidating industry, with its immunity waning from former boom-bust cycles and an investor demanding capital discipline. “In the first quarter of 2021, by many measures, whether free cash flow or net income, it was one of the best quarters from a financial perspective in the history of tight oil,” says corporate analyst Alex Beeker of Wood Mackenzie (known as WoodMac). “Investors have been rewarding companies that are more capital-disciplined and punishing those that grow too aggressively.” “Size and scale” was becoming the mantra chanted from the lips of executives, institutional investors, analysts, and company boards. “The investor mindset has changed,” notes Sheffield. “They want more returns in terms of free cash flow.” And Pioneer plans to oblige through a base dividend, plus a variable one, expecting to return about 80 percent of their free cash flow over the next few years. This amounts to $23

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billion to shareholders between 2021 and 2026 and a hefty mid-teens dividend yield. Shale producers were notoriously guilty of burning through cash and plowing it back into production growth rather than to investors. Those days are long gone. The global energy transition to a lower-carbon energy system in its current thought process won’t allow a return to the heady growth of shale.

TA K I N G T H E I N D U S T RY T O TA S K

How does an oil and gas firm navigate this new world of likely reduced oil demand and an investor heavily focused on ESG (environmental, social, and governance) factors? If you’re Pioneer, you keep adapting and leading. Veteran Sheffield has taken the industry to task over the last several years on environmental issues, most notably over flaring and venting gas, which considerably raises greenhouse gas emissions—and warming. He now has the dual mandate of proving his product is needed for the long-term, given peak oil demand scenarios, and that it is produced in an environmentally friendly way. In an unexpected way, the pandemic, a black swan event, accelerated the energy transition toward a lower-carbon future. Awareness about shared societal woes grew. At a clip, busi-

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Parker & Parsley’s leadership team (from left): Cofounder Joe Parsley, Don Dodson, Sheffield (then vice president of engineering), Bob Castor, Co-founder Howard Parker, Gary Little, Frank Kubica, and James Moring.

(Far left) Sheffield with his son, Bryan, founder of Parsley Energy, which Pioneer acquired in a $7 billion deal.

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

(Left) A Pioneer rig in Midland. The company has the largest stake in the Permian, with more than 1 million acres.

nesses started making sustainability and ESG factors more of a marquee issue than before. In late May, the tempo picked up for oil and gas firms to change. Activist Engine No. 1 forced ExxonMobil, being timid about the energy transition, to add two climate change-oriented board members. Most notably, Dutch-based Shell was ruled against in a legal battle at The Hague to reduce its greenhouse gas emissions 45 percent by 2030 compared to 2019 levels, much deeper than the 20 percent previously pledged. Chevron shareholders also demanded greater climate action. Owing to shareholder pressure, globally diversified European Majors are divesting some portion of their oil and gas assets to reduce their carbon emissions profiles and raise capital to invest in greener energy solutions. Sheffield believes U.S. independents will buy many of the assets shed by the large firms. According to Robert Clarke of WoodMac, “Even with an energy transition, there is oil demand growth over the coming decades. It shifts from transport to petrochemical feedstocks. Our base view is that it is certainly up for the next couple of decades, albeit a shallower growth rate.” Alongside other influential groups, WoodMac has a “2-degree scenario” in which the energy transition becomes more accelerated by government policy. Two-degree scenarios are designed

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to limit average global temperature increases by no more than 2-degrees Celsius (or 3.6 in Fahrenheit) and potentially avert the worst effects of climate change through stringent decarbonization efforts. In that case, they predict gas potentially becomes preferred to oil decades down the road. It’s complicated, and a lot would have to change. “How will that ripple through US E&P?” asks Beeker. “In 10 years, it could flip, and gas is where folks want to be, not oil.” If this happens, Clarke adds, The Birth of “How are the right portfolios bean Energy Giant ing built today?” He observes that some M&A activity has been foThe largest player in the Permian had an cused on one basin for scale, for unpretentious start. example, while other deals are set According to a company up for a diverse portfolio of assets write-up on its history, in different basins, for whatever Pioneer’s predecessor was the future holds. formed in 1962 by two

PERMIAN’S UNIQUE ROLE

The Permian Basin has been the driver of Pioneer’s success for decades. It actually contains three basins, the Midland, Delaware, and Central, spanning the majority of West Texas and parts of New Mexico. Top Texas oil producer Pioneer dominates the Midland Basin. With more than 1 million acres, the company expects to produce up to 366,000 bd of oil, or 631,000 barrels of oil equivalent (boe) per day in 2021. Pioneer sees production of more than 700,000 boe per day

West Texas oilmen “with a dream, beat-up car, and plenty of guts” who set out to form a venture that would “set itself apart from the scores of wildcatters who were looking to swoop in on the latest fly-by-night play. Howard Parker and Joe Parsley shook hands and flipped a coin to determine whose name would come first in the fledgling company’s moniker. Parker won the toss, and Parker & Parsley was born.” The company became known for shrewd deals as it assembled acreage and drilling plays. continued on page 046

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in 2022. Sheffield says the company currently produces about 10 percent of the oil in the Permian; he expects to grow oil production there up to 5 percent annually over the next few years. The Permian has a unique role in the global supply chain. “It’s still the largest producing basin in the world today,” Sheffield offers. It’s also the second-largest gas producer in the U.S., behind the Marcellus Shale of the Northeast. Even with peak oil demand, “The Permian will have a major place because its breakeven costs are the lowest in the U.S. of any shale basin and some of the lowest in the world,” Sheffield says. “It’s all about having the lowest carbon-intensity oil, which it does, because it’s sweet crude, not the heavy type from Venezuela, Canada, or the Gulf of Mexico.” Peak oil demand has been predicted over timelines of 2025 to 2035 and even later by companies and authoritative bodies. Even if peak oil demand hits in the next 10 years, Sheffield says, the basin will still be needed. “The Permian will still be a major portion of the world’s oil supply for the next 20 to 30 years; it can easily grow 5 percent per year for the next 10 years and then level out maybe to 6 to 6.5 million bd.” Previously, Sheffield thought the Permian could produce 8 million bd, but with the growth model out and peak oil demand, it’s less likely. A number of independents are The Birth of credited with getting ahead of clian Energy Giant continued from page 045 mate change and ESG issues. Private firms are not under the same Along the way, it never scrutiny about reducing carbon abandoned its legacy wells in the Permian—a and methane emissions. “This is strategy that continues why I jumped on the bandwagtoday. As Parker & Parsley on about stopping the flaring was building its holdings, and venting of gas,” Sheffield Scott Sheffield, the son of explains. “It gives the Permian an ARCO executive, was attending high school in a black eye.” Flaring natural gas, Tehran. After graduating the byproduct of oil production, from The University of results in substantial volumes Texas, he began his career of methane (also releasing black as a reservoir engineer carbon and nitrous oxide), all with Amoco Production Co. In 1979, he became the potent greenhouse gases. Globfifth employee at Parker & ally, governments and industry Parsley in Midland. He was leaders have voluntarily pledged named CEO in 1985. He to eliminate flaring by 2030. guided the company to a Sheffield says the Permian still merger with MESA in 1997 to form Pioneer Natural has the largest reserve potential Resources and was named and [drilling] locations. Since its founding CEO. Sheffield 2013, pipelines and infrastrucretired in 2016 but came ture have grown to support the back to helm Pioneer in increased volumes of oil and gas. 2019. —Christine Perez

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U.S. Liquids Production (year-by-year change)

2.5 L48* ONSHORE OIL AND CONDENSATES ALASKA GULF OF MEXICO NATURAL GAS LIQUIDS

2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 2017

2018

2019

2020

2021

2022

Permian oil is circling the globe, making its way to Europe, Latin America, and Asia; liquefied natural gas (LNG), too. The Permian plays a central role in U.S. oil and gas—and equally so for Sheffield’s Pioneer, the conscience of the Permian.

A BULLISH SCENARIO

The pandemic fast-forwarded the movement to a lower carbon future, intersecting with an investor that wants cash-back rewards, dividends—not production growth per se—from oil and gas stocks. Sheffield is pragmatically and rationally approaching the energy transition and investor sentiment. Pioneer also aims to appeal to the retail investor and dividend-oriented funds—a stability and longevity play. Most publicly traded oil and gas firms are now sensitive to their ESG ratings, which can easily be tracked by Sustainalytics, MSCI, and Bloomberg. Pioneer has been leading in sustainability initiatives for years, beginning with its efforts to reduce and reuse water, given the large volumes needed for hydraulic fracturing. Now, Sheffield says, the industry has to invest in reducing the carbon intensity of producing oil and gas. Pioneer recently joined four gas-focused producers with Cheniere Energy in an R&D collaboration to monitor, quantify, and verify emissions via cargo tags to maximize the climate benefits of LNG exported from Cheniere’s Gulf Coast facility. In 2020, France rejected U.S. LNG cargo produced from shale gas as not being environmentally friendly. A new phase has begun for the oil and gas industry. To clean up emissions, Pioneer is testing e-rig drilling and other alternative energy initiatives. By the company’s calculations, based

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* LOW E R 4 8 S TAT E S ; C H A R T C O U R T E S Y O F W O O D M A C K E N Z I E

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2021 Energy Award Winners and Finalists L E G AC Y AWA R D Scott Sheffield, Pioneer Natural Resources MIDSTREAM EXECUTIVES OF THE YEAR Tom Long and Mackie McCrea, Energy Transfer (W) J. Patrick Barley, Silver Creek Midstream (F) Alaina Brooks, EnLink Midstream (F) UPSTREAM EXECUTIVE OF THE YEAR Jordan Jayson, U.S. Energy Development Corp. (W) Chris Carter, NGP Energy Capital (F) Travis Stice, Diamondback Energy (F) R E N E WA B L E E N E R G Y E X E C U T I V E O F T H E Y E A R John Billingsley Jr., Tri Global Energy (W) Jason Allen, Leeward Renewable Energy (F) Melissa Miller, Able Grid Energy Solutions (F) Clark Smith, Buckeye Partners (F) E XC E L L E N C E I N I N N OVAT I O N A N D S U S TA I N A B I L I T Y Scott Rolseth, Hunt Oil Co. (W) Mark Bouldin, Blue Tide Environmental (F) Jonathan Grammer, U.S. Carbon Capture Solutions (F) Bill Lantz, JGL Solutions (F) John Paul Merritt, Delta Agriculture (F) Erich Sanchack, Digital Realty (F) Matt Vining, Navigator CO2 Ventures (F) E N E RGY SE RVICES AN D TECHNOLOGY EXECUTIVE OF THE YEAR Joseph DeWoody, Valor Mineral Management (W) Le’Ann Callihan, NAPE Expo (F) Joe McKie, Alamo Pressure Pumping (F) E N E RGY FINANCE LEADE R OF THE YEAR Matt Attaway, Align Midstream Partners (W) Kyle Miller, Silver Hill Energy Partners (F) F I N A N C I N G C A P I TA L D E A L O F T H E Y E A R Tailwater Capital acquires NorTex Midstream Partners (W) Hunt Perovskite Technologies merges with 1366 Technologies (F) Metamaterial merges with Torchlight Energy Resources (F) Pioneer Natural Resources acquires DoublePoint Energy (F) P R I VAT E E Q U I T Y F I R M O F T H E Y E A R Pearl Energy Investments, led by Billy Quinn (W) Istick Capital Management, led by Chad Willis (F) Tailwater Capital, led by Jason Downie and Edward Herring (F) R I S I N G S TA R / F U T U R E L E A D E R AWA R D Will McDonald, TenOaks Energy Advisors (W)

