SPIRITS

NETWORKING

The Dallas Bourbon Club, one of DFW’s most exclusive private groups, bottles power and impact.

story by

WILL MADDOX

portrait by

JONATHAN ZIZZO

the dallas bourbon club had just three members in 2017. now, there are roughly 140 bourbon buffs in the organization—and more than 3,000 on the waiting list. So, how did the fledgling group transform into the 2022 American Spirits Council of Tasters Whiskey Club of the Year and one of the most difficult clubs to join in Dallas? It is simple: charity, relationships, a good party, and, of course, top-flight bourbon.

In 2017, Verdant Commercial Capital Chief Commercial Officer Brian Lowe was looking for a network of people who appreciate whiskey and bourbon. He Googled exactly that, stumbled upon the Dallas Bourbon Club, and sent an email to inquire about joining. Lowe soon realized the club needed some work and connected with John Bentley, who established the organization in 2013. In Lowe, Bentley found someone who could take the club to the next level.

Lowe, who now serves as president, helped reorganize the DBC as a nonprofit and developed leadership positions, events, and fundraisers. Growth was organic early on, with members asking friends to join. But during the pandemic, the club took off—as did alcohol sales (which increased 20 percent from March to September 2020 compared to the same period in 2019, according to a study by Columbia University). For business leaders in the DBC, bourbon is more than an escape. “It’s an experience; a story; a feeling,” says Melissa Wilson, a group manager at Toyota North America. The organization has stayed small in order to allow each member to purchase a bottle from one of the bourbon barrels the club brings back from its distillery visits around the United States “The experience is unmatched,” says Dr. Umesh Oza, a radiologist. The group’s charitable giving has earned it star treatment with top names in bourbon, including Blanton’s and Colonel E.H. Taylor. Over the years, the club has supported The Birthday Party Project, At Last!, Café Momentum, Bonton Farms, and UTSW. Last year, the DBC raised around $120,000 for nonprofits. “The distilleries roll out the red carpet for DBC because of lives we’re impacting,” says member Pete Delkus, chief meteorologist at ABC affiliate WFAA-TV. Getting into the club isn’t about having a big bank account or a prestigious title. “Helping someone get a job through a DBC member and proLIFTING SPIRITS viding business references have been From left: DBC members Melissa super beneficial,” Lowe says. “Several Wilson, Pete Delkus, Brian business deals have been completed Lowe, Tristin by members who met in the Dallas Westphal, and Umesh Oza. Bourbon Club.”

ASK THE EXPERTS

Leading a Successful Company in a Changing Industry

BLAKE ROBBINS, OWNER, PETROVISTA ENERGY PARTNERS

Why is the business of oil & gas production ever-changing? Oil & gas is an industry that is ever changing because of commodity cycles, market forces, and simple supply and demand economics. The price swings and instability create incredible opportunities for anyone willing to capitalize on those swings. This is where my greatest gains have been made. The price instability, which is the only consistent component of the oil & gas industry, is actually what makes being in this business enjoyable. The ‘Wild West card game’ the oil & gas business has become is just plain fun for me.

What was the catalyst for founding PetroVista, and how is the business doing today? I was born and raised in this business. Growing up in West Texas and a third-generation oil man, it is a part of my heritage. I founded PetroVista because I wanted to prove to myself and to my community that I could compete in the oil patch. I wanted to show everyone I could run with bulls. I was born in the right time and in the right place to do this. PetroVista has leased and bought minerals and royalty interests in excess of 300,000 acres in West Texas, and we have doubled our revenue every year since 2009.

Why is PetroVista self-funded? PetrovVista has always been self-funded, which provides me the opportunity to set my own course for the company. I had to learn how to make money without money at firs. Once you have mastered that skill, anything is possible. One of our biggest strengths is the ability to stretch every dollar to maximize the return on capital.

As a business owner in such a competitive and always-changing industry, what are some of your business practices that have made the company a success? Our business approach is very simple; it is mostly about opportunism. The economies of the world need our product for the foreseeable future, and this is not changing in my lifetime.

What is your advice to business owners that may help them avoid taking on too much?

Hire talent and keep them incentivized and feeling like part of a team. Hire the best, pay them well, and let them do what they do best. Most of my hiring is contractual, which allows me to scale up or down at any given time. Also, choose the right partners. For me, it is instinctual, but overall, it involves observing who is making the big moves in your industry. You want to gravitate toward them, and you want them to gravitate toward you.

What is next for PetroVista?

My goal is to always lead with an opportunistic approach. Have an open mind and find value in assets where others don’t. My next steps include putting a team together and opening to outside investment, whether that be formal private equity or ‘country club money.’ This will allow PetroVista to generate greater economy of scale. Our focus will mostly be in the mineral and royalty space—a unique asset class that most outside investors simply don’t have access to. Our partners and relationships are what we value most. Transparency with our results and gaining the trust of those we work with are our highest priorities. PetroVista will remain headquartered in Midland and maintain a presence in Dallas. The best is yet to come. We have a formula for success and a track record to prove it.

ABOUT THE EXPERT:

Born and raised in Midland,

Texas and the middle of

three boys, Blake Robbins is

a self-proclaimed risk taker.

He graduated from Texas

Tech University in 2005 and

is a second-generation Red

Raider and a third-generation

oil man. He later worked as

a contract landman before

independently buying

up drilling rights to sell

to oil & gas operators—a

successful turning point in

Robbins’ career. He founded

PetroVista—a combination

of the words ‘petroleum’

and ‘vista’, as Robbins had

a “petroleum vision for his

future.” Robbins moved

to Dallas in 2017 where he

continues to lead the

day-to-day operations of his

company, which is based in

Midland. Outside of running

PetroVista, Robbins works

in traditional real estate and

surface real estate and is

currently raising capital to

generate economy of scale to

produce much larger results

or profit scenarios in the oil &

gas industry

Between FritoLay and Quaker, PepsiCo Foods has 42 brands that come in hundreds of variations.

CEO of the YEAR 2022

HISTORY FAVORS THE BOLD portrait by SEAN BERRY story by CHRISTINE PEREZ

By all measures, Steven Williams has exceeded expectations since taking the helm of PepsiCo Foods North America in 2019. Here's how he's driving growth at the $21 billion enterprise.

