Ray Hemmig

Ever wondered how to challenge a last will and testament in Texas? 🤔 It's a complex legal journey that could profoundly impact your future. Dive into the nuances of Texas estate law and learn how to navigate this challenging process. Click on the link to gain expert insights and ensure you're prepared every step of the way: 👉 https://lnkd.in/gtzc8M6k #LegalAdvice #EstatePlanning #TexasLaw

1

1 Comment

Rob Holmes is a dynamic leader and visionary. Listen to this episode and you will see why he and his team at Texas Capital have built the bank into the first full-service financial institution headquartered in the Great State of Texas! #boyarmiller #buildingtexasbusiness #texascapital #banking #podcast

11

Looking to guide clients through the complexities of entering the U.S. market? Check out our latest PKF Texas - Entrepreneur's Playbook® spotlighting "Pack Your Bags: A Guide for Global Businesses Entering the U.S. Market", written by Alicia Locheed Goodrow of Goodbiz Law. This insightful guide features contributions from PKF Texas’ Tax Director, Nikki Homratsamy CPA, who shares ways to help international service providers navigate the journey. https://lnkd.in/gEFaFPik

6

Private Markets (PE, VC, Growth Equity) are asset classes largely inaccessible to public investors, yet there's a lot of demand. This locks individual investors out of the market for innovative companies, and also reduces liquidity opportunities for employees, founders and angels (opaque secondary markets with high tx fees and approval hurdles don't count). Is there a way to solve this using technology, potentially GAI, in a regulated way to give retail investors access to private markets in the UK? It would for sure encourage more entrepreneurship and innovation as well. This was one of the topics we discussed yesterday at the panel at Fund Finance Association , where I was invited to give the Founder's & Entrepreneur's view. Thanks for having me Joel Buckett and very insightful to hear the different perspectives of Muhammad Billal Malik, CAIA, Ibrahim Khan and Mohamed Azzam Khan, CFA

48

3 Comments

My friend Jason Mulvihill is right on - as is the recent The Wall Street Journal op-ed here: https://on.wsj.com/3wFrHrq. But… It’s not time to pop any champagne just yet (although the partners at Welsh, Carson, Anderson & Stowe are entitled to at least one…) First, while WCAS is excluded as an investor, the antitrust case in TX proceeds against the investment in US Anesthesia Partners - jeopardizing sizeable bets that have been made. Nothing about this decision changes the use of antitrust as a core weapon by the FTC and DOJ to reshape the economy. Second, while this may be another “loss” for Lina Khan and the Federal Trade Commission - these losses are effectively reshaping legal contours especially when, as with this instance, the loss creates guidance for the next round. The reason Khan is “grinning like she’s winning” is that she and others on her side have been playing a longer game than just one case or just one investment. I’ve guided strategies that repeatedly lost battles because that’s what was needed to win the broader war - the goal for Khan and others isn’t to take down a specific investment with a legal action, it’s to reshape the entire landscape through a political campaign. The next wave of attacks is inevitable. The only question is whether investors and their portfolio companies prepared. That’s the hedge Parafossam provides. #parafossam #privateequity #venturecapital #entrepreneurs #familyoffices #portfoliocompanies

5

🚀 Why Are Some Restaurant Chains Thriving While Others Struggle? Given the current downward trend for fast food and restaurants this year, here's a peek into the current state of major restaurant chains: Success Stories: - Chipotle Mexican Grill: 11% same-store sales increase. - Texas Roadhouse: 9.3% increase. The Struggles: - McDonald's: 0.7% decline in same-store sales. What's Happening? While you might expect lower-priced chains like McDonald's to thrive when consumers cut back, the reality is different. Despite its reputation for affordability, McDonald's has raised prices by 40% since 2019. Lower-income consumers, feeling the pinch of inflation, are choosing to eat at home instead. In contrast, Texas Roadhouse has become a go-to for many, much like Chick-fil-A. Their financial analyst, Michael Bailen, nailed it: We have people trading up to us, trading down to us, trading across to us. Key Takeaways: - Inflation is eroding buying power, especially for younger, lower-income consumers. - Chains that resonate well with consumers—regardless of the economy—continue to thrive. - McDonald's is feeling the heat, even from convenience stores and dollar stores. McDonald's executives are aware and are considering donating profit margins to offer more value. #franchise #franchising