E N E R GY AWA R D S 2 0 2 1

on Rystad data, it has the lowest carbon and methane emission-intensity barrels among its peers. Four ranches on Pioneer acreage may host wind and solar farms in the future. Carbon-capture technologies are being studied for enhanced oil recovery, with all eyes on the Texas projects led by Occidental Petroleum and ExxonMobil. Meantime, Pioneer will be utilizing the wet gas it produces to inject back into wells to recover more oil, possibly doubling the amounts out of the ground. Cleaner barrels of oil could conceivably trade at a premium in the future. Pioneer has adopted a net-zero ambition by 2050 for scope 1 and scope 2 emissions. According to the Paris-based International Energy Agency, to achieve a net-zero energy system by 2050, only 24 million bd of oil would need to be produced. “In that scenario, the Permian wouldn’t be needed; it would mostly be Middle East crude,” Sheffield notes. “I don’t see it happening that way in that scenario unless you have $200 oil prices to get there.” The IEA’s base case is that global oil consumption is projected to reach 104.1 million bd by 2026, a 4.4 million bd increase from 2019 levels. In the nearer term, underinvestment in oil supply globally sets up a bullish scenario for the next five years for Sheffield. The pressure for Majors to not invest and U.S. shale’s lower growth, coupled with Saudi Arabia’s underinvestment, creates a tight market. “Prices could easily be in the $80 range (currently lows $70s),” Sheffield suggests. “In 2013 to 2014, we had $80 to 100 oil. If it wasn’t for shale growing too fast, prices would have stayed there.” When gasoline reaches $4 per gallon, people start to complain, he adds. Ominous consequences of underinvestment in oil and gas and activist and policy attempts to cripple the industry too fast are beginning to surface. The Majors—BP, Exxon, Shell, Chevron, Total—produce 15 percent of oil and gas supply globally. If they divest assets for an accelerated energy transition, that means OPEC and Russia pick up the slack. A tighter market increases prices considerably, as Sheffield notes, and geopolitical leverage shifts to OPEC and Russia, even China, as the new sources of capital to fund projects. So, who will produce oil and gas assets most responsibly? If public firms divest assets and private firms purchase them, the emissions’ reductions of the public firms such as Pioneer and others are muted. Sheffield says that private firms are still flaring and venting a good deal, which Pioneer is addressing through the Texas Railroad Commission and lenders. Always living up to his company’s name, Sheffield continues the internal work of culture-building to execute in the new sustainability paradigm—and external efforts to place oil and gas resources in better hands as the global energy system evolves.

Drew Winston, Tailwater Capital (F)

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Meet the force behind Con-Real, Texas’ largest Black-owned construction and real estate company.

TODAY, THE 69-YEA R -OLD EN TR EPR EN EU R I S LOW- KEY, MI L D I N MA N N ER.

But when Gerald Alley was a graduating finance major at the University of Arkansas at Fayetteville with no employment prospects in sight, he publicly challenged the visiting head of a leading Dallas department store over its White-biased hiring practices. ¶ Students hoping for a job interview squirmed as their Afro-coiffed classmate skewered the retail executive, using the Texan’s own words to note that more than 30 percent of Sanger-Harris customers were Black, but not even one of its 200 merchandise buyers was. ¶ For much of his life, Alley has been challenging the status quo, relying on less disruptive, more effective means after he and his older brother, Troy C. Alley Jr., founded what is now the largest Black-owned construction and real estate company in Texas. With $150 million in projects under contract and about 50 employees, it’s among the largest in the country. ¶ Long gone are the days when Alley would cold call on the Miller brewery in Fort Worth to win his first contract, building a tiny guard shack. Today, he reels off completing significant projects for Fortune 100 firms such as JPMorgan Chase, Kroger, and PepsiCo.’s Frito-Lay division. He is equally open about existential crises that seemingly crop up every decade or so—a DART project that went off the rails, a snake-bit VA hospital renovation in Waco, and a suddenly pulled, multiyear hospital deal in California, somehow salvaged by a lucky encounter. Then there was the non-malignant but aggressive brain tumor that required two rounds of risky surgery and considerable post-operative care. (Recovered, Alley now bicycles 20 to 45 miles most Fridays.)

Life. Leadership. Legacy.y. story by

BARRY SHLACHTER portrait by

JILL BROUSSARD

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Being a minority chief executive in the hyper-competitive construction industry and unwilling to accept token contracts as a minority subcontractor only heightened the hurdles. Dallas businessman Don Mitchell was present when Alley rejected part of a big Cotton Bowl renovation project. “What they wanted to do was put Gerald’s company down as a minority subcontractor, but without responsibilities. Just get a check. He was struggling at the time but turned down [the job],” Mitchell says. “Gerald would never agree to be ‘window dressing.’ I was at the table, so it’s not hearsay.”

fresh fuel. Alley had vehicles towed, their tanks drained and refilled with clean gas. Remembering the business had insurance, he contacted the carrier, which covered repairs—all of it completed before his parents returned. “Esso said you really did right,” his father told him, brushing off a neighbor’s complaint of loud music every night in his absence.

E A R LY B U S I N E S S C R I S I S

‘ L OV E , S W E AT, A N D T E A R S ’

After the classroom confrontation in Fayetteville in 1973, then-Sanger-Harris president Jack Miller asked Alley if he had interviewed with the store’s recruiter. Alley said he was too busy working 40 hours a week as the Student Union night manager. Impressed, Miller asked him to consider working for him. A job offer brought Alley to Dallas as a management trainee. Alley was no ordinary recruit. His schoolteacher mother had put him in the first grade at age 4, saying that his older siblings would explain things. He started college at 16 and finished at 20. He grew up in a predominantly African American area of Pine Bluff, Arkansas, which in some ways resembled Tulsa’s Greenwood district, otherwise known as “Black Wall Street,” says Gerald McCoy, a childhood friend. “It was a dynamic neighborhood,” he recalls. “There were African-American lawyers, doctors, and owners of restaurants, grocery stores, a liquor store, a shoe store.” In the days of Jim Crow when Blacks were made to buy refreshments from an outside window at the movie theater and sit in the balcony (“We tossed popcorn on the White kids below,” McCoy says.), there was also a separate entrance at the local department store. Alley’s father, Troy Sr., opened an Esso station and garage across from what is now The University of Arkansas at Pine Bluff, a historically Black, land-grant college. Both Alley and McCoy attended the school’s Blacks-only laboratory school with small classes or one-on-one instruction. “All our textbooks were hand-me-downs from White schools,” Alley says. “If you didn’t read two years ahead of your grade, you were shunned.” When Alley was 15, he was entrusted to manage the filling station so his parents could embark on a rare out-of-town vacation. A few days later, the phone rang off the hook from angry customers, presenting him with his first business crisis. Water had leaked into the low-octane tank, and cars were stuck all over Pine Bluff because of bad gasoline. Calling his father would spell failure—and the end of parent-free partying at his house. Instead, the teen explained the situation to Esso, which dispatched

Although sent to the University of Arkansas with his father’s admonition, “Don’t mess with my money,” ringing in his ears, Alley’s first semester grades were dismal. Family financial support was cut. To get by, the younger Alley took a string of campus jobs, including restacking books at the school library, a gig he detested because there were always more carts of books to shelve. (Decades later, he made shifting books easier. Con-Real built a library storage building on the Fayetteville campus using a state-of-the-art storage system—a concept modeled on a Frito-Lay project his firm had handled in Houston.) Alley’s time at Sanger-Harris was short-lived. White co-workers assigned him stock room duties while they lunched together. And retail wasn’t a good fit. After his mother advised him to get a master’s degree, Alley secured a scholarship to attend Southern Methodist University’s accelerated MBA program. After breaking the news to Miller, his final month was not spent in the stock room but on special assignment, advising the progressive executive on how to nurture a diverse middle-management culture. At SMU’s Cox School of Business, Alley marveled at Ray Hunt’s downtown Reunion Tower project and how he turned an old railroad yard into an iconic complex with a restaurant overlooking the city. The filling station owner’s son from Pine Bluff asked himself why he couldn’t become a builder and developer himself. There was a brief detour doing consulting work for minority startups in Fort Worth, then in 1979, he started Construction Services, which became Con-Real the following year when he partnered with his brother Troy, a Razorback engineer who had been doing real estate appraisals. It was no easy launch. Contracts seemed beyond reach. Losing a Taco Bell bid, Alley asked if he could see a store

(Top left) Con-Real expanded beyond restaurants to do education projects and more. (Left) A 1950s shot of the Alley family service station in Pine Bluff, Arkansas.

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“He was struggling at the time, but turned down [the job]. Gerald would never agree to be ‘window dressing.’” D O N M ITCH E LL| D & B M itch e ll

under construction. He traveled to Wichita Falls with a Southwestern Baptist Seminary student who had handled projects for Boeing. Mistaken for city code inspectors, a site manager handed over a clipboard that listed subcontractors, all experienced in erecting Taco Bells. As the pair left, the manager called out, “Hey, wait! What about my green tag?” Alley replied, “The next guy will give it.” Lining up subcontractors and figuring expenses, Con-Real won the next bid. When the store was completed, a chain executive walked it and said dryly, “Well, looks like a Taco Bell to me.” Alley was crushed. “I’ve put love, sweat, and tears into this project. My feelings were hurt—for maybe 15 seconds. Then I realized, ‘Wait a second, that means it’s acceptable.’” One Taco Bell project followed another, then Jack in the Boxes, Burger Kings, and McDonald’s. A regional Burger King official who had been working with Alley on a day-to-day basis told him the corporation was looking to work with a Black-owned general contractor on a national level. “What? You’re the owner of the company?” the man exclaimed when Alley clued him in. Alley had never made clear it was his company, preferring to be “discreet and act like a manager.”

P H OTO G R A P H Y C O U R T E S Y O F C O N - R E A L

A CHANCE E NCOU NTE R

Fast food restaurants became Con-Real’s bread and butter during its early years and led to Alley meeting his future wife. The regional manager of a large McDonald’s franchisee heard Alley arguing with a subordinate who was refusing to pay a mason for a dumpster wall because of wrongly filed paperwork. “If you don’t pay him, I’m going to pay him the same amount to pull down the wall,” Alley said. The manager ordered a check issued and, to placate Alley, treated him to dinner at a fancy restaurant. While dining, a former Pine Bluff classmate who worked for IBM walked in with a trainee from New Jersey named Candace Primas. There was a spark, and one day Primas called from the East Coast to say she was being transferred to Las Colinas. The couple ultimately married, and two of their adult children now work full time at Con-Real; the third works part-time for the company while attending graduate school. Alley’s brother’s son and daughter also work at the family real estate and construction business.