Frito-Lay’s headquarters campus sits on about 300 acres within Legacy business park in Plano.

The company's "chipping potatoes" are developed and bred by agricultural researchers in northern Wisconsin.

STEVEN WILLIAMS CALLS FRITO-LAY’S MANUFACTURING FACILITY IN ROSENBERG, ABOUT put him in charge of North American operations of both Frito-Lay 40 MILES SOUTHWEST OF and Quaker Foods, a combined $21 billion+ operation. “Yeah, so I got the call, and it was awesome,” Williams says HOUSTON, HIS “LUCKY PLANT.” with a big smile. “I was excited. What I’ll say is I knew about the opening and felt that I’d be able to compete. You know what your potential is, but timing is a factor, During a tour there in early 2019, he got a call that too. So, I didn’t know if I would get the job, but I knew I had a shot.” would change his life. Two calls, actually. The firt Williams had certainly put in his time, holding 14 differentroles with the came from Vivek Sankaran, then-CEO of Frito-Lay organization since firt joining to manage sales of the Quaker brand in Oklahoma and North America. Word had been going around that Arkansas in 1997. Richard Fisher, former president of the Federal Reserve Bank of Dallas, Sankaran intended to leave the company. “I’m not was on PepsiCo’s board of directors in 2019 and among those who endorsed Williams’ supposed to be calling you, but I just wanted to tell selection. Since then, “Steven has been a remarkable gift that keeps on giving to Pepyou to answer your phone,” Sankaran cryptically siCo shareholders,” Fisher says. “He runs the most vital part of the enterprise. Without said. “You’re going to hear from Ramon.” Shortly Frito-Lay, you wouldn’t have the kind of stock performance PepsiCo has had. The stock thereafter, Williams’ phone rang a second time. is performing at all-time highs at a time when the rest of the market is being creamed. Ramon Laguarta, a Spanish businessman who suc- Without Steven, that would not be possible.” ceeded Indra Nooyi as PepsiCo’s global chair and Fisher describes Williams as authentic, thoughtful, a good manager, a strategic CEO in 2018, was on the other end of the line. He thinker, one who is open to new ideas, enthusiastic, and someone who executes well. was calling with an offerto name Williams CEO “Frito-Lay represents more than half of the enterprise value of PepsiCo, and Steven has of PepsiCo Foods North America. The move would run it brilliantly,” Fisher says. “He was also given one of the worst performers—Quaker Oats—which he has turned around and made very successful and very profitable.If he wishes, longer-term, I could see Steven one day running all of PepsiCo.” The company’s Plano-based foods division currently has 42 brands, most of which come in myriad varieties. Six brands generate more than $1 billion in annual revenue each—Lay’s, Cheetos, Doritos, Tostitos, Rufflesand Quaker. Dozens more, including Fritos, rake in more than $500 million a year. As CEO, Williams oversees nearly 70,000 employees and is responsible for everything from “seed to shelf.” (See sidebar on p. 39.) “I am privileged to do this job, and I don’t take it for granted,” he says. “I also know I’m about the only person who could do this. It’s my moment now.”

BORN IN 1966 in Haskell, Oklahoma, Williams was the youngest of nine children, which made for interesting times growing up, he says. “Some say I was a surprise; others say a miracle,” he jokes. His closest brother, James, is nearly 13 years older. His oldest sister, Lillian, is 25 years his senior. Williams’ father was a Williams says he Baptist pastor in nearby Okmulgee and had a side hustle selling and his team think of the company's burial and life insurance. His mother worked at a school cafeteria manufacturing facil- and also cleaned homes and took on other jobs. Williams’ status ities as kitchens. "We're making food as the baby of the family did not earn him preferential treatment. for people," he says. “Dad was a good man, but he was strict when it came to behav-

ior—he wouldn’t even allow nicknames,” Williams says. “My sisters would try to call me Stevie, and he would say, ‘The boy’s name is Steven.’ He would call me ‘the boy,’ but he insisted that everyone else called me Steven.” (Williams goes by the longer version of his name; he never shortened it to Steve.)

Until moving away, he says, he didn’t realize how little his family had. “I don’t like saying ‘poor’ because we were rich in a lot of things,” Williams says. “There was a lot of love, and we never missed a meal. Everyone worked hard and pitched in.”

His father ruled with a heavy hand but, despite the hardships he faced as a Black man in rural Oklahoma, was an eternal optimist. He would often tell Williams to remember that “attitude determines your altitude, and the sky’s the limit.” His mother was a giving, hopeful, compassionate woman of faith who also was a pragmatist. Due to his father’s flxible schedule, Williams spent most of his days tagging along with his dad, a talented storyteller and preacher. He attended countless weddings and funerals, seeing people at the start of their adult lives and at the end of them.

When he was 13 years old, Williams got a job stocking shelves at a small grocery store. During summers, his parents would send him to Tulsa to help his brother Richard with his air-conditioning and refrigeration business. As a high school graduation gift, he received luggage. “Our parents gave us three choices,” Williams says. “We could go to college, which was the preferred choice, join the military, or get a job. Whatever we did, we were expected to leave home.”

Williams chose school and went to the University of Oklahoma, where he met his wife of 29 years, Christy. He entered the workforce before graduating but ultimately earned a degree in economics from the University of Central Oklahoma. “I always knew I wanted to work in business, but I studied economics because I wanted to understand how the world worked,” Williams says. “Growing up in a small town, we never talked about those things. I wanted to learn about money and how the economy worked.”

His brother James taught him to hunt and fish and other role models helped guide him, too. Williams was also profoundly inspired by Nelson Mandela and Martin Luther King Jr. He admired the way they drove major action but did it in a way that brought people together. “They didn’t push people apart,” Williams says. “I’ve always admired that style—probably because it was close to the way my dad operated. I learned that—man, you can move mountains and you don’t have to be divisive. I also think about big bets—the moon shot and JFK—and how history favors the bold. It’s about the actions you take. I think my leadership style has been informed by all these things.”

Williams keeps a stash of one of his favorite snacks, Ruffles A Dressed, which are only available in Canada.

