Houston pipeline heirs strike it rich as wealthiest family in Texas

AMERICA'S WEALTHIEST FAMILIES

Randa Williams is the high-profile heir of the Duncan family. Photo courtesy of Texas Monthly

Missouri has the Busches. Nebraska has the Buffetts. New York has the Hearsts. These are among the best-known wealthy families in the U.S.

Lesser-known nationally but well-known in Texas is the Duncan family of Houston, identified by FamilyMinded.com as the richest family in Texas. The website, which rounded up a list of the richest family in each state, pegs the family's estimated net worth at $26 billion; Forbes puts it at $25.6 billion.

The Duncan family comprises the four children of the late pipeline mogul Dan Duncan.

The children — Dannine Avara, Scott Duncan, Milane Frantz, and Randa Williams — inherited a tax-free $10 billion share of their father's estate following his death in 2010, when the so-called "death tax" had temporarily been repealed, according to Forbes. Each of them has an estimated net worth of $6.4 billion, Forbes says.

Williams is perhaps the most visible of the four Duncan heirs.

Williams is the only Duncan sibling who's involved in running the family business. She is chairwoman of Houston-based Enterprise Products Partners LP, the pipeline company that her father founded in 1968. Last year, the company posted revenue of $36.5 billion. In June, Williams made a big splash with her purchase of Austin-based Texas Monthly magazine.

While the Duncans are worth close to $26 billion, their wealth doesn't come close to that of Alice Walton of Fort Worth, the richest person in Texas. Forbes estimates her net worth at $52.4 billion.

FamilyMinded.com lists Alice Walton and her fellow heirs to the Walmart fortune as the richest family in Arkansas (where Walmart is based), with an estimated net worth of $163 billion. They're also the richest family in the U.S.

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This article originally ran on CultureMap.

Kendra Scott is one of the five richest self-made women in the state. Photo by Tyler Schmitt, ARF

5 Texas entrepreneurs rank among Forbes' richest self-made women

Must be the money

It's common knowledge Houston Rockets owner Tilman Fertitta and Gulf States Toyota owner Dan Friedkin rank among the wealthiest people in Texas. But did you know that five other entrepreneurs — collectively worth more than $4 billion — stand among the richest self-made women in the country?

Billionaire Thai Lee and millionaires Kendra Scott, Kathleen Hildreth, Whitney Wolfe Herd, and Suzy Batiz appear on Forbes magazine's new list of America's 80 richest self-made women — women who garnered wealth on their own, rather than by inheriting or winning it. And they're in great company, joining the likes of Taylor Swift, Oprah Winfrey, Kylie Jenner, Rihanna, Madonna, Celine Dion, and Beyoncé.

Thai Lee, with an estimated net worth of $3 billion, appears at No. 5 on the Forbes list. She is president and CEO of SHI International Corp., a provider of IT products and services whose more than 17,000 customers include AT&T and Boeing. Revenue at the New Jersey-based company hit $10 billion in 2018; more than 4,000 people work at SHI. Austin is home to SHI's corporate call center and is the hub for its sales division catering to small and midsize businesses.

"In early 2015, we mapped a five-year goal to reach $10 billion in revenue by the end of 2019. Through the hard work of our employees, the strength of our partnerships, and our ability to discern and solve our customers' most pressing IT and business challenges, we reached that goal 12 months early," Lee says in a February release.

At No. 40 on the list, with an estimated net worth of $550 million, is Kendra Scott. She is founder and CEO of Kendra Scott Design Inc. Annual sales at the Austin-based jewelry company hover around $360 million.

In 2017, Boston-based private equity firm Berkshire Partners invested in Scott's company at a valuation of more than $1 billion. Scott started the company in 2002 in the spare bedroom of her home. Today, Scott's business operates 100 jewelry stores, runs massive e-commerce and wholesale units, and employs more than 2,000 people. Last year, the company opened its flagship store on South Congress Avenue.

"There were so many ups and downs through this journey. There were many times that I thought I was going to lose my business. I had no investment capital. I was carrying it all on my shoulders — bootstrapping it, literally," Scott told CNN in 2018.

Kathleen Hildreth, co-founder of aviation-maintenance company M1 Support Services, appears on the list at No. 57, with an estimated net worth of $370 million. She is a West Point graduate and Army veteran who served as a helicopter pilot. Before M1 Support, she worked with defense contractors, including Lockheed Martin and DynCorp. Hildreth calls Aubrey, Texas, in the DFW area, home.