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T O P C O N T R AC T O R O N C A M P U S

Believing the fast-food market was saturated, Con-Real looked for larger projects— supermarkets and distribution centers with H-E-B, Home Depot, and Frito-Lay. It also won a bid to renovate a historic Veterans Administration facility in Waco. To abide by the VA’s strict requirements, Con-Real had to make the ceilings an inch lower. Payment was refused until the off-site welded ductwork was removed and remade because of that extra inch. Subcontractors refused, demanded payment—and sued. Alley was running out of time and had no funds for work already performed, let alone a redo. He appealed to then-Rep. Pete Geren of Fort Worth, noting that 75 percent of Con-Real’s staff lived in his district and would lose their jobs if his company had to close. The VA official in charge was away, but Geren arranged for Alley to argue his case before a higher agency official. Alley proved convincing. Con-Real was fasttracked $1 million and was given more time to finish the project. The subs agreed to drop the lawsuits and accept partial payment. Con-Real lost money on the deal but didn’t go out of business as feared. Kaiser Permanente, a nonprofit healthcare consortium, had reached out to Alley numerous times, wanting to work with a Black-owned construction manager. But he found the projects too large and too far away. When the company offered him a multiyear deal on a more comfortable scale, Alley hired a team and established a branch in Oakland, California, where Kaiser is based. But after the exec who engaged him left Kaiser, the company used a quick-exit clause to cancel the contract, a distraught Alley told his friend Mitchell over drinks in Dallas. Mitchell had an idea—and a connection with San Francisco lawyer Willie Brown, then the powerful speaker of the California House. Brown agreed to take the case, and leveraged all his charisma and theatricality in court. Kaiser’s position already seemed to have softened when the powerful California politician adjourned a State House session to personally handle the case. In the end, Kaiser extended a project management deal that allowed Alley to retain his newly hired staff and establish Con-Real on the West Coast. Over the years, Alley has convinced many to give a chance to an unknown, Blackrun contractor who didn’t fit the stereotype of a large U.S. construction company. “Sometimes they believe their ice is colder,” Alley says. He likens it to legendary coaches such as Darrel Royal, who waited seven years after The University of Texas OK’d Black players to recruit any—only after seeing his team beaten by integrated squads. Alley’s own alma mater, the University of Arkansas, waited years before giving the former student activist a chance. “Now, we’re one of the top contractors on campus,” Alley says. Noting that many Black-owned enterprises falter during their second generation, the crisis-tested CEO said his current mission is to ensure that Con-Real thrives long after its founders are no longer around. Although his children and niece and nephew work for the company, all are aware that blood ties are no guarantee of eventual leadership roles, he says. The hope is that the Alley brothers will have built a strong enough foundation “on which new leaders could build upon for years to come … as game-changers,” Alley says, working to help achieve equality for all.

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

a n d

C O M M E N TA R Y

LESSON LEARNED

Don’t Be Afraid to Change Course Gail Warrior, Executive Chairwoman CASPR GROUP

PHOTOG R APHY BY AU DRE Y SHTECINJO

“when we started caspr, five years ago, we were primarily a healthcare company working with health systems to help them reduce hospital-acquired infections. Then, in early 2020, the pandemic hit, and multiple industries realized what we had and how well our technology could kill bacteria and viruses in the air. Our challenge was having to do a major pivot from supporting just hospitals to many different types of businesses, and that created huge supply-chain issues. We had incredible demand but not enough product. So, last summer, we went through substantial changes to solve our supply-chain issues, all while the whole world was locked down. As you can imagine, trying to get parts from different countries was not easy, and shipping costs had gone through the roof. Through a lot of hard work, though, we’ve been able to not only solve those supply chain issues, but thrive by opening new markets. We’ve also helped multiple industries outside of healthcare have safer spaces, including K-12 schools, higher education, real estate, retail, and religious institutions.” —As told to Ben Swanger

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FINANCE

Leveling Out The SPAC explosion of 2020 has reached equilibrium, but the alternative path to going public isn’t going away.

i remember learning to write checks in the third grade, perfecting my cursive signature and working through the number of cents that should go over the 00s. The first thing the teacher said? “Never leave the subject line blank.” But in the past two years, thousands of institutional investors have done just that, jumping into the booming special purpose acquisition companies (SPACs) market, putting their money behind an operations team hoping to merge with a private company looking to go public (see sidebar). SPACs peppered financial headlines throughout the past year, providing an alternative to the initial public offering in a volatile market. The number of companies going public via this route in 2020 increased 462 percent over 2019. Tesla competitor Lucid Energy and space company Momentus chose to go public via SPACs in 2020, garnering national attention. Soon, celebrities and athletes, including tennis star Serena Williams, Martha Stewart, and singer Ciara, launched their own SPACs. Dallas’ Pearl Energy founder Billy Quinn has created two SPACs

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P H OTO G R A P H Y BY Y A R O S L A V D A N Y L C H E N K O

story by KELSEY J. VANDERSCHOOT

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FIELD NOTES

since September 2020—one in energy and sustainability alongside longtime energy executive Chris Sorrells, and the other in sports, media, and entertainment with Dallas Stars Chairman Jim Lites, Van Halen singer Sammy Hagar, and Dallas Cowboys legend Roger Staubach. Aviation executive Kathleen Hildreth, 7-Eleven president Joe DePinto, and Dallas Cowboys vice president Chad Estis all serve on the boards of area SPACs. Targets, or companies hoping to go public, have included Plano-based biltong company Spryve, Irving-based custom software consulting company AgileThought, and more. “The SPAC route is easier, because you come to an agreement beforehand, and then you work into getting yourself public,” says Miguel Senderos, AgileThought CEO. The company closed its merger with LIV Capital, a Mexican SPAC, in late August 2021. Its equity capitalization is $91.5 million, with a market capitalization of $420 million. AgileThought purchased 11 companies since 2015; it was acquired by Irving’s AN Global in 2019 and moved its Tampa headquarters to North Texas, retaining the AgileThought name. Senderos, who led AN Global, took over and initially looked to go public through an IPO, but COVID put that process on hold. Several suitors approached Senderos; he chose to merge with a Mexico-based SPAC, as AgileThought has a large Latin American talent pool. “What’s important in the SPAC is that both sides have the same understanding of the business that we’re in and want to go forward with,” Senderos says. He signed a deal in December 2020 and closed eight months later. A LONG ROLLER-COASTER RIDE AgileThought’s market entrance follows 298 SPACs formed in Q1 2021 alone. Initially, the Securities Exchange Commission struggled to regulate SPAC filings, which often use projected performance numbers to help young companies make it to market. Concerns about target companies’ inexperience, overvaluation, and the appropriateness of SPAC sponsors emerged at the close of 2020. By early 2021, notable deals, including those with Momentus and Nikola Corp., another large electric vehicle company, settled securities fraud allegations, casting a shadow on the trend. The SEC released several disclaimers to guide investors and sponsors as it tried to slow the boom.

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The private investment in public equity (PIPE) market eventually emerged as a decelerator, trying to compensate in part for the due diligence conducted by an underwriter in a traditional IPO. A key piece of the SPAC IPO fundraising process, PIPEs provide the funding that ensures a merger can close, even if some initial institutional investors choose to redeem their shares prior to closing. “In the last five months or so, traditional PIPE investors have started to look closely at the investments and the valuations that are being used, and have passed on a lot of deals,” says Bill Howell, partner at Sidley. By April, formalized regulations forced SPACs to thoroughly disclose merger terms, the appropriateness of sponsors, and file warrants as liabilities rather than equity, which roiled the market. “At the beginning, everybody was just trying to figure it out, and everything went on hold,” Howell says. Q2 filings decreased to fewer than 70 new SPAC deals nationwide, and institutional investors began to balk. Prior to a deal closing, institutional investors can review the specifics of the merger and choose to cash their shares or warrants for a pro-rata rate if they aren’t confident in the target’s longevity or ability to perform. In the second half of 2020, redemption rates were under 5 percent for the majority of SPAC IPOs, but by July 2021, many were upwards of 50 percent. Sponsors and targets scrambled to ensure there were no reporting errors in their filings. Senderos, whose deal was nearing close in July when companies were rushing to correct their filing of warrants, says AgileThought was able to quickly make changes. “We actually saw a very streamlined process with the SEC,” he says. Howell says after two or three months of mulling it over, players in the SPAC market realized that it made little difference where warrants were filed; much of the community understood their meaning. “Everybody finally decided it didn’t really matter at the end of the day,” Howell says. Now, the SPAC market may have reached the flat period of a long roller coaster ride, with institutional and PIPE investors continuing to perform increased due diligence. “We’ve been in such a good market for so long now, it feels like something eventually has to give,” Howell says. “But as long as the market’s strong, I think we’ll continue to see this sort of level of activity moving forward, at least for the near future.”

BREAKING IT DOWN

Market Matrimony SPAC transactions, called deSPACs, commence much like a wedding. Here’s how the deals come together:

DAT I NG. Investment and operational professionals, called sponsors, create a public fundraising entity (a SPAC) and pursue a company looking to go public (a target). Institutional investors invest in the SPAC, purchasing warrants or shares at a fixed price of $10. The SPAC must find a target and take it public within 18 to 24 months of filing with the SEC.

ENGAGEM ENT. Once a SPAC finds a target, the parents of the bride enter the picture— with their pocketbook. The pairing needs additional funding to complete the merger, so they turn to private investments in public equity (PIPEs). PIPEs assess the merger and either give their blessing or walk away.

WED D I NG. When merger terms are set, the wedding can commence. But, those in the audience can still object; initial SPAC investors can see the terms of the deal and choose to cash in their shares.

M ARRI AGE. The company goes public.

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ON TOPIC

“What is the Best Advice You’ve Ever Received?” edited by BEN SWANGER

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illustrations by JAKE MEYERS

ROB DAVIS

AMY M. STEWART

W. JOE DEMIERO

CEO and Founder C R I T I C A L S TA R T

Founding Partner S T E WA R T L AW G R O U P

CEO H AW K E Y E

“When I was a junior officer on a fast-attack nuclear submarine, my boss explained the difference between being ‘right’ and being ‘effective.’ As a young leader, I was often ‘right’ but unable to consistently achieve organizational changes that made a true impact. As an older, war-scarred executive, I’ve realized the importance of understanding different perspectives, communicating a vision, and carving out a path to effective change. I focus on the end result now versus who is right.”

