Welcome back to the podcast everybody. Noblesville-based Clancy’s Hospitality has been creating and running restaurants in central Indiana—and much of the Midwest—for nearly 60 years. The names are instantly recognizable for folks who have lived in these parts for a while, including Clancy’s Hamburgers, Grindstone Charley’s, Michaelangelo’s Italian Bistro, Red Rock Roadhouse and, most recently, The Fountain Room at Bottleworks District. But you almost certainly don’t know the name Fogelsong. Carl Fogelsong co-founded Clancy’s in 1965, and incredibly it has stayed in the same family for 58 years. It’s now on its third generation of leadership, with Carl’s grandson Blake spearheading a recent surge of restaurant openings alongside his father, Perry Fogelsong. The story of Clancy’s Hospitality in many ways is the story of the central Indiana restaurant industry. Clancy’s Hamburgers beat McDonald’s to the punch in many areas in the 1960s, but it eventually was overpowered by burger chains. Grindstone Charley’s was on the front end of the casual American trend in the early 1980s, but the rise of national competitors put it at a disadvantage. But Clancy’s Hospitality is nothing if not scrappy, and it has continued to adjust to new trends while leveraging savvy real estate decisions. It has a successful entry for the food hall trend—actually a version of its original concept—while also embracing high end dining with The Fountain Room. For this week’s edition of the IBJ Podcast, Perry and Blake join host Mason King for a freewheeling conversation about the evolution of Clancy’s Hospitality over 58 years. The family-owned firm currently counts eight restaurants: Two Clancy’s Hamburgers, two Grindstone Charley’s, one Michaelangelo’s, The Fountain Room and two next-generation versions of Grindstone Charley’s—Grindstone Public House in Noblesville and Grindstone on the Monon in Westfield. The IBJ Podcast is brought to you by Taft.

His last name literally is up in lights on downtown’s biggest stadium, although he probably could wander through a crowd of 60,000 Indianapolis Colts fans in near-complete anonymity. Morgan Lucas is the president of Lucas Oil Products, and quite literally grew up with the company. His parents, Forrest and Charlotte Lucas, founded the firm in 1989, when Morgan was about 7 years old. His youth and tween years were spent in part making deliveries to early customers and playing with Hot Wheels at trade shows under the table bunting at the Lucas Oil booth. Then he discovered drag racing, and the die was cast. From 2004 to 2016, he won about two dozen titles and started his own racing team. That experience under the hood of his business gave him a decent footing as he transitioned to the family company and tried to learn all facets of developing, testing and selling engine and gear oils for cars, trucks, marine crafts, motorsports vehicles and industrial machines. It’s a tough company to get your arms around, as it sells more than 300 products in 48 countries and maintains several subsidiaries loosely related to sports, farming, transportation and metal fabrication. Morgan was named president in 2020 and effectively now serves as the company’s CEO. And in an unusual mirroring of the firm’s founders, Morgan is married to the company’s chief administrative officer, Katie Lucas. In this week’s edition of the IBJ Podcast, Lucas recounts what it was like growing up with hard-charging entrepreneurs as parents, how he and his wife have geared their relationship at home and at work, the value of being the naming rights sponsor for Lucas Oil Stadium, and the recent decision to relocate the company’s headquarters from California to Indianapolis. The IBJ Podcast is brought to you by Taft.

Joey Chestnut is the king of competitive eating. You almost certainly have seen video clips of him gulping down dozens of hot dogs, boiled eggs, tacos, wings, burritos, Twinkies and/or spears of deep-fried asparagus. He in fact has more than 50 gastronomic world records, including a vaunted 76 Nathan’s Famous hot dogs, with buns, eaten in 10 minutes. He’s the first to admit that competitive eating is a little weird, but he has a natural affinity for it, and it allows him to make hundreds of thousands of dollars a year. He confirms in his IBJ Podcast interview recent reports that he earned close to $500,000 in 2022. A few things brought him to the IBJ Podcast studio in late November. He recently moved to Westfield, which now is his home base for spending about 140 days a year on the road. He chats about the reasons in his conversation with podcast host Mason King. Chestnut also was preparing for the 10th Annual St. Elmo Shrimp Cocktail Eating Championship, which this year was staged on Dec. 2 as part of the festivities for the Big Ten Football Championship. He explains how he prepares to down somewhere in the neighborhood of 18 pounds of shrimp, plus St. Elmo’s extra-potent cocktail sauce. (He recently hit 40, and it’s not as easy as it used to be.) But the lion’s share of the conversation concerns how he built a career in competitive eating and assembled all of the revenue streams he leverages to make a good living. The IBJ Podcast is brought to you by Taft.