"Anything in the government's [aircraft] inventory, we do work on," Hildreth told Forbes. "You name it." Forbes adds, "The U.S Air Force, U.S. Army, U.S. Navy, and NASA are all clients of M1 Support, which relies entirely on the federal government for business. Most of its revenues come from maintaining military aircraft, including fighter jets such as F15s, F16s, and A10 Thunderbolts."

The fourth Texas entrepreneur on the list is Whitney Wolfe Herd, founder and CEO of Austin-based Bumble Trading Inc., developer of the Bumble dating app for women, and the related Bumble BFF friend-finding app and Bumble Bizz networking app. Herd launched Bumble in 2014 after co-founding dating app Tinder. With an estimated net worth of $290 million, Herd claimed the No. 72 spot on the Forbes list. This is her first year to be ranked.

Bumble counts more than 60 million users in 150 countries. The company's estimated annual revenue totals $175 million, according to Forbes. Russian billionaire Andrey Andreev is the majority owner of Bumble.

"I want to take this sucker around the planet," Herd told Marie Claire last year about the future of Bumble. "Then, who knows, maybe we'll work with [Jeff] Bezos and [Elon] Musk and take it beyond."

At No. 77, with an estimated net worth of $270 million, is Dallas' Suzy Batiz, founder of Poo-Pourri, the before-you-go toilet spray available at major retailers. More than 60 million bottles have sold since the company's founding in 2007; Pou-Pourri is now expanding into shoe and pet odors and a cleaning line.

Asked in 2016 what the riskiest thing was she had ever done professionally, Batiz said not selling her company or taking on investors.

"I had no idea if it was going to work out. It's like being on a game show," she told Forbes. "They hand you the big briefcase and you think, 'You can take this thing of money, or you can gamble and try to stay in the game.' Somehow I knew that my baby, the company, was very similar to a child. It just wasn't ready to be released into the world yet without me."

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This story originally appeared on CultureMap.

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Houston expert: Build workforce resiliency by investing in a long-term, low-cost internship strategy

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Short-term talent shortages can feel overwhelming, especially if your company is navigating staff shortages, while also planning for future growth.

While internship programs can get a bad rap, there are many benefits to providing opportunities for early career professionals in any organization. By building a pipeline of eager, talented employees, and embedding institutional knowledge in your organization, you can reduce the burden of extra work on remaining employees and reinvigorate your business.

Get more engagement and develop champions at your company by incorporating three vital ingredients into your internship program strategy:

  1. Hire based on core values & interns’ ability to thrive at your company
  2. Invest in training
  3. Provide meaningful work

Build a strong team: hire based on ability to thrive 

To ensure your organization’s growth is coming from a diverse talent pool, build a hiring process around employees' future ability and core values, instead of what they have done in the past. Oftentimes, you’ll find that an intern’s coachability, willingness to learn and growth mindset are better determining factors towards future success than past experience.

During the recruitment and hiring process, ask your interns questions to probe values, interests, and passions. To determine if they have a growth mindset, you can ask, “What do you read in your time off to stay up to date with the latest trends in the industry? What did you learn yesterday?” or “Tell me about a time you received feedback. What did you do with this?”

Make sure that each intern that comes on board feels like a part of the team. Let them immerse themselves into your company’s culture, work environment, and industry by inviting them to your employee team-building activities, monthly company-wide conference calls, and other events that provide them with more context about your culture. Schedule weekly touchpoints with each intern to regularly check in on goals, their progress on tasks, and overall concerns. Not only will these meetings strengthen trust, but they will also position interns to succeed at your company.

Build resilience: invest in training

When you invest in a thoughtful, effective training experience, your interns will be more committed to the role because they’ll see the added effort you’re making towards their career.

Consider how your current training is structured and implemented so that your internship training experience is up to speed with the expectations of Gen-Z. Explore out-of-the-box training options, including coaching, virtual learning, and assessments that they will actually use.

In addition to the hard skills that are essential to supporting any company, ensure that you are training interns on core competencies. The National Association of Colleges and Employers identifies eight core competencies that are vital to career readiness: career & self-development, communication, critical thinking, equity & inclusion, leadership, professionalism, teamwork, and technology. When you teach interns these core competencies as soon as they join your organization, you will see an immediate boost in productivity, and you can objectively assess for future full-time employment.