A TRUE SEED-TO-SHELF BUSINESS

Agricultural operations are foundational for FritoLay. Everything starts by cultivating each snack’s core ingredient. Here’s the company’s recipe for creating the perfect potato chip.

STEP 1:

Agricultural researchers in Rhinelander in northern Wisconsin develop various breeds of potatoes. Those used for chipping are round in shape, similar in size to a baseball, with skins that are thin and easily removed. They’re also engineered to not retain much moisture, as solid vegetables produce better yields.

STEP 2:

Frito-Lay contracts with farmers and sells them proprietary seeds that are ideal for their specifi geographical regions. There are many varietals, which allow the potatoes to be grown everywhere from Arizona to Wisconsin.

STEP 3:

The farmers plant and tend their crops, overseen by FritoLay. All U.S. farms are 100 percent sustainably sourced. At harvest, the company buys the potatoes from the farmers and sends them to one of its more than 40 manufacturing sites around the country.

STEP 4:

The potatoes are washed, peeled, sliced, baked or fried, seasoned, and “turned into something delicious,” Williams says. The snacks are then packaged in bags and boxes and sent to a distribution center or store.

WILLIAMS BEGAN HIS career in 1991 in Oklahoma City as a buyer for grocery wholesaler Fleming Cos. His boss, a division president named Jim Costello, could be “mean as a snake” but took a genuine interest in Williams’ career development. Once, while sitting in a conference room, Costello told his young protégé to get the emotions out of it and stick to the facts. (“He didn’t say it quite that nicely,” Williams says.) It is advice that he carries with him to this day.

In 1997, Williams shifted over to Quaker Foods and Gatorade. When the two brands were acquired by PepsiCo in 2001, he and his colleagues weren’t thrilled. “Quaker was called ‘Quaker nice,’” he says. “And we were like, ‘This is not going to be good. What are we going to do once we get into the PepsiCo machine?’” Despite the fears, Williams says he found PepsiCo to be “a completely differentanimal” that provided plenty of opportunities for growth.

Al Carey—whose various posts had him leading the North American operations of Quaker Foods, Frito-Lay, PepsiCo Beverages, and, ultimately, all of PepsiCo—is among those who took early notice of Williams. “I could tell he was going to be a winner,” Carey says. “His results were fantastic, and he had a collaborative management style. Customers knew they could trust him—his people did, too. He holds them to a high standard but with compassion. He makes people want to perform at a high level, and he understands that the old ‘command-and-control’ leadership style is no longer going to cut it.”

Carey identifiedWilliams as a “high-potential leader,” a PepsiCo term for people targeted for corporate advancement. “We always made sure to map out careers of those on the high-potential list,” he says. “Steven was always on my list, and as we moved him into differentjobs, I knew he was going to be a very high-level executive at some point if we gave him the critical experiences he needed.”

Williams’ consistently strong performance led to opportunities that took him back and forth between Los Angeles, Chicago, Bentonville, Arkansas, and Dallas-Fort Worth. He moved to North Texas in March of 2016 to lead Frito-Lay’s East Division. Two steps up the career ladder later, he was in the corner offic

Even after leaving PepsiCo, Carey continued to check in on Williams. “I remember my firt year at Frito-Lay; it’s challenging when you don’t have anyone to talk with,” Carey says. “It can cause you to question some of your decisions. I wanted to be there for Steven. What’s interesting is I don’t think he needed me at all. He hit the ground running and accelerated growth. Steven has exceeded everyone’s expectations.”

Frito-Lay’s Off the Eaten Path snacks, made of black beans, rice, and chickpeas, come in compostable bags.

STICKY CONSUMER TRENDS

The pandemic changed everything. PepsiCo Foods CEO Steven Williams says these shifts in consumer behavior are here to stay.

SUPERMARKETS

“During the heart of COVID, people didn’t want to venture FRITO-LAY’S headquarters, which also houses far from home. They’ve a number of PepsiCo Foods associates, sits on nearsince expanded to a broader repertoire of shopping, ly 300 acres in Plano’s Legacy business park, survisiting three or four places rounded by green space and soothing water features. every week, between local A second facility, separated from the main building markets, convenience stores, by a grove of trees, is where snacks of the future are natural stores, and clubs.” dreamed up. About 300 scientists, chefs, and reE-COMMERCE searchers work in the company’s global R&D cen“The pandemic accelerated ter of excellence. They’re informed by exceptionally e-commerce for food by deep data on consumer behavior and demographic about four or fie years. trends—such as Gen Z’s penchant for tangy flvors. Picking up orders and home The company’s portfolio extends back to 1932, delivery of items bought digitally is approaching a when C.E. Doolin began selling Fritos corn chips large number—double digits and Herman Lay started a snack food delivery comfor us today.” pany, later buying out the manufacturer. The two companies merged about 30 years later to create VALUE Frito-Lay. The trademark for Quaker’s star product, “Given the economic outlook, value is still super important Quaker Oats, goes back even farther—to 1877. to consumers. It shows up in Williams often uses the word “ubiquitous” when different ways—not just abso- talking about PepsiCo Foods brands, which can be lute price points but trading found in 94 percent of U.S. households. “The valdown to less-expensive items ue of our company is our brands,” he often says. and stocking up at places like Costco and Sam’s Club.” Through the years, the R&D team has exponentially broadened the portfolio by creating new iterations of MULTIPACK foundational brands—such as the Simply and Baked “During COVID, people lines, as well as new flvors, like the super successful stopped pouring things into “Flaming Hot” products. bowls, and multipacks took off. They offer convenience, PepsiCo Foods is also the biggest dip company in portability, and portion the country, with quesos, salsas, and other dips uncontrol. Our multipacks are der the Tostitos, Fritos, and Lay’s brands. doing well on every channel.” One of Williams’ favorite new products is Tostitos Blue Corn, which was introduced about three years ago. “Set them out at a party, and they’ll soon be gone,” he says. Other newcomers include Flaming Hot Doritos, which builds on the success of Flaming Hot Cheetos, and a couple of varieties of Doritos 3D. Lay’s Poppables, potato puffsthat come in differentflvors, have done well, as has the Offthe Eaten Path line, snacks made with rice, black beans, and chickpeas. Williams says consumers also love limited-time-offermashups, such as Wavy Lay’s with Funyun flvors and a Cheetos