We’re entering the holiday season, of course, and that critical six-week period in which we are encouraged to indulge in conspicuous consumption. IBJ Podcast host Mason King has it circled on his calendar, since his goal this year is to keep from exceeding his modest budget. His plan for this week’s edition of the podcast was to ask regular contributor Pete Dunn—aka Pete the Planner—how best to avoid going into the red this year. But as usual, Pete had the bigger picture in mind. Pete’s plan is to discuss the five things everyone should know about their financial life. Knowing those should help give you the grounding and confidence you need to guide your shorter-term budgeting decisions. And Pete and King still managed to talk a bit about how to deal with the unwelcome revelation that you and your family are spending more money than you’re making. Spoiler alert: This revelation came about after King and his wife did a line-by-line examination of their credit card and debit card purchases. The IBJ Podcast is brought to you by Taft.

Over its first 10 years, The Garrett Co. has been one of the fastest-growing—if not THE fastest-growing—company in the Indianapolis area. Not coincidentally, it also has become one of the largest companies in the state of Indiana. To put it as simply as possible: The Garrett Cos. develops high-end apartment complexes. To flesh it out a bit: The Garrett Cos. has been built to include nearly every element of the apartment development process under one roof—including site selection, design, material sourcing, construction, landscape architecture and even a restaurant company with its own brands of brewhouse and coffee shop for mixed-use projects. The Garrett Cos is based in Greenwood, where founder Eric Garrett launched the company from a barn in his backyard. He grew up in Evansville, and one of the seminal moments of his childhood was moving with his mom into their very first apartment. He found his niche in real estate, first on the finance side and then picking up experience as part of a development firm. In this week’s episode of the IBJ Podcast, Garrett discusses the origins of the company; a business model that you could shorthand as “a rising tide lifts all ships”; the firm’s recent growth to nearly 300 employees despite a very deliberative hiring process; and how his role as CEO has evolved as the firm has sped through several ages of the corporate growth process. The IBJ Podcast is brought to you by Taft.

You certainly hear a lot of people these days talk about changing careers, especially to start their own business—maybe a restaurant, coffee shop or microbrewery. Juliet Schmalz hears from a lot of people who are impressed that she actually did it. In her mid 40s, she left her career as a medical doctor—an anesthesiologist—to start a company that produces high-end whiskey. That company, called Fortune’s Fool Whiskey—a nod to a line in a Shakespearean tragedy—debuted its first product a few weeks ago in Indiana stores, bars and restaurants. It's called The Prelude. It’s a 109-proof straight rye whiskey that has been aged nearly three years, which, yes, means that Schmalz has had to wait nearly six years to see any revenue from a company she started in early 2018. In the meantime, there is another rye whiskey, a bourbon whiskey and a wheated bourbon whiskey sitting in barrels on the four-year plan. An Indianapolis native, Schmalz is our guest on this week’s edition of the podcast. Host Mason King asks what possessed her to leave a lucrative and respected profession to make spirits for a living. They also discuss how she brought herself up to speed in a fickle industry, determined how she would position her product, and funded what by necessity is a long-term startup process. The IBJ Podcast is brought to you by Taft.  

Legendary local newscaster Debby Knox has been on the air in Indianapolis, with the exception of a short break, since 1980 when she joined WISH-TV Channel 8. She worked as a reporter and anchor for 33 years until retiring in late 2013. It didn’t stick. She soon was recruited to help launch the newscasts for CBS4, which had taken over the city’s CBS network affiliation from WISH-TV.  She was paired with veteran news anchor Bob Donaldson and meteorologist Chris Wright starting in January 2015. Earlier this month, she announced that her second stint in TV news would come to an end with her second shot at retirement, set for Nov. 30. The Michigan native will be 70 years old in February and has a long list of places around the globe she wants to visit when she isn’t spending time with her granddaughter, now 18 months old. Still, she’s concerned about being able to shake what she calls an "addiction" to breaking news. On this week’s edition of the IBJ Podcast, Knox shares a wide-angle view of her career, including the most difficult and most rewarding days on the job. She shares heart-stopping stories from her interviews with world leaders such as Mikhail Gorbachev and Desmond Tutu. She also discusses how TV news has changed over four decades—and its current value in relation to today’s multitude of news sources. The IBJ Podcast is brought to you by Taft.  

It might not be surprising that the History Channel is planning to air an eight-hour docu-series on the life of President John F. Kennedy next month to mark the 60th anniversary of his assassination. You might be very surprised to learn that the filmmaker who researched, shot, wrote, edited and scored much of the documentary is 23 years old, having been born a year before 9/11. Ashton Gleckman grew up in Carmel and attended local schools, although his ambition to work in the film industry was so great that he left Carmel High School after his sophomore year to work for a collective of film and TV composers. He decided to become a documentarian after a short stint working in Los Angeles, and by the age of 19 had created the award-winning documentary “We Shall Not Die Now” about survivors of the Holocaust.In this week’s edition of the podcast, Gleckman discusses what he found so resonant about Kennedy that he embarked on the three-year project by doing his own fundraising and without any guarantee that the finished product would win national distribution. (Along the way, he picked up a producing partner in the Academy Award-winning firm Radical Media.) Gleckman also lays out milestones in his lightning-fast and unusual rise as a filmmaker, as well as the reasons he thought the world—and in particular post-Kennedy generations--needed a deep dive into the life and legacy of the 35th president.   The IBJ Podcast is brought to you by Taft.  