Build momentum: provide meaningful work

After you’ve clearly mapped out your internship training experience, clearly outline projects from each of your company’s departments before you onboard interns. By planning ahead, and having a running list of projects that don’t require much explanation, you can give your interns a sense of purpose as soon as they join, which in turn will prevent bored interns from disengaging.

Ask interns what their goals are for their internship so you can not only help them make those goals a reality, but also tie their goals back to your company’s overall goals. As you offer meaningful enrichment opportunities, you will land top talent through your internship programs, and word will spread to bring in better talent for future internships.

Come out on top with a strong team

Businesses that take advantage of bringing on interns during a talent shortage can come out of hard times better prepared for the future. Once you have a strong and sustainable internship program, it will only grow and gain momentum.

Weather any storm that’s ahead by continuing to attract the best talent. Your company deserves it.

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Allie Danziger is the co-founder of Ampersand, an online training platform for businesses and professionals looking to level up their talent.

These 3 Houston research projects are coming up with life-saving innovations

research roundup

Research, perhaps now more than ever, is crucial to expanding and growing innovation in Houston — and it's happening across the city right under our noses.

In InnovationMap's latest roundup of research news, three Houston institutions are working on life-saving health care research thanks to new technologies.

Rice University scientists' groundbreaking alzheimer's study

Angel Martí (right) and his co-authors (from left) Utana Umezaki and Zhi Mei Sonia He have published their latest findings on Alzheimer’s disease. Photo by Gustavo Raskosky/Rice University

According to the Centers for Disease Control and Prevention, Alzheimer’s disease will affect nearly 14 million people in the U.S. by 2060. A group of scientists from Rice University are looking into a peptide associated with the disease, and their study was published in Chemical Science.

Angel Martí — a professor of chemistry, bioengineering, and materials science and nanoengineering and faculty director of the Rice Emerging Scholars Program — and his team have developed a new approach using time-resolved spectroscopy and computational chemistry, according to a news release from Rice. The scientists "found experimental evidence of an alternative binding site on amyloid-beta aggregates, opening the door to the development of new therapies for Alzheimer’s and other diseases associated with amyloid deposits."

Amyloid plaque deposits in the brain are a main feature of Alzheimer’s, per Rice.

“Amyloid-beta is a peptide that aggregates in the brains of people that suffer from Alzheimer’s disease, forming these supramolecular nanoscale fibers, or fibrils” says Martí in the release. “Once they grow sufficiently, these fibrils precipitate and form what we call amyloid plaques.

“Understanding how molecules in general bind to amyloid-beta is particularly important not only for developing drugs that will bind with better affinity to its aggregates, but also for figuring out who the other players are that contribute to cerebral tissue toxicity,” he adds.

The National Science Foundation and the family of the late Professor Donald DuPré, a Houston-born Rice alumnus and former professor of chemistry at the University of Louisville, supported the research, which is explained more thoroughly on Rice's website.

University of Houston professor granted $1.6M for gene therapy treatment for rare eye disease

Muna Naash, a professor at UH, is hoping her research can result in treatment for a rare genetic disease that causes vision loss. Photo via UH.edu

A University of Houston researcher is working on a way to restore sight to those suffering from a rare genetic eye disease.

Muna Naash, the John S. Dunn Endowed Professor of biomedical engineering at UH, is expanding a method of gene therapy to potentially treat vision loss in patients with Usher Syndrome Type 2A, or USH2A, a rare genetic disease.

Naash has received a $1.6 million grant from the National Eye Institute to support her work. Mutations of the USH2A gene can include hearing loss from birth and progressive loss of vision, according to a news release from UH. Naash's work is looking at applying gene therapy — the introduction of a normal gene into cells to correct genetic disorders — to treat this genetic disease. There is not currently another treatment for USH2A.

“Our goal is to advance our current intravitreal gene therapy platform consisting of DNA nanoparticles/hyaluronic acid nanospheres to deliver large genes in order to develop safe and effective therapies for visual loss in Usher Syndrome Type 2A,” says Naash. “Developing an effective treatment for USH2A has been challenging due to its large coding sequence (15.8 kb) that has precluded its delivery using standard approaches and the presence of multiple isoforms with functions that are not fully understood."