1

2 Comments

A blistering funding run has me revisiting a question I posed after Q3's VC funding data came out. Was Austin's modest $1.6B in H1 2024 signaling a slowdown or was Q3's $1B surge the real indicator? November's explosive activity gives us our answer: 💥Tricentis: $1.33B raise ($4.5B valuation) New 🦄 💥FireFly Aerospace: $175M ($2B valuation) 💥Ladder: $105M 💥Halcyon AI: $100M ($1B valuation) New 🦄 With these mega-rounds, Q4 is already approaching $2B with several weeks remaining. I am hearing about more significant rounds in the pipeline, though I don’t know whether they will announce in Dec or early '25. What a difference a quarter makes! Austin sits at ~$4B YTD, knocking at the door of 2023's $4.2B. The first half numbers now look more like timing quirks than a true slowdown. Our sector diversity (seen here in AI, Space, Bio & Health and Cybersecurity) reinforces what Peter Walker's analysis shows below; Austin's strength comes from our broad foundation & tech convergence. As Peter notes in his original post, "Austin is good in many areas, great in few." I see this as a strength, not a weakness (not implying that he was making this implication either). With ATX consistently ranking somewhere between 5th-7th in funding, and having strong momentum metrics, we have a bright future ahead. What's Next?

28

8 Comments

Matthew Watkins, Editor-in-Chief, The Texas Tribune, conversation with Glenn Hegar, Texas Comptroller of Public Accounts. For 10 years, Glenn Hegar has served as the state’s comptroller, a role that includes being treasurer, check writer, tax collector, procurement officer, and revenue estimator.  January. 13th, 2025 | City of Austin https://lnkd.in/gZur9Fwv Glenn Hegar: "Broadband is a key component of economic opportunity for Texas." https://lnkd.in/gYmnixzh We look forward to presenting the statewide plan for Intelligent Infrastructure Economic Zones. Turning the $4+ billion the state has for Broadband into a $20+ billion statewide deployment of Intelligent Infrastructure by supporting 21st-century solutions and services. Opening the door for other state agencies to engage.  https://lnkd.in/dgUQkewR The Federal Infrastructure Bank and infrastructure investors are mobilizing $10s billion in private capital to underwrite Intelligent Infrastructure Economic Zones. Region 16 Education Service Center, SH130 Intelligent Infrastructure Economic Zone and Regional ASOCC, Bastrop County. Ron Kormos, Michael Keough, Matt Yeager, Polly Gifford, Chris stark, Patricia B., Michael Shear, Brian Dietrich, Doug Recker, and dozens more. NTT DATA deploys citywide private 5G and IoT in City of Brownsville, Texas. JORGE CARDENAS MBA, PMP, City of Brownsville, Texas, John Cowen, Eric Clark, Rika Nakazawa 中澤里華, Lisa Rhodes, Helen Ramirez, AICP, NTT DATA. Texoma Logistics Innovation Engine, Terrance Pohlen, Khaled Abdelghany, Joe Seabrooks, Shengli Fu, Gautam Das, LaKesha Raynor, Michael Gaffney. Autonomy Institute INTELLIGENT INFRASTRUCTURE is enabling AI on a sidewalk near you: https://lnkd.in/gK4-J8qF #infrastructure #intelligentinfrastructure #energy #future #transportation #arpai #arpax #jobs #bank #digital #innovation #data #people #visionzero #continuumofcapital #dataexchange #partnerships #supplychains #digitaltwin #privacy #investment #p3programs