line of macaroni and cheese, which leveraged the pasta capabilities of Quaker Foods. “The barrier to entry in our category is super-duper high,” he says. “Potatoes are readily available, and corn is readily available, but we can do things at scale, we do it with good science behind it, and we have these amazing brands. It’s hard to introduce a completely new snack to the world.” Along with developing new products, Williams has made one acquisition since being named CEO, buying the company behind the PopCorners brand of popped-corn crisps in a deal that closed on March 1, 2020. He also upped PepsiCo Foods’ marketing game. In May, a partnership with the Netflixhit Stranger Things let Doritos 3D buyers scan a QR code and get access to a “Live from the Upside Down” virtual concert. The following month, Frito-Lay inked a deal to sponsor FIFA’s 2022 World Cup in Qatar. It’s also having conversations about the 2023 Women’s World Cup in New Zealand and expects to have discussions about the 2026 World Cup in North America, too.

The word “ubiquitous” applies not just to the company’s products but where they are found. They’re sold via mass retailers like Walmart, Target, and other big-box chains, traditional grocery stores, and convenience stores, both chains like 7-Eleven and small mom-and-pops. The snacks are also sold via Amazon and countless retailer e-commerce sites, a business that accounts for a double-digit percentage of sales and is growing. For several years, the company had been thinking about establishing a digital B2C platform of its own. The pandemic accelerated those plans, with snacks.com going live in May 2020. Along with being a “nice little business” of its own, Williams says, the site allows the company to collect firt-party data and foster deeper relationships with customers. It’s also a way to test limited-time products, such as ketchup- and mustard-flvored Doritos, sell custom-order multipacks (which are now packaged in boxes versus bags), and offera few surprises, such as holiday gift items and a limited-edition Cheetos onesie. (Williams is still a little salty that the onesies sold out before he could get one for himself.)

The pandemic also drove home the importance of PepsiCo Foods’ impeccable record for safety and the trust the company has established with consumers. “We think of our manufacturing facilities as kitchens— we’re making food for people,” Williams says. “I feel great about every bag and every box; I never lose any sleep thinking about this.” WHEN HE BEGAN his CEO journey, Williams had plenty of options in deciding where to focus his attention; his company controls the value chain all the way through. Today, three years into his post, when talking specificsabout everything from product innovation, marketing, and electrifiction to consumer trends, technology, and employee upskilling, he shows a deep and detailed understanding of the broad-ranging operations he oversees—knowledge no doubt gleaned through the varied roles he has held in his 25-year run with the company.

Among his greatest responsibilities is overseeing the company’s massive, nearly 70,000-member

About 300 scien- workforce. “We’re the biggest blue-chip company tists, chefs, and researchers dream that is also blue-collar,” Williams says. “We have up new products high-tech, R&D, and sophisticated consumer inin the company’s global R&D facility sights personnel, but about 65,000 of our employin Plano. ees either make, move, or sell our products.” Along with paying above-average wages, talent engagement, development, and retention initiatives fall into three buckets: worker, work, and workplace. With 13 quarters behind him, Williams continues to look ahead. He’s focused on removing bottlenecks in manufacturing, making infrastructure investments to support growth (including a major investment in the company’s Irving plant), sustainability, automation, and digitization. “Growth is oxygen for any business,” he says. “It gives you the ability to do things you otherwise wouldn’t be able to do. It’s helping us build a better company and double down on tech to drive growth using fewer resources.” Williams also is fiercelycommitted to giving back to the community. He serves as both board chair and 2024-25 fundraising chair for the United Way of Metropolitan Dallas, with which PepsiCo Foods has been involved for 50 years. He’s a driving force behind Southern Dallas Thrives, a partnership between the PepsiCo Foundation, Frito-Lay, and the United Way. About 25 percent of the company’s employees either live or work in the southern sector. He also has recruited leaders at AT&T, Comerica, and other big corporate citizens to get involved. PepsiCo Foods A self-described “tough-minded optimist,” Wilconsistently leads the region in liams says he can’t imagine a future that isn’t participation in the bright. “I think we’re operating on the cusp of United Way’s annual Day of Caring something truly special,” he says. “We are winning, volunteer event. and we’re going to keep winning.”

DeCOdiNG CRyPTO

Some North Texas companies are embracing the brave new world of these alternative assets, even in the midst of an industry-shifting crash.

story by BEN SWANGER AND KELSEY J. VANDERSCHOOT

042

Since the launch of Bitcoin in 2009, cryptocurrency has been an easily escapable topic for those who find the new concept cloudy and the investment far too volatile.

But as alternative assets become increasingly relevant during inflation and the crypto market hits another extended period of record lows, more individuals and companies are embracing the nebulous technology and trying to make crypto less cryptic.

North Texas is home to industry leaders in the global multitrillion-dollar crypto space, including Fort Worth-based Coinsource, the largest Bitcoin ATM operator in the world, and startups like Blockmetrix, the CRYPTO MINING company that has raised $50 million in funding. Even some energy players are entering the arena, including Taylor Billingsley, grandson of Tri Global Energy Founder John Billingsley. Former Dallas Cowboy turned commercial real estate exec Darren Woodson has also joined the fray via NON-FUNGIBLE TOKENS.

“The ledger transparency, the simplification of payment flows, and the tech that comes with it is creating a lot of opportunity,” says Alex Holmes, CEO of North Texas-based MoneyGram International. But what exactly is CRYPTOCURRENCY, and how does it work? (Pro tip: A sidebar on the next page has definitions for words highlighted in blue.)

Many tie cryptocurrency’s launch to Satoshi Nakamoto—an individual or several developers, the specifics are unknown—who unveiled a white paper detailing plans for a digital currency that could be traced in an ecosystem: the BLOCKCHAIN. The launch corresponded with the chaos in financial markets during 2008, when trust in banks wavered.

Since then, the crypto space has evolved to include roughly 20,000 digital currencies and become an investment play across industries and demographics. Sectors including art, sports, retail, financial services, and more have developed entry points into cryptocurrency for consumers. But the recent failure of the former cryptocurrency exchange giant FTX has disrupted the entire industry.