BCM researcher on the impact of stress

This Baylor researcher is looking at the relationship between stress and brain cancer thanks to a new grant. Photo via Andriy Onufriyenko/Getty Images

Stress can impact the human body in a number of ways — from high blood pressure to hair loss — but one Houston scientist is looking into what happens to bodies in the long term, from age-related neurodegeneration to cancer.

Dr. Steven Boeynaems is assistant professor of molecular and human genetics at Baylor College of Medicine. His lab is located at the Jan and Dan Duncan Neurological Research Institute at Texas Children’s Hospital, and he also is a part of the Therapeutic Innovation Center, the Center for Alzheimer’s and Neurodegenerative Diseases, and the Dan L Duncan Comprehensive Cancer Center at Baylor.

Recently, the Cancer Prevention and Research Institute of Texas, or CPRIT, awarded Boeynaems a grant to continue his work studying how cells and organisms respond to stress.

“Any cell, in nature or in our bodies, during its existence, will have to deal with some conditions that deviate from its ideal environment,” Boeynaems says in a BCM press release. “The key issue that all cells face in such conditions is that they can no longer properly fold their proteins, and that leads to the abnormal clumping of proteins into aggregates. We have seen such aggregates occur in many species and under a variety of stress-related conditions, whether it is in a plant dealing with drought or in a human patient with aging-related Alzheimer’s disease."

Now, thanks to the CPRIT funding, he says his lab will now also venture into studying the role of cellular stress in brain cancer.

“A tumor is a very stressful environment for cells, and cancer cells need to continuously adapt to this stress to survive and/or metastasize,” he says in the release.

“Moreover, the same principles of toxic protein aggregation and protection through protein droplets seem to be at play here as well,” he continues. “We have studied protein droplets not only in humans but also in stress-tolerant organisms such as plants and bacteria for years now. We propose to build and leverage on that knowledge to come up with innovative new treatments for cancer patients.”

Houston university's online MBA program rises in the ranks of newly released report

A for improvement

Rice University's online MBA program has something to brag about. According to a new report, the program has risen through the ranks of other online MBA curriculums.

MBA@Rice, the online program at the Jones Graduate School of Business at Rice, has ranked higher in four categories in the latest edition of U.S. News & World Report’s Best Online Programs. The report evaluated schools based on data specifically related to their distance education MBA programs, and U.S. News has a separate ranking for non-MBA graduate business degrees in areas such as finance, marketing and management. The MBA list focused on engagement, peer assessment, faculty credentials and training, student excellence, and services and technologies.

“We use the same professors to deliver the same rigorous, high-touch MBA in our online MBA as we do in all our campus-based programs,” said Rice Business Dean Peter Rodriguez. “The strong national rankings recognize our success in reaching highly talented working professionals who don’t live near enough to our campus or for whom an online program is the best option.”

Rice's virtual MBA program ranked No. 12 (tied) in the 2023 list, which was up several spots from its 2022 ranking, which was No. 20. Additionally, Rice stood out in these other three categories:

  • Best Online MBA Programs for Veterans: tied for No. 10 (No. 14 last year).
  • Best Online Business Analytics MBA Programs: tied for No. 10 (tied for No. 12 last year).
  • Best Online General Management MBA Programs: tied for No. 7 (tied for No. 11 last year).

Rice recently announced a hybrid MBA program that combines online instruction with in-person engagement. The first cohort is slated to start this summer.

The MBA@Rice program is the top-ranked Texas-based program on the virtual MBA list. Several other programs from the Lone Star State make the list of 366 schools, including:

  • University of Texas at Dallas at No. 17
  • Texas Tech University at No. 33
  • Baylor University, University of North Texas, and West Texas A&M University tied for No, 65

U.S News & World Report ranked other online programs. Here's how Houston schools placed on the other lists:

  • The University of Houston tied for No. 10 in Best Online Master's in Education Programs and tied for No. 75 in Best Online Master's in Business Programs
  • Rice University, in addition to its MBA ranking, tied for No. 27 on the Online Master’s in Computer Information Technology Programs ranking after being tied for No. 49 last year
  • University of Houston-Downtown ranked No. 26 in Best Online Master's in Criminal Justice Programs and tied for No. 55 in Best Online Bachelor's Programs

The full list of best online higher education programs ranked by U.S. News & World Report is available online.