IBJ columnist Peter Dunn—aka Pete the Planner—joins the podcast this week to talk about the ways in which people relate to money. He describes four money personalities—or "scripts," as they are called by Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner who first wrote about them. They scripts are money vigilance, money worship, money status and money avoidance. Pete uses a series of questions to help listeners identify the script that best matches their relationship with money and then explains the pros and cons of each. Plus, he talks about the importance of understanding not just your own relationship to money but that of your partner's as well. 

Shawn Fain seemingly came from nowhere to win the United Auto Workers presidential election in March by a razor-thin margin. He ran on a reform platform promising to toss out the status quo and stand up to the Big Three automakers: GM, Ford, and Stellantis. He took a hard line in contract negotiations, and when the automakers didn’t meet the union’s aggressive demands by the Sept. 15 deadline, the UAW took the unusual tack of striking against all three companies at the same time. It’s still in the midst of what’s called a standup strike, meaning that it adds more and more of its 145,000 members to picket lines as negotiations continue. The UAW has 13,000 members in Indiana, but no workers in those Indiana plants had been asked to strike as of Oct. 6. But Fain knows all about the auto industry’s history in Indiana. He grew up in Kokomo, the grandson of two UAW members at General Motors. Another grandparent started at Chrysler in 1937, the year the workers joined the union after a sit-down strike. Fain himself worked as an electrician in a Chrysler foundry in Kokomo and was active in the union for decades. Of course, Chrysler now goes by the name Stellantis, its new parent company, and it employs about 7,000 people in Kokomo and nearby Tipton. Now 54, Fain is leading a high-stakes battle against the U.S. auto industry, which is remarkable given that he has been such a relatively low-profile player in the union until recently. IBJ reporter John Russell went back to Fain’s old stomping grounds and tried to get a sense of how he was shaped by his decades in Kokomo. It’s worth noting that Fain still carries in his pocket one of his grandfather’s Chrysler pay stubs from 1940. In this week’s episode of the IBJ Podcast, John tells us what he’s learned. The IBJ Podcast is brought to you by Taft.    

You could say Scott Moorehead, the 45-year-old owner and CEO of Fishers-based Round Room, is in the connections business. Round Room is the holding company for TCC, which is one of the largest Verizon retailers in the United States, and Wireless Zone, one of the nation’s largest wireless retail franchise systems in the U.S and also a Verizon authorized dealer. Together they count about 1,260 stores in 43 states. Another one of Moorehead’s main preoccupations is finding ways for workers to feel connected to their employers, beyond the need for a paycheck. To that end, Round Room has given its employees the ability to grant millions of dollars per year to not-for-profit groups of their choice. And another firm under the Round Room umbrella provides consulting services for employers who want to strengthen their company cultures by finding the “soul” of their enterprises. Here's another move out of left field that makes a certain sense to Moorehead via his expertise in the retail industry. He and his wife, Julie, sniffed out cannabis as a simpatico business opportunity and dove in after Michigan legalized it for adult recreational use. Founded in 2020, Stash Ventures is a vertically integrated provider with indoor growing operations, a processing facility and several retail dispensaries. Moorehead also has been lobbying Indiana legislators to take the leap and legalize marijuana use, seeing big growth opportunities in the sector. In this week’s edition of the IBJ Podcast, Moorehead lays out his journey as an entrepreneur, first buying out his parents in their family-owned company and guiding it through a decade of staggering growth in the wireless industry. He also details how he uses philanthropy to help define Round Room, as well as his hopes for expanding Stash Ventures.  

A sudden leap forward in the evolution of artificial intelligence has brought the technology’s benefits and risks into much sharper relief and into everyday conversations. Businesses hear warnings that they need to take advantage of AI or else drift into irrelevancy. But when cheerleaders say AI can make businesses more productive, what does that look like exactly? As with the advent of any major technological evolution, will workers lose their jobs? You’ve probably already heard about professions that are vulnerable, such as tax preparers, law clerks, industrial designers, computer programmers, content creators, market research analysts, financial analysts, graphic designers, and customer service agents. Another question: Since data is the fuel of the AI revolution, how can companies keep theirs safe? How can companies avoid unintentionally stealing existing content fed into AI engines? And how can AI avoid adopting the biases lodged in previous data? In the latest edition of the IBJ Podcast, host Mason King poses all of these questions to the founders of an Indianapolis-based startup dedicated to helping business clients integrate AI into their operations. Named Stellar, the firm has been up and running for less than a year, but its executives have decades of experience working with AI applications and developing AI products. Brett Flinchum, Stellar’s CEO, and Zach Linder, the chief operating officer, share their account from the frontlines of a revolution as they try to help companies take advantage of the benefits while avoiding the pitfalls.The IBJ Podcast is brought to you by Taft.  