At its peak this past January, FTX was valued at $32 billion—now, the company is bankrupt, and its former CEO is in serious legal trouble. Sam Bankman-Fried, the founder of FTX, was allegedly using the capital of company creditors to transfer into his hedge fund, Alameda Research. Crypto publication CoinDesk reported that Alameda's balance sheet was stuffed with FTT—FTX's native crypto token. As a result, Binance, a top exchange competitor of FTX, engendered a crypto bank run after its own investigation into mishandled funds and, in early November, liquidated approximately $500 million worth of FTT tokens offthe platform. Consumers followed suit, eviscerating the token. FTX found itself in a multibillion-dollar hole just three days after the sell-off egan.

The value of top cryptos Bitcoin and Ethereum fell 20 percent in wake of the FTX collapse. Cave-ins are nothing new, though; in fact, Bitcoin has been pronounced “dead” some 200 times since 2017, according to BitStacker. But the recent crumble speaks more to poor business leadership than it does to the tech, crypto-truthers say. And for DFW companies, many leaders in the space are still bullish.

On the leading edge of the technology is money transfer giant MoneyGram International. Founded more than 80 years ago as Travelers Express, the company built its brand by providing non-bank financial transaction services, including international transfers. Now, through partnerships with crypto companies Coinme, Stellar, and G-Coin, it allows its cusomers to

buy, sell, and trade Bitcoin, Ethereum, and Litecoin with its mobile app. It has also established an online crypto wallet and it offers a crypto-to-cash conversion tool, which allows customers to instantly convert their crypto to government-issued currency across 20,000 corridors in more than 200 countries.

“There’s an infinite amount of regulatory questions,” Holmes admits. “But crypto and blockchain technology are here to stay. And we want to push innovation and new ideas into the marketplace.”

Even a few traditional financial institutions are embracing crypto. Dallas-based First Foundation Bank recently partnered with fintech giant Fiserv and Bitcoin company Nydig allowing its customers to buy and sell Bitcoin as well as view their Bitcoin holdings on their digital platform.

“We didn’t want to be left behind,” says Lindsay Lawrence, First Foundation's COO. “Research shows that 81 percent of clients would be interested in purchasing Bitcoin through their financial institution.”

The partnerships with Fiserv and Nydig were essential as many banks won’t store crypto—it’s not an FDIC-insured asset. Customers can see a Bitcoin balance statement via First Foundation’s platform, but Nydig is the keeper of their crypto wallets. When customers want to buy, sell, or cash out of their crypto position, cash can be deposited or withdrawn from a First Foundation account to complete the transaction with Nydig. “There’s that little loop, that cul-de-sac, that’s happening there,” Lawrence says.

New York-based investment platform Republic helped lead the way for companies hoping to fundraise via token sales that comply with SEC regulations. The company launched a blockchain division in 2017, pioneering the first legally compliant token sale through their platform. “We are probably in the top tier of crypto projects out there,” says Pialy Aditya, senior advisor and board member for Republic.

These kinds of relationships allow companies and investors to interact with the uncharted landscape that is the blockchain—an integration many say will be further ironed out soon. “I think you’re going to see centralized banks have cryptocurrencies,” says Travis McElroy, co-founder and CEO of Dallas-based startup Tronic. “I think you’ll see a Wells Fargo crypto. I think you’ll see Chase Bank crypto. I think you’ll see Nike and other big brands have it.”

CRYPTO GOES CORPORATE

As retail investors become more accepting of crypto, companies are feeling pressure. Business leaders are beginning to include crypto assets in calculating their company’s net worth. A few early adopters

"There’s an infinite number of regulatory questions. But crypto and blockchain technology are here to stay."

ALEX HOLMES MoneyGram International

Demystifying Definitions

The terminology around cryptocurrency and NFTs can be nebulous. Here are some key definitions o know before you start diving in.

CRYPTO CURRENCY

An alternative asset represented by digital units, typically coins or tokens. The units are verified though transactions on a decentralized system.

BLOCK CHAIN

The digital space where cryptocurrency ownership is tracked and movements across numerous computers through a peer-to-peer network are recorded.

CRYPTO MINING

The competitive process of how cryptocurrency is sourced. Essentially, developers figue out a code that represents one working coin of a given cryptocurrency.

WEB3

The third iteration of the internet, following Web1 and Web2. In this vision of the future, digital decentralization and complete ownership are the focus of web use. NON-FUNGIBLE TOKENS

A digital representation, via code, of fractional ownership in a priceless item, including art, music, and more widely backed by the crypto coin Ethereum.

even offer employees the option to receive wages or invest in cryptocurrency through their 401(k) plans. “I don’t think brands see all the benefits and all of the money they can save by moving to a crypto and digital ledger,” McElroy says.

Even nonprofits are capitalizing on the trend, accepting donations and launching fundraising campaigns in crypto. For example, contributions to nonprofits using The Giving Block platform saw a 66 percent increase in average giving in 2021, from $44,000 in crypto donations in 2020 to $69,644 in 2021.

“Brands accept cash and credit cards, but why aren’t they asking the question, ‘Why don’t we accept Bitcoin and Ethereum?’” McElroy says. “I think we will see everything from capital raising and stock ownership in the form of NFTs in the future.”

The movement to greater endorsement of cryptocurrencies is primarily spurred by the idea for a new iteration of the World Wide Web, known as WEB3, and a push for decentralized ownership of content within digital spaces. One of the most significant elements of this shift involves non-fungible tokens, or NFTs, a unique code that can be purchased for ownership of a one-of-a-kind digital item. (Think trading cards, only online.) Typically, these codes cannot be traded like stocks, bonds, or cryptocurrency.

Republic is helping expand the adoption of NFTs across industries, with a project that uses NFTs to track fractional ownership of art, working with appraisal and digital registration companies to provide a digital record of ownership. “I’m excited about future applications of this in the luxury goods space,” Aditya says. “You’ll see more and more caring about the secondary market and having true ownership— being able to say what’s authentic and leveraging the blockchain for authentication purposes.”