20

Matthew Watkins, Editor-in-Chief, The Texas Tribune, conversation with Glenn Hegar, Texas Comptroller of Public Accounts. For 10 years, Glenn Hegar has served as the state’s comptroller, a role that includes being treasurer, check writer, tax collector, procurement officer, and revenue estimator.  January. 13th, 2025 | City of Austin https://lnkd.in/gZur9Fwv Glenn Hegar: "Broadband is a key component of economic opportunity for Texas." https://lnkd.in/gYmnixzh We look forward to presenting the statewide plan for Intelligent Infrastructure Economic Zones. Turning the $4+ billion the state has for Broadband into a $20+ billion statewide deployment of Intelligent Infrastructure by supporting 21st-century solutions and services. Opening the door for other state agencies to engage.  https://lnkd.in/dgUQkewR The Federal Infrastructure Bank and infrastructure investors are mobilizing $10s billion in private capital to underwrite Intelligent Infrastructure Economic Zones. Region 16 Education Service Center, SH130 Intelligent Infrastructure Economic Zone and Regional ASOCC, Bastrop County. Ron Kormos, Michael Keough, Matt Yeager, Polly Gifford, Chris stark, Patricia B., Michael Shear, Brian Dietrich, Doug Recker, and dozens more. NTT DATA deploys citywide private 5G and IoT in City of Brownsville, Texas. JORGE CARDENAS MBA, PMP, City of Brownsville, Texas, John Cowen, Eric Clark, Rika Nakazawa 中澤里華, Lisa Rhodes, Helen Ramirez, AICP, NTT DATA. Texoma Logistics Innovation Engine, Terrance Pohlen, Khaled Abdelghany, Joe Seabrooks, Shengli Fu, Gautam Das, LaKesha Raynor, Michael Gaffney. Autonomy Institute INTELLIGENT INFRASTRUCTURE is enabling AI on a sidewalk near you: https://lnkd.in/gK4-J8qF #infrastructure #intelligentinfrastructure #energy #future #transportation #arpai #arpax #jobs #bank #digital #innovation #data #people #visionzero #continuumofcapital #dataexchange #partnerships #supplychains #digitaltwin #privacy #investment #p3programs

10

Whiskey is emerging as a popular investment class among HNW investors according to a new report by KPMG: 27% said they plan to invest in whiskey within the next 3 years, making it the most popular form of "luxury" assets. Whiskey interest is followed by art (26%), jewelry (20%), wine (15%), and classic cars (14%). While increased capital moving into whiskey investments is likely to drive down returns in the long run, we believe the wholesale bourbon niche is still small enough to capture excess returns for investors who buy barrels in 2024. #bourboninvestments #alternativeassets #familyoffice #investmentideas https://lnkd.in/dgpdGCPd.

14

Whataburger was founded as a single hamburger stand in Corpus Christi, Texas in 1950. Today, Whataburger (now owned by BDT Capital Partners) operates over 1,000 restaurants across 16 states. Its hamburgers are ranked among the nation's best, and retail versions of its food products are sold in grocery stores across the country. Whataburger launched the Whataburger food truck in 2020, and is planning to expand into North Carolina. Whataburger owns several trademark registrations covering its WHATABURGER mark and related marks. The earliest registration issued in 1957. In the 1956, What-A-Burger ("WAB") opened in Kannapolis, North Carolina. This restaurant also offered hamburgers and related items. What-A-Burger #13 opened in 1969 and currently operates two locations, in Mount Pleasant and Locust, North Carolina. The WHAT-A-BURGER #13 mark appears on its restaurants, website and food trucks. In October 2022, anticipating its entry into North Carolina, Whataburger contacted WAB to notify it that continued use of the WHAT-A-BURGER #13 mark infringes Whataburger's mark, especially in view of its nationwide priority. The parties apparently entered into a confidential coexistence agreement, effective May 19, 2023, which permitted WAB to use its mark under certain conditions spelled out in the agreement. According to Whataburger, WAB breached the agreement by using its mark in connection with food trucks in a manner not permitted under the agreement. Whataburger gave WAB time to correct its breach, but WAB did not do so. Additionally, WAB's principal apparently formed another corporate entity before signing the agreement to circumvent it. Unsurprisingly, Whataburger filed a lawsuit, alleging trademark infringement, unfair competition, breach of contract and related state law claims. WAB has not yet responded to the complaint, but in response to the complaint it put out a statement claiming that in 1970 the family of WAB's principal entered into an agreement with Whataburger in which the Texas company agreed that WAB would operate in Stanly and Cabarrus Counties in North Carolina without interference. According to WAB, Whataburger broke that agreement in 2022. If there was such an agreement, it then WAB may have a laches or acquiescence defense. Is the agreement in writing? Was it verbal? #IntellectualProperty #IP #trademarks #trademarkinfringement #restaurants #BusinessLaw #LegalInsights #OffitKurman