“‘Be vulnerable enough to be you.’ Throughout my legal career, I have had amazing mentors who were older White men, so I tried to emulate them. However, despite being the best White man I could be, it just was not resonating. As soon as I became vulnerable enough to embrace my beauty and strength as a Black woman trial lawyer, with a fierce competitive streak from my years of collegiate athletics, I began experiencing the most success, both professionally and personally.”

“A former professor, Warren Bennis, talked with me about the power of the word, ‘becoming.’ To become the best leader you can be, you must become the best version of yourself. And that is a process. It’s a journey of learning, empathy, and discovery. It’s about being curious, being humble, connecting with others, connecting with yourself, and connecting with the world. We tend to think of leaders as fixed figures— that the way they are is the way they have always been. Instead, it’s very much about ongoing discovery.”

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9/21/21 4:56 PM

Our only vested interest is our clients. At RGT, our approach to wealth management is as personal as your hopes and dreams for the future. As an independent firm, we create tailored plans based on objective guidance. And we believe in taking care of you personally.

If the wealth you’ve worked for all your life Of course, we also treat our team members with the same care and respect. That’s why we were recently named one of the best places to work by the seems in question right now…we’ve got answers. Dallas Business Journal. We invite you to learn how rewarding a wealth advisory relationship can be. Contact us to arrange a face-to-face meeting today.

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•

214.360.7000

C E LE B RATING

CELEBRATING

O F S E RVI C E

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30 YEARS

35 YEARS

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THOUGHT LEADER

Unlocking the Potential of Energy Efficiency

SECURE FINANCING. Energy efficiency-related savings, resilience, and improved competitiveness supports bankability if benefits are understood. Raiffeisen Bank was a first mover in Europe offering specialized energy efficiency loans and has since built a $1.6 billion portfolio.

Barriers are getting in the way of economic gains relating to smart energy use, says SMU’s Eva Szalkai Csaky. Here are five ways to knock them down.

COURTESY OF SOUTHERN METHODIST UNIVERSITY

CHALLENGE BEHAVIORS.

1. RAISE AWARENESS. Educational efforts about the benefits of energy efficiency are essential. In addition to its energy efficiency solutions, Schneider Electric offers vendor-neutral free educational content to energy users and industry professionals covering 70 percent of global energy use.

emember the arctic blast that blew through texas earlier this year? The extreme weather we all experienced was a reminder that efficiency is critical for the resilience of our energy system. Energy efficiency reduces cost and greenhouse gas emissions, fosters resilience and competitiveness, and improves health. It is also a driver of economic development, generating $5 million to $8 million in GDP and up to 30 jobs for every $1 million spent. Energy efficiency involves businesses across the spectrum: multinationals that manufacture energy-efficient equipment and appliances, midsize U.S. businesses that make windows and insulations, small, local businesses that install much of the above, and startups working on innovations increasingly using emerging technologies such as blockchain. But two-thirds of the economic potential remains unrealized due to barriers. Although energy efficiency in companies’ facilities remains essential, some mavericks have taken a systemic approach to addressing key obstacles, resulting in a significant impact not only on their profit but also on people and the planet. Here are five strategies:

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Influencing behavior requires nuanced approaches. Swiss Re’s program for its 14,500 employees worldwide encourages the use of energy-efficient vehicles, home appliances, home retrofits, and public transportation.

4. REACH DOWN. Leading companies can support smaller businesses upstream and downstream in their value chains with energy efficiency. PepsiCo’s Sustainable Farming program helped suppliers, and its energyefficient cooler program helped distributors reduce their energy use and GHG emissions.

5. SYSTEMIC APPROACH. Companies that take a comprehensive approach can achieve much more than their climate and social commitment goals. They also build the ecosystem for an energy-efficient economy at a scale that only the private sector can. Eva Szalkai Csaky is executive director of the Hunt Institute for Engineering & Humanity at Southern Methodist University.

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MARKETING INSPIRED BY DALLAS’ BEST JOURNALISM WE TELL YOUR BRAND’S STORY LIKE IT BELONGS IN THESE PAGES.

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2021

THANK YOU TO ALL OUR SPONSORS FOR MAKING FIGHTNIGHT THE COMEBACK EVENT OF 2021 The Real Estate Council (TREC) and TREC Community

WORLD CHAMPION

Investors would like to extend a special thank you to all of our 2021 FightNight sponsors. The power of the real estate community is undeniable, and every dollar raised will be leveraged many times over by our members’ collective expertise, time and work dedicated to creating catalytic change in our city’s most vulnerable neighborhoods. Together with your

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support, the real estate community is blazing a trail for the future and the Next Generation. Join us as we broaden our reach and continue our momentum in revitalizing neighborhoods that transform our communities. Visit recouncil.com to learn how your company can be part

TITLE FIGHT

of this life-changing opportunity and engage with the real estate community for access to one-of-a-kind industry events, educational opportunities and leadership development programs.

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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 S A R A M A D S E N M I L L E R

THE BOLD STYLE OF ‘DREAM MAKER’ SARA MADSEN MILLER, PRINCIPAL AT 1820 PRODUCTIONS.

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WHAT I DO: “I manage operations and business development for 1820 Productions. I also executive-produce visual content for television networks, ad agencies, and corporations. Unofficially, I’m called the ‘dream maker.’” STYLE ICON: “My grandmother was my original style icon. Her daily fashion in the ’70s rivaled the flair of Diana Ross, Olivia Palermo, Beverly Johnson, and Iman rolled into one.” ON THE JOB: “My work style is a reflection of my personality and an extension of the creative industry I’m in and represent.”

M U S T- R E A D

Executive Book Club Area leaders tell us the one book they think everyone should read—and why. “Everyone should read The Slight Edge by Jeff Olson. In a world that is so fast-paced and dictated by comparison, this book helps readers keep everything in perspective as it pertains to their goals. So many of us try to tackle 10 or more things a day; however, Olson, in this book, reminds us that it’s the small actions—and sometimes one important action per day—that moves the needle forward and helps to propel us forward.” LE A H FR A ZI E R | T h i n k T h re e M e d i a

INSPIRATION: “My husband would say he is my inspiration, but the truth is, I’m inspired by him and magazines like Essence, In-Style, Vogue, and Ebony.” STYLE DEFINED: “A unique martini that you won’t find on every menu.” FASHION ESSENTIAL: “Really cute shoes and a back-up pair of flats.” GO-TO LOOK: “Midnight black attire with a red lip gloss.” ACCESSORIES: “I accessorize by putting on layers of jewelry and textures then looking in the mirror and asking myself, ‘Is this too much?’ And then adding one more thing.”

“The Power of Moments: Why Certain Experiences Have Extraordinary Impact by Chip and Dan Heath. It’s about being more intentional in identifying life-changing moments and how we can actually increase the likelihood of creating them.”

“The Color of Law by Richard Rothstein is great. It describes how government policies and practices promoted discriminatory housing practices, resulting in our current state of neighborhood segregation and the related racial wealth gap.”

“The one book I recommend to everyone is Essentialism by Greg McKeown. It’s about distinguishing the vital few from the many trivial things. For me, the big takeaway from the book is if you don’t prioritize your life, someone else will.”

Yu m ! B ra n d s

D a ll a s Eco n o m i c D eve l o p m e nt

RO B I N B E NTLE Y

DENNIS CAIL

“Factfulness: Ten Reasons We’re Wrong About the World—and Why Things Are Better Than You Think by Hans and Ola Rosling and Anna Rosling Rönnlund. It helps cut through the noise of the day and shows the glass is usually indeed half-full.”

“1491: New Revelations of the Americas Before Columbus by Charles C. Mann. Everyone should read it to appreciate how diverse, fascinating people, technologies, and customs were largely destroyed by disease in a matter of decades.”

“The Everyday Philanthropist by Dan Pallotta. There is no book that gets to the point faster or better articulates the challenges facing the nonprofit sector. If everyone would read it, I think we could turn a corner and begin solving some problems.”

J U S TI N LO N O N

C H R I S CO N V E R S E

M I C H A E L TH O M A S

TR AC Y S K E A N S

Zi r tu e

FAVORITE STORE: “I’m a lover of fashion and a great sale, so wherever that is, I’m there. If you’re forcing me to select one store, though, I’d choose Bergdorf Goodman on 5th Avenue in New York. The December shoe sale is like transporting me to heaven on earth.”

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D a ll a s C o ll e g e

Fo l ey & L a rd n e r

BOOKS COURTESY OF P U B L I S H E R S

WEEKEND LOOK: “On the weekends, I wear comfy and fun athleisure and chic sweatsuits.”

M y P o s si b iliti e s

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We asked North Texas execs which two Dallas business leaders they’d most like to have dinner with. Their answers may surprise you. “I’d choose Cynt Marshall and Mark Cuban. I have tremendous respect for them as accomplished business leaders and concerned citizens of Dallas. I’d love to better understand what makes their partnership work—how they leverage their differences and similarities to navigate uncertainty, achieve goals, and maximize the potential of the Dallas Mavericks.” SHE RYL ADKINS - G RE E N

D I N N E R PA RT Y

Reservations for Three edited by CHRISTINE PEREZ

Chief Marketing Officer, Mary Kay

“I’d choose Steve Ivy of Heritage Auctions. His auction house for highend collectibles has seen explosive growth. And as an avid collector, I’d love to pick his brain on the growth across categories. I’d also choose Doug Parker of American Airlines. He has navigated the company through very challenging times, and I respect how he has managed to do so.” G E O F F H . WA L K E R

“I’d choose Gail Thomas and Dr. Elba García, for their inspiring and collaborative leadership. Gail, a founding fellow of the Dallas Institute, has been a strong advocate of the active presence of the humanities in the life of the city. Dr. García is a community leader, a mother and wife, a dentist with her own private practice, and a role model for Latina women from all walks of life.” Z A I DA B A S O R A

Executive Director, AIA Dallas

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P H OTO G R A P H Y BY C A R M E N P A L M A

CEO and President, KidKraft

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Thank you to our sponsors for supporting the

Diversity, Equity, and Inclusion Symposium. SERIES SPONSOR

MAKER’S MARK

TITLE SPONSORS

S I G N AT U R E S P O N S O R S

“ Thank you, D CEO, for bringing our community together for a truly meaningful and impactful day.” DEI SYMPOSIUM ATTENDEE

If you are interested in supporting next year’s Diversity, Equity, and Inclusion Symposium, or other events like this, please reach out to Laurie Stovall at laurie.stovall@dmagazine.com to discuss further.

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NATURAL LIGHT A recent renovation of the Four Seasons resort enhanced its light, clean, and fresh décor.

COZY COMFORT The resort offers 189 rooms and suites and more than 50 luxurious villas, set in six neighborhoods.

W E L L T R AV E L E D

Nevis The West Indies isle is the perfect place to unwind, says King R. White, CEO of Site Selection Group.

‘LIMIN’ TIME

An afternoon at sea is one of the best ways to embrace the island’s carefree vibe.