McElroy’s Tronic specializes in building decentralized platforms for businesses and NFT creators by leveraging the technology of Web3 and its NFT marketplace. Some of its clients include Dallas-based footwear brand Hari Mari and 200-yearold firearm and ammunition manufacturer Remington Arms Co.

Less than a year old, Tronic is in the middle of a $7.5 million seed funding round. The most recently released NFT collection on its marketplace—one of 14 active collections—is called Chill Cowboy Country Club. It gives NFT owners access to exclusive merchandise, free concert tickets, backstage access, unreleased music, and more from country music artists. Former Dallas Cowboy Darren Woodson,

Navigating NFTs

Dallas Cowboy legend Darren Woodson, a managing principal for commercial real estate firm Cesa, is all in on NFTs as the chairman and co-founder of counterfeit takedown company CounterFind, which has removed thousands of fake NFTs valued at as much as $4 million off the inernet. Alongside co-founders Rachel Aronson and Jamie Gerson, Woodson and company work with clients such as Anheuser- Busch, the United States Marine Corps, and Sesame Workshop (the producer of Sesame Street). For businesses across sectors, NFTs grow brand reach, interaction, and loyalty. “Just like when the dotcom era arose, there are doubters about this tech,” Aronson says. “But the early adopters will benefit from incorporating a digital wallet now.” Woodson agrees that businesses should utilize NFTs delivering the promise of real-world utility. “There might be economic downturns, but I don't see the NFT market moving,” he says. Gerson continues, "Consumers want exclusivity; they crave a VIP experience that no one else can get, unless you possess one specific NF. It is the perfect opportunity to grow your brand." In 2021, the global art market recorded an estimated $65.1 billion in sales, per a study by Art Basel and UBS. In May 2022, global NFT sales were racing toward an annual pace of $111 billion. By all appearances, the digital shift is already here.

"I’ve talked to the NFL and the other major sports leagues... They are not budging and will continue to invest in this disruptive market."

DARREN WOODSON

CounterFind

co-founder and chairman of counterfeit NFT takedown company Counterfind, says the value of NFTs is found in real-world utility. “It’s about experiences and how companies can give consumers a unique experience—whether it be a crypto that allows you to get on an exclusive yacht or something else,” he says.

According to a report from Chainalysis, as of May 2022, total global sales in the NFT market reached $37 billion, extending across industries and incorporating digital assets and NFT ownership into marketing opportunities. For example, the Dallas Mavericks became the first NBA team to accept Bitcoin as a form of payment for merchandise and game tickets in 2019. In 2021, Mark Cuban named Voyager Digital, one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, an official partner.

More recently, North Texas convenience store giant 7-Eleven partnered with tech firm Allink to launch the world’s first real-time in-store NFT membership service in South Korea. Customers who own a 7-Eleven NFT are rewarded with crypto coins when they pay with the 7-Eleven app. And in April, Yum! Brands filed NFT trademarks for KFC, Pizza Hut, and Taco Bell. The trademark includes operating a virtual restaurant featuring actual and virtual goods and home delivery. Also in April, the Dallas Cowboys became the first NFL team to secure a cryptocurrency partnership, inking a deal with Blockchain.com and signaling mainstream crypto exposure to a broader audience.

“I’ve talked to the NFL, the other major sports leagues, and the Dallas Cowboys, and they are not budging and will continue to move forward investing in this disruptive market,” Woodson says. “The sky is the limit for every industry to utilize this technology.”

A REGULATED FUTURE

Regulation remains the unknown variable. Currently, each type of cryptocurrency is governed by its own set of protocols developed by those using the technology, and there is no overarching entity controlling trades, investments, or growth. Lack of regulation is leading to a failure in mainstream adoption. The cryptocurrency ecosystem and government agencies will need to unite to establish a standard usage for these alternative assets.

“All the various blockchain networks and all the various cryptocurrencies don’t work well together,” Holmes says. “And that is ironic because if there were one blockchain, then suddenly, you’d have a simplified global process, but how those interoperate is not nearly as seamless as you think.

“If we apply the same rules that we use with government-backed currency today, in terms of information about the customers and information about the digital Know Your Customer (KYC) of the coins, and we blend those, we can think about a very compliant way to invite consumers into the crypto space and create this bridge between these two different worlds.”

For now, banks and businesses continue building out their interactions with cryptocurrency as it becomes more readily available, accepted, and democratized. NFTs also hold power to become representations of digital smart contracts, college diplomas, music albums, keepsake tickets to sporting events and concerts, and even pay slips. Until then, the bricks building Web3 will shape the foundation of society’s digital future.

“Many people thought the first iteration of the internet was just a fad,” McElroy says. “When the first [50 million] users hit Facebook, and there were no advertisers, think of what business leaders would have done differently knowing the future reach.”

Even as volatility continues to be a concern, innovators keep pushing the envelope; The youngest generations may grow up in a world in which digital wallets may be just as common, if not more so, as leather ones. The crypto clouds will part with time as clarity around the assets and regulatory actions develop. Until then, McElroy says, “Large brands will continue to invest. Over the next three to five years, we will begin to see mass adoption.”

Worker shortages are forcing North Texas employers to get creative. Healthcare provider solutions may serve as a model for all industries.

story by WILL MADDOX

photography by

TRAVIS RATHBONE

THE

OOVER THE LAST COUPLE OF YEARS, EMPLOYERS FROM ALL industries have been grappling with The Great Resignation, as workers at every level pulled back on their careers or left their jobs altogether. In healthcare, these challenges have been especially acute. The industry was already dealing with a worker shortage and an aging workforce when the pandemic came along and created a full-blown crisis. At a time when they were needed most, caregivers faced incredibly difficult working conditions. Healthcare executives had to findways to keep and recruit frontline workers. And soon, nurses and others realized they had the upper hand in deciding when and how they worked.

From the end of 2021 through the beginning of 2022, the demand for travel nurses was fiveto seven times higher than normal, says Susan Salka, who until retiring last month served as CEO of AMN Healthcare, the nation’s largest healthcare staffincompany. As much as 15 percent of the nursing workforce retired, took other jobs within healthcare, or left the industry.