7

Big news in grocery retail M&A: Albertsons Companies has officially called off its USD 25 billion merger with Kroger, more than two years after announcing the deal. The decision follows rulings from state and federal judges blocking the transaction on antitrust grounds. In response, Albertsons has reaffirmed its standalone strategy and - for good order - filed a lawsuit against Kroger alleging the company failed to use "best efforts" and take "all actions necessary" to get the deal over the antitrust line. It's not uncommon for parties to get litigious when deals fall apart, but Albertsons (and its shareholder Cerberus Capital) seems pretty peeved about this one, having spent "hundreds of millions of dollars" 😨 seeking approval for the merger. A key nuance lies in the merger agreement's language: all the antitrust-related performance obligations in the agreement are based on a "reasonable best efforts" standard *except* for the clause relating specifically to Kroger’s obligations, which are held to the stronger "best efforts" standard—a small but significant distinction. It's unlikely this situation will be resolved anytime soon, but it will be interesting to see how it develops.

27

3 Comments

🚨A Texas Court finds the CTA Act likely unconstitutional and orders businesses to stop complying with reporting Beneficial Ownership Information (BOI). This is another stupid government make-work project. All the information they request for BOI exists with the Secretary of State and is usually searchable online. Don't even get me started on the cyber security risks of data consolidation of all American corporations into a single database that would be a prime target for hackers to create all kinds of chaos. Here's a summary of the court findings. The recent court ruling in Texas Top Cop Shop v. Garland et al. suggests that the Corporate Transparency Act (CTA) may indeed be violating states' rights regarding corporate data. The federal court's decision highlights several key points: 1. The court found that Congress likely exceeded its legislative powers in enacting the CTA[1]. 2. The judge characterized the CTA as "quasi-Orwellian" and viewed it as a threat to the U.S. system of federalism[1]. 3. The court expressed concern that upholding the CTA would set a dangerous precedent, potentially allowing Congress to exert undue control over companies in the future[1]. 4. Traditionally, the registration and regulation of corporations have been primarily state-controlled activities in the United States. 5. The CTA requires entities created or registered under state law to disclose information to the federal government, which the court saw as an overreach of federal power[1]. This ruling suggests that the CTA may be infringing on states' traditional authority over corporate registration and data management. However, it's important to note that this is a preliminary injunction and may be subject to further legal proceedings and appeals[1]. Citations: [1] https://lnkd.in/gsyeSjHP [2] https://lnkd.in/gEutYqCZ [3] https://lnkd.in/grMzqcsV [4] https://lnkd.in/g79CmwRf [5] https://lnkd.in/g3HP_RFe [6] https://lnkd.in/gpAD-Saq [7] https://lnkd.in/gDkDB8nb [8] https://lnkd.in/gWRT7-C4 #CTA #BOI #CorporateLaw #Law #Legal #InformationSecurity #InfoSec #Finance #SmallBusiness #SMB #USA

2

"The now-defunct Austin accelerator had filed for bankruptcy amid employee and customer discontent. The court has since ordered the company to auction off the warrants it held in more than 1,000 of the startups that went through the accelerator program. Normally, private companies like startups have control over which investors are allowed to buy shares and the prices they pay. But the bankruptcy court, which works to restore creditors rather than equity holders, isn’t allowing Newchip’s startups to exert that kind of control. Instead, the auctions are ongoing, with the first tranche already sold and upcoming tranches expected to be sold this spring and summer." It is not news that accelerators vary widely in quality. What this incident highlights is that a bad choice (ok, a really bad choice) can actually be fatal to your venture. There are "fixes" to the warrant terms that could address the issues created by this accelerator bankruptcy, but the reality is that ventures entering accelerators rarely have the legal firepower or bargaining leverage to get those changes.

12

2 Comments

https://lnkd.in/epW-S5CY Well worth a read. A very thoughtful market based piece by Alison Grantham on a concerning trend.

13