AL FRESCO FARE

Delicious West Indies cornmeal porridge is best served with fresh tropical fruit.

POOL TIME

Poolside views extend from the Great House lobby to the horizon of the Caribbean Sea.

GOLF GALORE The resort’s 18-hole course meanders from the lower slopes of Nevis Peak to the sea.

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story by BIANCA R. MONTES

OFF DUTY

GREAT ESCAPE

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 R E S O R T N E V I S , B I A N C A R . M O N T E S

The Four Seasons resort is located on pristine Pinney’s Beach on Nevis’ western coast.

with crystal-clear ocean waters and the type of beachy lifestyle that defies the concept of time, it’s easy to see why the Caribbean is a favorite destination for travelers from Dallas and beyond. Still, I wasn’t quite sure what to expect as I embarked on an excursion to Nevis, an under-the-radar island in the northern part of the West Indies. Dubbed by Forbes as the “coolest Caribbean island you’ve never heard of,” I felt like I was being let in on an insider’s secret as I enjoyed an icy Carib Lager during a short water taxi ride over from St. Kitts. As we docked at the Four Seasons pier, my heart fluttered as yellow and red beach chairs came into focus. Lush landscapes, never-ending ocean views, and curvy mountain tops instantly reminded me of some sage advice I heard earlier that morning on a TikTok video about being grateful for all Mother Earth has to offer. “Thank you,” I whispered, before stepping off the boat. Built on a former sugar and coconut plantation dating to the late 1790s, the Four Seasons Nevis is the only resort on the quaint, 36-squaremile island, which is the birthplace of founding father Alexander Hamilton. The island’s unique

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charm sets it apart from more developed destinations such as Barbados and St. Barts. With seven distinct restaurants and bars providing a wide selection of culinary experiences at the resort, I’d soon come to appreciate worldclass dining at restaurants like On the Dune, where I sat oceanside and enjoyed dishes I’d never tried before: mutton curry, bang bang (a spicy shrimp and lobster dish), and, of course, several rum libations from award-winning mixologist Kendie Williams. (Be sure to try the Kendie’s Kick, her take on a classic rum punch.) Although the Four Seasons is known for its opulent accommodations—and this one checks all the boxes—the stunning 350-acre site is best served outdoors, whether that involves getting a beachside massage in a private hut or playing a little chip-and-sip on a Robert Trent Jones II-designed golf course. Meandering from the lower slopes of Nevis Peak to the Caribbean Sea, the 18-hole championships course is also a great place to spot a few Green Vervet monkeys. Its signature hole, which sits 400 feet above sea level with views of St. Kitts and neighboring islands, is a demanding par 5 that finds its way down the mountain, doglegging to the right. Other outdoor experiences I highly recommend include tennis on one of the resort’s nine courts (three hard, four red clay, and two AstroTurf), dining under the stars near the ruins of a sugar mill, and going on a botanical tour with the resort’s director of experiences, Mac Kee France—who has been with the property since it opened 30 years ago and has this je ne sais quoi bliss to him that shines when sharing his island. Off-resort, head out with Mac Kee on one of his foodie tours, hop on a Polaris Ranger with a guide from the Funky Monkey Tour to view some of the island’s best-kept secrets, hike the maDUSK IN PARADISE jestic 3,232-foot Nevis Peak for Cocktails on the pier at sunset make unapparelled views, or charter for a magical West a yacht to spend a day snorkelIndies experience. ing above vibrant coral reefs.

T R AV E L T I P S

Rum Punch and Island Culture An avid lover of the Caribbean, Site Selection Group CEO King R. White first learned about Nevis through Inspirato, a luxury travel program to which he subscribes. “We like privacy. We like boutique. We like small. It checked the box on all of those, and we were pleasantly surprised when we got there,” White says. “It’s all about hanging out, drinking fruit cocktails, sitting on the beach, and having a relaxing time.” An island must? Chartering a custom, handmade catamaran through Leeward Islands Charters to tour the island and snorkel in crystal blue waters, says the Dallas real estate exec says—that and making sure to enjoy a Killer Bee cocktail, which is the island’s version of rum punch, jazzed up with black pepper and nutmeg.

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SOCIAL HOUR

Elam (second from left) with her family in Nigeria. Her parents were very engaged socially.

A NEW HOME

Elam outside her dorm room at Midwestern State, after becoming a resident assistant in 2002.

PROUD GRAD

WANDE ELAM Senior Counsel T OYO TA M O T O R N O R T H A M E R I C A

as told to KELSEY J. VANDERSCHOOT illustration by JAKE MEYERS

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wande elam grew up in nigeria, where she embraced her culture’s unique celebrations, such as naming ceremonies. She moved to the United States to attend Midwestern State in Wichita Falls, where she met the woman she calls her “American Mom” at a local church. In 2006, after law school in St. Louis, she joined Akin Strauss Hauer & Feld in Dallas. Thirteen years later, she became senior counsel at Toyota Connected. Here, Elam shares how experiencing political unrest in her home country inspired her to pursue a career in law. “They called it riots, but now that I’m grown, I realize that it was a demonstration. The military government said, ‘We’re going to have elections so we can transition power to civilian democracy.’ But the military didn’t announce the winner; they announced that the elections had been annulled. I was still in primary school at the time, but I remember the demonstrations

in the streets getting violent. The police and the military got involved in dispersing the crowds, and they released tear gas. My teachers had us hide under the desks, and I still remember one of my classmates tried to look out the window and got a huge slap on the back because it wasn’t safe. They gave us cloth, soap, and water to cover our eyes because of the tear gas. When my dad came and got me, I remember gripping his hand tightly as we walked down the street. I can almost still hear the glass crunching under my feet. It was a chaotic experience, but we made it home safely. I think that was also the day when I began thinking about becoming a lawyer because I had the sense of, ‘This is not right. What is happening is not right. There should be justice.’”

FINDING FAMILY

Elam celebrates her 18th birthday with her “American mom” and members of her church.

P H OTO G R A P H Y C O U R T E S Y O F W A N D E E L A M

ROOTS

Elam with her mother and “American parents,” after earning her bachelor’s degree.

9/21/21 4:46 PM

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At Communities Foundation of Texas, we take care of businesses who take care of their communities. Our Be In Good Company program recognizes local businesses and their employees for the good work they are doing to help our communities thrive.

We’re proud to share our list of 2021 member companies who have demonstrated their excellence and commitment to thriving teams that create a thriving culture that ensure a thriving future for all. American Airlines Arcosa Asava Consulting, Inc. Atmos Energy Axxess B-TRNSFRMD Badmus & Associates Bank of Texas BFS Advisory Group Bioworld Merchandising Inc. Boeing Capital One Services, Inc. CONTI Organization Cyber Group D CEO Magazine / D Magazine The Dallas Morning News Dallas Regional Chamber Deloitte DHD Films EO Dallas Federal Reserve Bank of Dallas

Fibroid Institute Dallas Goextele Communications Software & Technology, LLC Granite Properties Hazel’s Expedited Freight HCK2 Hilti HumCap LP Hunt Consolidated, Inc. Independent Financial Istation Legacy Knight : Multi-Family Office Marketwave Marsh & McLennan Agency Montgomery Capital Advisers NectarOM NETSCOUT Pecan Grove Farms & Nursery RealCom Solutions Risch Results Seeds 2 STEM

SFMG Wealth Advisors Shields Legal Group Shiftsmart Stewart Law Group PLLC Sunwest Communications Sutton Frost Cary LLP Texadia Systems Texas Capital Bank Texas Health Resources Texas Mutual Insurance Company Thompson and Knight, LLP Thomson Reuters TruePoint Communications Truist Two Roads Consulting University of North Texas System Weaver West Monroe Partners work/REFINED

Learn more about our member companies and how YOU can join our efforts in 2022 at CF TEX A S .ORG/DCEOgoodcompany

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STATE OF

DFW 2 0 2 1

A Regional Economic Development Update SHUTTERSTOCK

As Dallas continues to attract more businesses and people, surrounding cities are also benefitting from its growth. CEOs and their employees who crave a small-town feel, as well as businesses looking for tax advantages and other perks, are quickly claiming space in Dallas’ suburbs. Here, local economic development experts reveal why their city is in demand for corporate and residential development.

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Town of Addison Economic Development & Tourism Department AddisonED.com EDC Contact: Orlando Campos 972-450-7034 ocampos@addisontx.gov

Population:

16,263 County:

Dallas Major Businesses: Mary Kay Cosmetics, Hitachi Consulting, Concentra, Bottle Rocket Studios, Wingstop, Cinepolis USA, Supreme Lending, Occidental Chemicals, Projekt202, ExponentHR, Systemware, Gehan Homes

Spectrum Center

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How has Addison sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? In Addison, we have been successful by demonstrating our strong support to local businesses. We increased our business retention and expansion efforts by enhancing our communication with local businesses to keep them Informed of everevolving changes related to COVID regulations. We also used funds provided to us through the CARES Act to provide grant support to local businesses and our hotel industry. From a marketing standpoint we emphasized the strong live, work, play

Addison Airport is the premier general aviation airport in Texas.

environment Addison provides, ensured that all local businesses were supporting safety protocols, and pivoted our tourism marketing efforts to promote our restaurant industry and weekend travelers. All of this helped local businesses feel that the community was doing all it could to promote a safe work environment for employees and visitors while driving traffic to some of our most struggling Industries. How does Addison differentiate itself from others in the region? Unlike other cities, Addison is a community that is nearly built out. Our current development efforts are focused on redevelopment and leveraging the services we offer for the benefit of all businesses. Because we are a small community with a relatively small staff, and we are proud of our entrepreneurial spirit and innovation culture. We can pivot quickly to meet the needs of local business to help further our economic development efforts. We are never opposed to looking outside the box or taking on risk that will help further our efforts. Just about everything a business would need to be successful can be found within our 4.4-square-mile area or within a short drive of Addison.

economic development corporation that dedicates a portion of its sales taxes for economic development purposes. Instead, our city council resolved several years ago to dedicate a portion of local ad valorem revenues for economic development. Through our Chapter 380 program, we can provide cash grants, sales tax sharing agreements, ad valorem reimbursements, fast track permitting, and other programs if the project meets certain evaluation criteria that helps further our economic development efforts. What are you excited about in the future? We are very excited about the introduction of the DART Silver Line passenger rail service to Addison that will include a stop at the Addison Circle DART Station. Addison residents and visitors will be able to travel straight to DFW Airport or Downton Plano. This will be a game changer for Addison as it helps enhance our competitiveness for many businesses that will be within a short walk or drive to the station. The Town Is also in the process of selecting a master developer for vacant sites near the station for a mixed-use development. This will Increase the amount of office space In Addison and provide more residential options for employees and future residents.

What financial, tax incentives, or other programs have been created to help Addison attract businesses? As a DART member city, Addison does not have an

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

Town of Addison

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Texas’ #1 place to start a business

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City of Anna water tower highlights the Anna skyline.