An AMN survey found that the pandemic left 63 percent of nurses feeling emotionally drained and 56 percent feeling burned out most days. In addition, a study of 2,500 physicians by the American Medical Association, Mayo Clinic, Stanford University, and the University of Colorado found that 62.8 percent of physicians had at least one sign of burnout in 2022, compared with 38.2 percent in 2020.

There are several culprits, from conflits with hospital leadership to challenges with reimbursement rates, but staffshortages are a compounding factor, and the issue will most likely worsen before it gets better. The Association of American Medical Colleges predicts a national shortage of between 37,800 and 124,000 physicians during the next 12 years.

The outlook for nurses is just as bleak. The Texas Department of CULTIVATING NEXT-GEN LEADERS Health and Human Services found that the demand is already out- The ability to impact one’s working conditions and provide more acpacing Texas’s supply of nurses, and the gap is expected to widen in cess to leadership are additional strategies that healthcare employers the years ahead. Texas currently has 11.5 percent of unmet demand. are using. Dr. Glenn Ledbetter is the regional chief medical officefor By 2032, the shortfall is expected to be 16.3 percent. A recent report the DFW central region at Baylor Scott & White Health and runs the from the Bureau of Labor Statistics found that there are 2.7 available Physician Well-Being Program for the hospital system. He has writhealthcare jobs for every healthcare role that gets filled ten about physician burnout and addressing employee wellbeing in

Due to these trends, healthcare workers have the upper hand when healthcare and speaks nationally on the topics. The Baylor program it comes to compensation and deciding when, where, and how they includes training on coping strategies for stress and other mental will work. Healthcare executives have had to get creative to attract health measures (see sidebar on this page) and takes a unique focus and hang on to employees. Salaries can be raised, but hospitals will by giving frontline providers access to leadership. never be able to compete with travel nursing agencies regarding com- BSW also hosts a “wellbeing grand rounds platform.” “We had honpensation. But there are other things that can be done. est conversations with our team and listened to what they were tell-

“A lot of things are going to have to change,” Salka ing us about these complications of burnout and made says. “I don’t know who’s going to pay for it, but it’s go- sure that they got the help they needed in the moment,” ing to have to happen because wait times are going up, Ledbetter says. “Maybe it’s a behavior health referral, a and patient care is declining. We can’t keep burning out work schedule that needed to be adjusted, or some difthe precious workforce that we have.” ferent domain of work to make, make it a better situ-

Industry experts say the most successful strategies for ation for them. We tried to be nimble enough to hear recruiting and retention fall into three categories: im- what our employees were saying and respond to that.” proved career pathways, meaningful interactions with The wellbeing program also includes mentoring sesleadership, and mental health benefits sions that connect younger professionals with more experienced colleagues and a year-long program to develop leadership skills among physicians and prepare AVENUES FOR ADVANCEMENT them for management roles. Healthcare employers are looking to support their pro- Having access to executives is key to helping employfessionals in a variety of ways. Medical City Healthcare, ees feel like they’re part of the decision-making profor example, is hiring more licensed vocational nurses cess, which in turn deepens their investment in what and patient care technicians to take on additional re- is happening at the workplace, says Zach Mueller, chief sponsibilities to support care teams higher up the chain. nursing executive at Medical City. The organization deIt’s also training ER medical technicians to step up in veloped a shared leadership model where nurses particemergency departments. Additionally, the health sys- ipate in councils that make decisions about patient care. tem has an extern program that gives nursing students The councils, which also include hospital executives, alexpanded responsibilities. This helps keep the staffin low employees on the ground who are dealing with papipeline full and relieves existing workers, which ex- tients directly influencestrategies and procedures that tends longevity among personnel. impact working conditions.

Medical City has gone a step further by opening its This could include making changes to schedules, own Galen College of Nursing. HCA, the health system’s protocol improvements, and shifting responsibilities to parent company, is partial owner of the Kentucky-based improve efficie y and care. Giving employees who deal school, which is opening a campus in Richardson in with these issues on a day-to-day basis an opportunity 2023. A 2019 survey found that 80,000 qualifiednurs- to have input about how the business operates can be ing students were turned away from undergraduate and fruitful on multiple levels. At Medical City, for example, graduate nursing programs because of a lack of quali- the councils led to giving more duties to those in tech fiedprofessors, who can make much more by working positions, allowing nurses to spend more time with pafor a health system than teaching. Nursing instructors tients. This, in turn, improved patient interactions and usually make between $70,000 and $90,000 per year, nursing satisfaction; it also gave medical technicians while a nurse practitioner typically makes $120,000. more responsibility, which makes them more market-

Medical City is offeringemployees $5,000 in tuition able as they pursue career growth. reimbursement and providing loan repayment benefits Giving voice to employees at all levels not only imfor graduates. It also fully funds an employee’s educa- proves operations it also has a positive impact on cultion from an associate’s degree through nursing school. ture and loyalty. Employees want to work somewhere Although not every Galen graduate will end up working where they feel like they are part of the decision-making at Medical City, the school’s firt class has 40 students. process and contributing to outcomes. They are more With four graduations a year and room to grow, this likely to bring their best to work and stick around if they strategy could have a major impact on shortages. are given a chance to have an impact.

FIGHTING FATIGUE Baylor Scott & White Health uses a variety of initiatives and strategies to help combat employee stress. REFRESH, REFOCUS, AND RESTORE: A half-day program focusing on coping and communication skills to mitigate burnout. LUNCH & LEARNS Monthly conversations led by clinical leaders on wellness and worklife balance. MEDITATION LINE A call-in service that provides two-minute and fie-minute meditation sessions. SUICIDE AWARENESS A series of videos about supporting at-risk co-workers. REJUVENATE SESSIONS Full-day self-care meetings for clinicians. RESEARCH PROJECTS Studies that connect employee wellbeing and hospital safety.

“Nurses make up the largest portion of our workforce, so we want to make sure they have a voice in the decisions that affet them and patients,” Mueller says. “We want to hear from them.”

THE TOLL ON MENTAL HEALTH

For some healthcare employees, the strain has become too great to bear. A survey from Mental Health America found that 93 percent of health workers reported being stressed out or stretched too thin, 82 percent were emotionally and physically exhausted, and 45 percent of nurses said they were not receiving enough emotional support. Given these conditions, employers are responding with innovative strategies that would have been unthinkable in the past.