STATE OF

DFW 2 0 2 1

Anna EDC Contact: Joey Grisham 214-831-5394 joey@opportunityannatx.com Population:

18,330 County:

Collin

Sherley Heritage Park celebrates Anna’s location along the rail line.

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Hurricane Creek Country Club features an 18-hole golf course, swimming pool, and lake.

How has Anna sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? The City of Anna offers an “open for business” transformative culture, featuring a newly adopted strategic plan focused on economic development and a reduced permitting process that averages two days. Despite the pandemic, Anna’s population continues to boom, leading the City to update its Comprehensive Plan and create a new Downtown Master Plan and a Parks & Trails Master Plan. In 2020, the Anna Economic Development Corporation also completed its strategic plan that highlights Anna’s forward trajectory.

What type of new-build activity are homebuilders experiencing, and what’s next for the sector in the coming months? Despite the pandemic and ballooning materials costs, Anna’s housing market remains steady, attracting a myriad of housing options new to Anna, including townhomes and larger lot sizes. With a 40% increase in single-family permits in FY 2021, a trend expected to continue in 2022, Anna’s newest communities offer access to one-of-a-kind features like botanical gardens, swimming pools, fishing ponds, parks, hike and bike trails, and unique amenity centers.

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

City of Anna Economic Development Corporation opportunityannatx.com

How has Dallas-Fort Worth’s market growth impacted development and offerings in Anna during the past three years? Companies are looking to Anna so their businesses can flourish and their employees can enjoy an exceptional quality of life. With a population more than 18,000, expected to grow to 100,000 by 2050, Anna’s first wave of commercial expansion included more than 160,000 square feet of construction. In 2020, both a 24,000square-foot Surgery Center of North Texas and the first 24/7 emergency room were completed and a 37,000-square-foot Municipal Complex is underway. The Walmart-anchored Anna Town Center added numerous restaurants since 2020, including Chick-fil-A, Starbucks, and Panda Express, while Anna’s FY21 sales tax collections increased 24%– more than double since 2016–as 45 new businesses opened and more than 400 jobs were created.

DCEOMAGAZINE.COM

9/24/21 11:40 AM

ANNA

Break new ground in Anna. 380

DFW INTERNATIONAL AIRPORT

121 5 75

McKinney

Plano

75 DALLAS LOVE FIELD AIRPORT

DALLAS

With competitive real estate prices, affordable housing and excellent schools, Anna offers you and your business a place to succeed.

ANNA

Come explore Anna’s pro-business mindset and see how we can help you build a framework for future growth and opportunity. • 61 square mile planning area • 5 major highways intersect near Anna

121 5 75

380

McKinney

• 15 minutes from McKinney National Airport • 45 minutes from DFW International Airport

Plano

DFW INTERNATIONAL AIRPORT

For more information, contact: Joey Grisham Director of Economic Development 214-831-5394

opportunityannatx.com

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75 DALLAS LOVE FIELD AIRPORT

DALLAS

joey@opportunityannatx.com

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The Colony Economic Development Corporation TheColonyEDC.org EDC Contact: Keri Samford, AICP Executive Director of Development 972-624-3127 edc@thecolonytx.org Population:

44,000 County:

Denton Major Businesses: Nebraska Furniture Mart Rave Restaurant Group Sanyo Energy U.S.A. Corp. Scheels All Sports Quest Resource Management Group

The 433-acre Grandscape Development continues to expand with an exciting array of retail, restaurant, entertainment and residential choices.

DFW 2 0 2 1

How has The Colony’s City/EDC sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? When it comes to the factors companies evaluate for expansion or relocation, The Colony continues to rank high in all areas, including low taxes, an educated workforce, affordable and diverse housing choices, a convenient and central location within Dallas-Fort Worth, excellent schools, and a unique quality of life that encompasses both exciting amenities for shopping, dining, and entertainment, as well as the natural assets of Lake Lewisville and a parks and trails system that offers connectivity throughout the city. How does your city differentiate itself from others in the region? The Colony is a Texas Destination with unique, one-and-

Austin Ranch is a mixed-used development offering an excellent lifestyle and easy access to employment opportunities.

The new Cascades to Grandscape Trail runs under State Highway 121 along the railroad Right of Way.

only concepts in the retail, restaurant, and entertainment sectors, including the exciting array of businesses located within the 433-acre Grandscape development. The opening of the Grandscape Lifestyle Center in 2020 and Grandscape Live in 2021 further confirms our distinction as a Texas Destination—not only commercial development, but new residents and visitors. At Grandscape Live, offering 345 luxury unites in its first phase, and other residential communities in The Colony, like Austin Ranch, a fabulous lifestyle is literally steps from your front door. And thanks to our technology infrastructure, residents don’t have to choose between living in a cool place or living near their workplace. What product and/or development do you have coming online that fills a need in the market today? We continue to work together as a community to offer diversity and strike the balance between an enviable lifestyle

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and an environment that fosters business success. A great example includes the recent grand opening of a trail that connects The Cascades development to Grandscape. The trail runs under State Highway 121 along the railroad Right of Way. This is a unique design not replicated in many other cities and a part of a Trail Master Plan that connects the entire city and answers today’s desire for a community that is bikeable and pedestrian friendly. On the flip side, we currently have a 100-acre industrial park under construction that meets the demand in a market segment experiencing a shortage. We also continue to have a high interest in entertainment, retail/restaurant, and highend flex office space. When a business fits our culture and brings value to the community in terms of quality of life, employment opportunities, and a return on investment, we can be very creative and aggressive in terms of incentives and assistance.

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

The Colony

STATE OF

D C E O M A GDACZEI O NM E .ACGOAMZ I N E . C O M

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TEXAS

DESTINATION FOR

Keri Samford, Executive Director of Development 972.624.3127 • edc@thecolonytx.org • www.TheColonyEDC.org

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City of Dallas Office of Economic Development

dallasecodev.org EDC Contact: Robin Bentley 214-670-1685 robin.bentley@dallascityhall.com

Population:

1,343,573 County:

Dallas Major Businesses: AT&T Energy Transfer CBRE Group AECOM Texas Instruments Jacobs Engineering Group HollyFrontier Southwest Airlines Builders FirstSource

AT&T Discovery District

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How has Dallas sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? Dallas has long been focused on sustainability and livability through smart city innovation, public transportation, increasing mixed-use development, and cultural and recreational opportunities. These investments and the strength of our economy helped Dallas recover from the impacts of the COVID-19 pandemic more quickly and robustly than most other cities. Continued growth in our labor force, lower cost of living, and a stable economic outlook will ensure that Dallas remains a competitive and attractive option for companies. How does Dallas differentiate itself from others in the region? Dallas is the only urban choice

in North Texas—the place where density, diversity, and innovation intersect. Dallas has 340 square miles of new and historic neighborhoods; 150 million square feet of office space; 1.34 million residents; a comprehensive transportation network, including five interstates, three airports, and DART; worldclass arts, museums, and parks, and a diverse economy. In the past two years, the city’s investments of $70 million of incentives leveraged commitments for $754.4 million in private investment, and 3,785 jobs were created or retained. Dallas has also led the region in small business COVID-19 relief, providing almost $7.5 million in total funding to qualified Dallas small businesses. A total of 614 grants and 32 loans were awarded to impacted small businesses in Dallas. In a post-pandemic environment, how is Dallas reimagining where residents live, work, and play and evolving in an unpredictable climate? The pandemic has showed everyone how vital it is to have usable, walkable outdoor spaces. Our downtown is anchored by large parks, including Klyde Warren, Belo Gardens, and Carpenter Park, and we welcomed the addition of the AT&T Discovery District earlier this year. Providing outdoor community meeting spaces, public access, and outdoor dining have enhanced our downtown areas as people returned to in person activities. Many of our local and neighborhood retail and hospitality businesses have increased outdoor seating

and updated technology to allow curbside and to-go services. Maintaining these neighborhood businesses are vital to keeping our community strong and livable. What financial, tax incentives, or other programs have been created to help Dallas attract businesses? Dallas has a variety of tools and incentive programs, including tax increment financing districts, Property Assessment Clean Energy financing, New Markets Tax Credits, Foreign Trade Zones, tax abatements, Chapter 380 grants and loans, general obligation bond program, freeport tax exemption, Opportunity Zones, and Neighborhood Empowerment Zones. We also coordinate with and leverage resources from local, regional, state, and federal partners, including our workforce development and training partners. What does Dallas’ EDC evaluate when looking to attract a new business? We look for businesses that can offer a good return to the citizens of Dallas by increasing the tax base or creating new jobs. When businesses are seeking incentives for job creation, we look for a commitment to a living wage for all workers, recruitment, and hiring of Dallas residents, and the business’ participation in local workforce programs.

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

Dallas

Downtown from the Trinity River basin

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9/24/21 11:42 AM

DALLAS T H E U R B A N C O R E O F O N E O F T H E W O R L D’S M O S T DY N A M I C A N D D I V E R S E E C O N O M I E S

HOME TO THE 4TH LARGEST TECH WORKFORCE I N T H E U.S. & T H E L A R G E S T I N T E X A S connect with us DALLAS ECONOMIC DEVELOPMENT

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Office (214) 670-1685

EcoDevInfo@dallascityhall.co m

www.DallasEcoDev.org

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Farmers Branch

STATE OF

DFW 2 0 2 1

Mercer Crossing Farmers Branch

EDC Contact: Allison Cook 972-919-2507; allison.cook@ farmersbranchtx.gov Population:

36,000 County:

Dallas Major Businesses: Copart TD Industries Softlayer Essilor of America Eyemart Express Tenet Healthcare Trinity Industries Southwestern Health Resources

Demo Rebuild Program

Brookhaven Country Club

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Luna Road and LBJ Freeway

What type of new-build activity are homebuilders experiencing, and what’s next for the sector in the coming months? Homebuilders in Farmers Branch are in demand. We have custom homebuilding activity primarily in the established neighborhoods around Brookhaven Country Club. We also have production builders west of IH-35 with the new Mercer Crossing neighborhoods offering single-family and townhome products. Purchasing existing homes with the option to tear down and rebuild is also an initiative with the city program, Demo Rebuild. Cash grants and property tax rebates are offered for residents planning to build a new home. An application must be submitted and approved before the demolition of the existing home to participate in the program.

Farmers Branch has a variety of relocation opportunities for businesses, including existing Class A office space as well as existing and new industrial product. How has Dallas-Fort Worth’s market growth impacted development and offerings in Farmers Branch during the past three years? Regional growth has created higher property values for the city, and demand for residential and commercial development has increased. Most of the 12 square miles of Farmers Branch have been developed for decades, creating revitalization opportunities.

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

City of Farmers Branch Economic Development Department farmersbranchtx.gov

How has Farmers Branch sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? The City of Farmers Branch has sustained interest as an attractive option for companies by continuing to maintain exemplary city services and updated public infrastructure. We also have a low tax rate in comparison to surrounding cities, along with the option for a triple net freeport exemption on inventory for qualifying companies. The city has a well-positioned location in Dallas-Fort Worth, giving residents and/or employees a manageable commute. For the growing remote employee sector, we have a newly renovated library and recreational facility. Flexible work schedules allow employees or residents the option to visit these facilities at various times during the week.

What type of opportunities exist for businesses looking to relocate or expand into your city?

D C E O M A GDACZEI O NM E .ACGOAMZ I N E . C O M

9/24/21 11:43 AM

WE LIKE FARMS,

BUT WE DON'T HAVE ANY. FARMERS BRANCH, TEXAS

The Heart of the Dallas-Fort Worth Metroplex

Frisco 21 mi.

Plano

17 mi.

14 mi.

11 mi.

DFW

Love Field

31 mi. 14 mi.

Fort Worth

Arlington

22 mi.

Dallas

PREMIUM LOCATION · low city tax rate HIGHLY SKILLED & EDUCATED WORKFORCE · NO FARMS FARMERS BRANCH ECONOMIC DEVELOPMENT DEPARTMENT Allison Cook | Economic Development Director | 972.919.2507

FA R M E R S B R A N C H T X .G OV

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Fort Worth

STATE OF

DFW 2 0 2 1

Tarrant Major Businesses: Alcon American Airlines Ben E. Keith BNSF Bell Flight Incora Linear Labs Lockheed Martin SmartAction

Which industries are demonstrating the most interest in Fort Worth today? Fort Worth continues to be a sought-after choice for businesses in the city’s more established industries, like transportation and warehousing, manufacturing, aerospace, and professional services.

Fort Worth thriveinfortworth.com Contact: Robert Sturns Population:

918,915 County:

West 7th District

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Arts Goggle

However, there are exciting opportunities developing in some of Fort Worth’s newer, emerging industries as well, including biotech, mobility innovation, and technology-driven clean energy. What financial, tax incentives, or other programs have been created to help Fort Worth attract businesses? Fort Worth has several tools to attract businesses to the city, including Chapter 380 grants and tax abatements, opportunity zones, foreign trade zones, property assessment clean energy financing, neighborhood empowerment zones, and enterprise zones. Based on a business’ potential location, Fort Worth also utilizes tax increment financing districts and public improvement districts. Fort Worth also offers local tax credits for ongoing research and development projects that take place within the city and has established an economic development fund to close the competitive gap with nearby

4A and 4B communities, In fact, Fort Worth’s economic development incentives have leveraged a total of $5.3 billion in private investment, resulting in 20,800 jobs. What does Fort Worth evaluate when looking to attract a new business? Fort Worth is specifically looking to attract businesses within its designated target areas that offer high-impact, well-paying jobs to the city’s fast-growing community. Particular areas of interest include biotech and transportation innovation, given the recent creation of the iter8 Health Innovation Community and the exciting strides being made at the AllianceTexas Mobility Innovation Zone.

P H OTO G R A P H Y O F W E S T 7 T H D I S T R I C T A N D S U N DA N C E S Q UA R E C O U R T E S Y O F F O R T W O R T H ; A R T S G O G G L E BY O L A F G R O W A L D

Sundance Square

How does Fort Worth differentiate itself from others in the region? Despite being one of the fastest-growing cities in the country, Fort Worth still prides itself on being a community where relationships are a priority, and collaboration is the key to success. Its strengths lie in its diversity—not only of people, but of places. And there are plenty of places to choose from, including Fort Worth’s central business district in Downtown, the world’s first industrial airport at Alliance, the city’s renowned Cultural District and Historic Stockyards, and its many unique neighborhoods and small businesses.

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STATE OF

DFW 2 0 2 1

Garland Lakewood Brewing Co.

EDC Contact: Ayako Schuster 972-205-3818 ASchuster@GarlandTX.gov Population:

246,018 County:

Dallas

Valoris Healthpark Garland

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What type of opportunities exist for businesses looking to relocate or expand into Garland? Garland presents key benefits, such as a business friendly and diverse environment, affordable overhead costs, workforce training opportunities, and more. The city is also focusing its efforts on revitalizing existing commercial properties. We are excited to facilitate redevelopment and renovation projects.

Massimo Motor

What financial, tax incentives, or other programs have been created to help Garland attract businesses? Since we understand that each project is unique, we strive to get creative with various incentive options to fill the specific gaps a business has and work collaboratively to help them attain their goals. We want to continue our involvement after the initial deal is made, as support, a sounding board, and a resource.

What does Garland EDP evaluate when looking to attract a new business? We believe it’s important to look at how the city fits into the business’s vision, along with how a business fits into the city’s vision. One quality we love to see is a unique and creative business plan, whether it be a corporation or an entrepreneur. We also seek to build relationships and like to work with those who plan to be in the community long term.

How has Garland sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? The city’s economy has remained relatively resilient. Garland businesses have the advantage of easy access— rail, highways, airports—as well a noteworthy workforce, with Garland being recognized as the seventh-hardest working city in Texas.

Garland is a community where a rich mixture of people and resources foster entrepreneurialism and company growth. “Make Your Mark” is our mantra to continue moving forward toward your goals and to do it in your way, on your terms, and in a town that truly supports its business community.

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

City of Garland Economic Development Department GarlandEDP.com

How does Garland differentiate itself from other cities in the region? Garland has the unique advantage of being a big city with small town values. Businesses here are welcomed into the community and met with a can-do spirit. The city is also one of the most diverse in Dallas-Fort Worth, offering a variety of cultural experiences. Numerous internationally based businesses choose Garland for their strategic locations.

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POWERED BY DREAMS. We invite you to a place where creativity incubates and entrepreneurs innovate. If you have an idea, Garland has your back. After all, this community is custom-built for making dreams come true.

GarlandEDP.com

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STATE OF

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Southlake Southlake Town Square

EDC Contact: Daniel Cortez 817.748.8039 EconDev@ci.southlake.tx.us Population:

31,199 County:

Tarrant Major Businesses: Sabre Verizon VariSpace TD Ameritrade

How does Southlake differentiate itself from other cities in the region? We have all the amenities of a large city but in a suburban setting that is accessible Which industries are demonstrating the most interest in Southlake today? Medical services and corporate offices are interested in Southlake due to excellent shopping, dining, and hotel environment. In a post-pandemic environment, how Is Southlake reimagining where residents

TD Ameritrade Regional Headquarters

Granite Place - Southlake

live, work, and play and evolving in an unpredictable climate? We want all our residents, visitors, and businesses to feel comfortable being in Southlake. We are working with many business property owners to ensure they have flexibility to operate in this post-pandemic world. What are the five most important needs of businesses when choosing a site location, especially now? Accessibility for its employees and customers, visibility, proximity to a major airport, amenities, and talent—all traits Southlake carries. What are businesses looking for in a site location today that they weren’t looking for a few years ago? Businesses want amenities and convenience for their employees. Traditionally speaking, businesses would take on the responsibility of providing all amenities for their employees. In today’s world, sharing this

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cost and all the other amenities a community has to offer is key to attractions. What type of opportunities exist for businesses looking to relocate or expand into Southlake? Southlake is located in northeast Tarrant County along State Highway 114. It is centrally located between Dallas and Fort Worth and less than seven minutes from DFW International Airport. What are some of your predictions for how DallasFort Worth’s economic outlook may change during the next three years? We hope growth continues and more companies continue to relocate and grow here in North Texas. We’re investing now in our community and anticipating future growth.

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

City of Southlake SelectSouthlake.com

How has Southlake sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? Southlake has a great outdoor environment for shopper and diners. Companies really like that they can offer this environment to their employees

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Envisioning the ideal place for your business relocation doesn’t have to be difficult. Built for visionaries, decades of quality-focused development have resulted in a town known for excellence in business, education and community. Perfectly positioned in the heart of the DallasFort Worth Metroplex and just minutes from DFW International Airport, Southlake is your gateway to the world. With a labor force of over 1.5 million, 40% with an associates degree or higher, within just 20-miles, Southlake has the talent you’re looking for. The city has more than 4.3 million square feet of professional office space, 4.4 million square feet of retail space for all the shopping and dining your employees and visitors desire and nearly 800 acres of undeveloped non-residential land along State Highway 114 waiting to be transformed by you. We invite you to envision yourself in Southlake and make our place, yours. Now all that’s left is for you to Select Southlake.

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CITY OF SOUTHLAKE ECONOMIC DEVELOPMENT & TOURISM 1400 Main Street, Suite 460 Southlake, Texas 76092 (817) 748-8039 EconDev@ci.southlake.tx.us WWW.SELECTSOUTHLAKE.COM

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STATE OF

DFW 2 0 2 1

Temple Economic Development Corporation TempleEDC.com EDC Contact: Adrian Cannady 254.773.8332 Population:

85,000 County:

Bell Headquarters: Artcobell, DataMars Fikes, McLane Company McLane Intelligent Solutions PDI, Scott & White Health Plan Sunbelt-Solomon Solutions Texell Credit Union Wilsonart

Temple Rail Transloading

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McLane Headquarters

How does Temple differentiate itself from others in the region? In addition to shovel-ready sites, Temple EDC has formed strong relationships with local government and decision makers. These relationships, and the motivation from everyone to bring businesses and jobs to Temple, means that there is less red tape to cut through and processes go much smoother than what people typically experience In other locations.

we’ve seen interest from distribution, food, and beverage, automotive, and building material suppliers. Additionally, Temple is a medical hub and home to Baylor Scott & White Medical Center with a Level 1 Trauma Center, McLane Children’s Hospital, Everest Rehabilitation Hospital, and the largest VA Hospital in the state. With such a strong medical industry we regularly see interest from health and bio-science companies looking to start operations.

Which industries are demonstrating the most interest in Temple today? Temple is fortunate to sit at an ideal location on the Texas triangle. We are one hour from Austin, two hours from Dallas or San Antonio, and 2.5 hours from the Houston metro region. Whenever there are large business developments in any of those cities, we quickly see a rush of interest from ancillary businesses, regardless of industry. From that standpoint

How is technology impacting the needs of businesses moving into the area? Temple Industrial Park is fully served with fiber optic lines, provided by multiple carriers, at every site. Businesses coming in today have a greater need for high-speed technology infrastructure than ever before. By providing this to every site, and by having robust wireless options throughout the city, Temple has been able to prepare and provide to these needs before a project even begins. In a post-pandemic environment, how Is your city reimagining where residents live, work, and play and evolving in an unpredictable climate? Temple is experiencing new investments in housing, traditional business districts, and educational campuses. This, alongside fiber and wireless connection options, provides an environment for individuals to easily pivot from in-office to at-home work, and vice versa. Temple is home to

many outdoor spaces, and we continue to invest in our park infrastructure and bike trails that provide quality of life for our citizens. How has the Dallas-Fort Worth region’s market growth impacted development and offerings in your city during the past three years? Dallas has been the center of business and industrial growth in the U.S. for quite some time. This growth has branched out and has led the business development community to look at Central Texas as their next wave of investment. Temple’s long experience in business growth has made us a natural place for people to reach out to for their Central Texas location. What does your EDC evaluate when looking to attract a new business? We are focused on target manufacturing, business support services, health and life sciences, and logistics and distribution that will significantly increase the overall Income of our local citizens and will increase the tax base of our local governments. What are some of your predictions for how DallasFort Worth’s economic outlook may change over the next three years? We expect to see tremendous growth In the south Dallas-Fort Worth area. Being right off I-35 and only two hours south of Dallas means that Temple is perfectly positioned to support this growth as companies look to expand toward the Central Texas region.