In a post-COVID world, where so many jobs have moved into a remote or hybrid schedule, most healthcare workers were left behind, as their jobs were not as conducive to that sort of flxibility. But with recruiting and retention becoming so tricky, provider leadership must rethink the healthcare worker scheduling paradigm.

Ledbetter says Baylor Scott & White Health is embracing virtual care and allowing more flxible schedules. For employees who typically work fivedays a week in the officfrom 8 a.m. to 5 p.m., the system is looking at offeringfour 10-hour shifts or three 12-hour shifts instead. For others balancing childcare with a spouse, maybe noon to 8 p.m. works better than the traditional eight-hour day.

Another frustrating aspect of the clinicians’ job is dealing with electronic health records. Although it might not seem like a mental health issue, it can be a significantstressor for providers. A 2018 Journal of American Medical Informatics Association study found that among users of the electronic health record, 70 percent reported stress connected to health IT, with primary care specialties being among those most affeted. Health systems are striving to attack this problem head-on by pairing design teams with physicians to help the EHR work for the providers and flow btter with what the caregivers need.

Other mental health benefitsinvolve letting caregivers see patients from home using virtual care, allowing them to do paperwork and appointment notes remotely and at differenttimes. That type of freedom and flxibility has been slow to arrive in the healthcare space, but shortages are forcing employers to consider getting on board.

“We’ve had to be creative because the last few years exposed the vulnerability of being rigid about how we think,” Ledbetter says. “You have to be able to adjust to what the workforce needs. Not only to fit their life but, frankly, to give them some life back and some balance with their lives so that they can be effetive, safe clinicians.”

Worker-friendly schedules and other enhancements can improve the mental health of employees, but more traditional benefitshave also become more common. Medical City North Hills, for example, just opened a designated serenity room, a tranquil area equipped with artwork, music, aromatherapy, and massage chairs for staffto take some time for themselves. And it’s getting used. “We findit full all the time,” Mueller says.

Employee engagement and retention are top of mind for all healthcare employers. For many, the challenges are easy to identify but difficult to overcome, Ledbetter says. “How do you configurea workforce that avoids burnout, that is going to be fulfilledas a personal mission, that is adequately compensated, and that is made of people who feel like they belong where they work?”

ORGANIZATIONS

INDIVIDUALS OUTSTANDING HEALTH SYSTEM

Medical City Healthcare Baylor Scott & White Health; JPS Health Network; Methodist Health System; Southwestern Health Resources

ACHIEVEMENT IN HEALTHCARE INNOVATION

Sadiant Health IntelliCentrics; Nomi Health; Parkland Center for Clinical Innovation

ACHIEVEMENT IN HOSPITAL INNOVATION

Children’s Health JPS Health Network; Scottish Rite for Children; Texas Health Resources / Texas Health Breeze Urgent Care

ACHIEVEMENT IN MEDICAL RESEARCH

UNT Health Science Center at Fort Worth Baylor Scott & White Health; Scottish Rite for Children; UT Southwestern Medical Center

ACHIEVEMENT IN WELLNESS PROGRAMS

Baylor Scott & White Health JPS Health Network; Texas Health Resources; UT Southwestern Medical Center

OUTSTANDING HEALTHCARE COLLABORATION

American Cancer Society and UT Southwestern Medical Center Baylor Scott & White Health and regional medical schools; UNT Health Science Center at Fort Worth, JPS Health Network, CPAN, and TCHATT; Medical City Healthcare, Tarrant County College, and Collin College; Texas Health Resources, Sanger Independent School District, and First Refuge Ministries

ACHIEVEMENT IN COMMUNITY OUTREACH

Texas Health Resources Baylor Scott & White Health; Galderma; Medical City Healthcare; Methodist Richardson Medical Center

OUTSTANDING MEDICAL REAL ESTATE PROJECT

Methodist MansfieldMedical Center Methodist Charlton Medical Center; Texas Health Harris Methodist Fort Worth

OUTSTANDING MERGER OR ACQUISITION

CVS Health acquires Signify Health Prism Health North Texas acquires Community Dental Care of Texas; Access TeleCare

LIFETIME ACHIEVEMENT AWARD

Susan Salka, AMN Healthcare

OUTSTANDING HEALTHCARE EXECUTIVE

Awstin Gregg, Connections Wellness Group David Hassinger, Direct Orthopedic Care; Luke Hejl, TimelyMD; Paul Singh, U.S. Dermatology Partners

OUTSTANDING HOSPITAL EXECUTIVE

Karen Duncan, JPS Health Network Christopher Durovich, Children’s Health; Peter McCanna, Baylor Scott & White Health; Pamela Stoyanoff, Methodist Health System

OUTSTANDING HEALTHCARE INNOVATOR

Steve Miff, Parkland Center for Clinical Innovation Sumeet Asrani, Baylor Scott & White Health; Janet Miles, JPS Health Network; John Robertson, Cook Children’s

OUTSTANDING HEALTHCARE PRACTITIONER

Nagaraj Kikkeri, North Texas Team Care Surgery Center Cori Grantham, Direct Orthopedic Care; William Brinkman, HealthTexas Provider Network; Jay Wofford, U.S. Dermatology Partners

OUTSTANDING HOSPITAL PRACTITIONER

Brian Lima, Medical City Healthcare Carla Garcia Carreno, Children’s Health; Sandip Mehta, Texas Health Physicians Group; Karen Roush, Methodist Health System; Joel Hunt, JPS Health Network

OUTSTANDING HEALTHCARE ADVOCATE

Sattie Nyachwaya, Prism Health North Texas Daniel Casey, JPS Health Network; Crystee Cooper, Methodist Health System; Tyler Cooper, Cooper Aerobics & Cooper Clinic

OUTSTANDING VOLUNTEER

Janice Fannin, Methodist Dallas Health System Janice Jackson, Texas Health Resources / Texas Health Allen; Cindy Merren, Methodist MansfieldMedical Center; Pat Norman, Baylor Scott & White Health