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

Temple

D C E O M A GDACZEI O NM E .ACGOAMZ I N E . C O M

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Central Texas’ Next Frontier

254-773-8332 | TempleEDC.com

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STATE OF

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Terrell Nucor Building Systems

EDC Contact: Ray Dunlap 469.534.2719 ray@terrelltexas.com Population:

18,000 County:

Kaufman Major Businesses: AutoZone Distribution, Madix, Nucor, Oldcastle BuildingEnvelope, Walmart Distribution

the County allowed local governments and school districts determine what was best for their community. As a result, Terrell has not been hit as hard as some other communities. What are businesses looking for in a site location today that they weren’t looking for a few years ago? Today, businesses are looking for good land prices, a reasonable regulatory environment, and a quality workforce. Many CEOs are seeking a work/live/play environment for their employees as a strategy to attract and retain top talent. How does Terrell’s master plan fit into this strategy, and how has it evolved this year? Terrell updated its master plan a few years ago and voters chose to devote a 1/8 cent sales tax to improving parks and downtown. The City Council appointed a board to lead this work and they are

actively working to improve an already good quality of life for residents and visitors. The board, in conjunction with the City Council, is pursuing improvements that will make Terrell more appealing to those seeking good jobs in a great place to live. What does your EDC evaluate when looking to attract a new business? Our EDC looks at the stability and financial health of a company, the total investment they will make, and most importantly, the quality of the pay and benefits they will be offering employees. How does Terrell differentiate itself from others in the region? Terrell has a diverse economy, which has helped us weather COVID-19 better than some. The City of Terrell, Chamber of Commerce, EDC, Kaufman County, school district, and business community work together to find solutions to issues. We are not a siloed community, but rather a collaborative and inclusive community.

Walmart Distribution Center

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

Terrell Economic Development Corporation terrelltexasedc.com

How is Terrell positioned as an attractive option for companies seeking new alternatives and locations, given COVID19’s impact on the economy and daily work life? Post COVID-19, submarkets are becoming attractive to companies. Terrell is far enough away from Dallas-Fort Worth to still have a smalltown feel, and close enough so that all the desired amenities of the big city are only 40 minutes away. Land is more affordable and workforce in East Texas will drive to Terrell for good jobs. When COVID-19 hit, the Kaufman County Judge and Commissioners Court were very practical and moderate in their attitude toward business. They consulted with business and education before making decisions. They did their best to adhere to safety guidelines, while also recognizing if people were not working, we would have far greater problems down the road. To the extent possible,

DCEOMAGAZINE.COM

9/23/21 2:48 PM

Booming And, there’s still room for you.

Progressive. Connected. Innovative. American Ideals, Work Ethic and Deep Texas Roots Crossroads at Terrell

255-acre 600,000 SF Power Center Retail Destination

Terrell Market Center

Buc-ee’s 62,000 SF Travel Plaza Anchors 89-acre Retail Center

Historic Downtown Terrell

Regional Medical Center

Shops at Terrell/ Home Depot

Mike Cronin & Airport Business Parks

Land Available for Medical Concentration

Brand-name Apparel/ Home Improvement Superstore

Downtown is Home to 100+ Businesses

$44,000,000 in Business Expansions

Terrell, Texas is THE ideal location for your business • • • • •

I-20 and U.S. 80 location gives you direct access to major ports and NAFTA corridor Reach 93% of the market withIn two days Close proximity to DFW International Airport/Dallas Love Field sites available at Mike Cronin/Airport Business Parks Low cost of occupancy; affordable Land Prices

Contact Ray Dunlap, PCED, President • 469-534-2719 • Ray@TerrellTexas.com

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celinaedc.com EDC Contact: Alexis Jackson 972-382-3455 ajackson@celinaedc.com Population:

30,000 County:

Collin & Denton Major Businesses: Airmax, Sign Gypsies, Protective Products, Dickerson Construction, Automation Integration, Redi-Mix, Chemtrade

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DFW 2 0 2 1

How has Celina sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past year on the economy and daily work life? During the pandemic, Celina out-paced nearby Frisco as the city issuing the highest number of new building permits. New businesses and new homes are being built at an unprecedented pace, and the trend shows no signs of any correction in the foreseeable future. What are businesses looking for in a site location today that

Celina Historic Downtown

they weren’t looking for a few years ago? Technological infrastructure. Celina is the first Gigabit City in Texas. Much of Celina enjoys a pure fiber network with unlimited bandwidth and speeds of 1,000 Mbps. Which industries are demonstrating the most interest in Celina? As the Dallas North Tollway plows through the heart of

the City, BIZNOW stated that Celina should prepare ‘for the Tsunami’ as we will soon anchor the top of the Tollway. With the Tollway and Preston Road serving as major north/ south thoroughfares and the new Collin County Outer Loop construction connecting the east and west, access to Celina with minimal interruption is simplifying.

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

Celina

STATE OF

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Saginaw Saginaw, Texas SaginawTx.org SaginawEcoDev.org EDC Contact: Keith C. Rinehart 817-230-0331 krinehart@saginawtx.org

P H OTO G R A P H Y C O U R T E S Y O F S AG I N AW, T E X A S

Population:

24,150 Major Businesses: Wholly Guacamole, Trinity Rail, CTI Foods, Miller Milling, Troxell Trailer Mfg., Gavilon Grain, Ardent Mills, Ventura Foods, Bana Box

STATE OF

DFW 2 0 2 1

How does Saginaw differentiate itself from others in the region? Location. Saginaw’s centralized location, proximity to major highways, and access to a workforce of over 1 million, gives it a significant competitive edge. The Saginaw area boasts an excellent school system, abundant housing, more than 100 acres of tranquil parks, lake recreation, and a variety of restaurants and retail shopping all in close proximity to world-class arts and entertainment venues in Dallas-Fort Worth. Low property tax rates. Saginaw has one of the lowest

Ardent Mills

property tax rates in Tarrant County at $.0479. Reinvesting in Saginaw. The Building Improvement Grants program provides matching grants to reimburse commercial property owners or business operators for eligible enhancements made to their properties. This is for any commercial business in the City of Saginaw that is looking to enhance its existing site visual, or in ways that increase

the viability of the property for business use. What type of new-build activity are homebuilders experiencing, and what’s next for the sector in the coming months? We currently have three mixed-use developments being constructed. These developments will include restaurants, retail, entertainment and single-family homes, as well as multifamily housing.

We’re Open for Business!

SaginawTx.org | SaginawEcoDev.org

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Sunnyvale Economic Development Corporation SunnyvaleEDC.org EDC Contact: Burton K. Barr 972-203-4154 burton.barr@townofsunnyvale.org Population:

7,893 County:

Dallas Major Businesses: American Marazzi Tile, Vince Hagan Company, Morley Moss Electrical

DFW 2 0 2 1

What type of opportunities exist for businesses looking to relocate or expand into Sunnyvale? Sunnyvale’s proximity to downtown Dallas and U.S. 80 makes it a desirable choice for entertainment, hospitality, corporate headquarters, destination retail, grocery stores, and industrial development. What does Sunnyvale’s EDC evaluate when looking to attract a new business? Capital investment, sales tax generation, job creation, and targeted industries.

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

Sunnyvale

STATE OF

Hope Coffee

How does Sunnyvale differentiate itself from others in the region? The Town of Sunnyvale is a quiet and family-oriented community a short 15-minute drive from downtown Dallas. Sunnyvale ISD is consistently rated as one of the top school districts in Texas. Sunnyvale residents enjoy the benefits of small town living combined with access to the thriving business, cultural, and social districts of the Dallas-Fort Worth.

Which industries are demonstrating the most interest in Sunnyvale? Light industrial and retail. How has Dallas-Fort Worth’s market growth impacted commercial development in Sunnyvale? We are seeing tremendous growth as developers look to move east of downtown Dallas.

Strong Industrial Base With A Growing Retail Market

A Town On The Rise!

127 N. Collins Rd. Sunnyvale, TX 75182 | sunnyvaleedc.org

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9/27/21 10:31 AM

Start Strong FROM SUCCESS TO SIGNIFICANCE CEO

Align your business with D CEO and leverage the power of the best regional business magazine in the country. Solidify your strength in the market by including D CEO in your business plans for 2022.

“If someone can do something 80 percent as well as you, let them do it.” LTK’s A M B E R V E N Z B OX on the importance of delegating.

CEO

January/February 2022: Technology + Innovation Space Reservation: November 20

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The Top M&A Deals and Dealmakers

David and Ann Sutherland have profoundly reshaped the luxury home goods industry. Here’s how.

Ample digital opportunities, special sections, and custom sponsorships available as well. Contact Laurie Stovall to get started: laurie.stovall@dmagazine.com or 214.939.3636.

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END MARK

DIGGING IN

Hockaday (with shovel) at a groundbreaking for the school’s new junior college, in 1934.

Dallas’ First Headmistress E L A H O C K A DAY (March 12, 1875–March 26, 1956)

n 1913, ela hockaday founded an all-girls boarding school in Dallas that, more than a century later, is one of the largest and most prestigious private schools in the nation. A graduate of what’s now the University of North Texas, The University of Chicago, and Columbia Teacher’s College, she was a teacher and principal before opening her own school. Built on the four cornerstones of character, courtesy, scholarship, and athletics, the Miss Hockaday School for Girls provided an unprecedented, rigorous education—even before women had the right to vote. The first class of 10 graduated in a home on North Haskell Avenue. Hockaday served as headmistress for 33 years then lived in a house on the edge of campus after retiring. Following her death, Dallas Mayor Erik Jonsson pushed a move to the school’s present-day site in North Dallas. Earlier this year, school trustees approved a plan to phase out the school’s boarding component. Notable alumni include Lyda Hill, Caroline Rose Hunt, and Lisa Loeb.

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LEADING LADY

Highly educated herself, Hockaday helped prepare girls for the future even before women could vote.

P H OTO G R A P H Y C O U R T E S Y O F T H E H O C K A D A Y S C H O O L

story by CATHERINE ROSAS

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9/27/21 9:51 AM

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Bringing more to banking. www.texascapitalbank.com Texas Capital Bank Member FDIC NASDAQ ®:TCBI

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D CEO November

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