Founded in 1997, Indianapolis-based Cunningham Restaurant Group now counts 17 distinctive dining concepts spread over a total of about 40 establishments in Indiana, Kentucky and Ohio. A sampling: Mesh, Rize, Provision, Bru Burger Bar, Modita, Union 50, Nesso, Stonecreek Dining Company and the nationally rated Vida and Livery. And the stovetop at CRG’s development kitchen in downtown Indianapolis is full: The company is opening several new concepts in the next year, and founder and CEO Mike Cunningham estimates that the group could have as many as 60 locations within three years.The highest-profile additions to the CRG roster will be located on Bicentennial Unity Plaza next to Gainbridge Fieldhouse. Indiana Pacers owner Herb Simon is building a 30,000-square-foot dining and entertainment complex called Commission Row, and CRG has been hired to develop and manage its three main components: a 220-seat upscale restaurant called Commission Row, a 110-seat speakeasy-style watering hole called Mel’s at Commission Row, and a 260-seat event space called Above at Commission Row. CRG also is working on an indoor/outdoor casual dining spot called Shindig in the North Mass corridor and a family-friendly joint in Plainfield called Theo’s Italian. In this week’s edition of the IBJ Podcast, Mike Cunningham discusses in detail his plans for the new eateries, as well as adjustments he’s making to existing properties in central Indiana. He also dives deep into his philosophy for growing the restaurant group and why such a significant chunk of it has taken shape in downtown Indianapolis. The IBJ Podcast is brought to you by Taft.

Chad Peterman and his younger brother Tyler grew up with their dad’s business, Peterman Heating Cooling & Plumbing. Pete Peterman received at least one offer for the Greenwood-based business, but he kept it in the family and handed over day-to-day operations to his boys in 2015. He couldn’t have imagined how much and how fast the company would grow under the new generation, which had a strategy that required a fundamental change in the business. From 2016 to 2018, Peterman’s annual revenue grew 101% to $15.7 million. From 2018 to 2022, its revenue grew 560% to $88.2 million. Since 2018, its employee base has grown at roughly the same clip, from a little over 100 people to nearly 700. That’s pretty good for a company in an established industry that has been a staple of American life for at least a century. Chad Peterman didn’t initially think he’d go into the home-services industry, but he since has become CEO and co-owner. In this week’s edition of the IBJ Podcast, he explains the strategy shift that led to more lucrative work and an expansion from central Indiana to most of the state. And one of the key factors in the firm’s continued growth has been its out-the-box solution—or you could call it and in-house solution—to training and retaining employees. Peterman essentially can supply itself with as many rookie technicians as it needs as it expands beyond Indiana’s borders and expects to break the eight-digit barrier for revenue. The IBJ Podcast is brought to you by Taft.

Darrian and Devyn Mikell grew up in central Indiana, played sports, went to college, tried a few things to get their careers started and ultimately launched a tech firm together. They have some juicy stories from their early days of griding that would resonate with other tech founders: starting with the wrong sales strategy, struggling for months without revenue and slowly building a base of investors. There are a few things that are relatively unique: First, they’re brothers, and we all know that it’s often not easy for family members to work together. Second, they recently reached an important milestone with a $4.5 million fundraising round. Third, they are among the few company founders in any industry sector who are Black. Businesses majority-owned by Black or African American people accounted for only 3% of all U.S. firms that were classifiable by the race and ethnicity of their owners in 2020, according to the Pew Research Center. And the Mikells have made hiring people from underrepresented populations a priority at their company, called Qualifi. The issues of diversity and inclusion dovetail into the mission of Qualifi, which sells software that helps employers automate the hiring process and avoid biases that could slip into the interview process. In this week’s edition of the IBJ Podcast, the Mikells join host Mason King for an in-depth interview about how they work together as brothers; the inspiration they’ve received from their family (including an older brother with a Pro Bowl career in the NFL); how they handle the rollercoaster of startup life; obstacles that Black entrepreneurs face; and the importance to them of diversity as they grow the company. The IBJ Podcast is brought to you by Taft.

The process for designing and upgrading interstates in Indiana hasn’t exactly been a two-way street. Typically, the Indiana Department of Transportation draws up plans for its projects and then the public has an opportunity to provide feedback. You’ll recall the uproar in 2017 when INDOT presented its plans for reconstructing the North Split, where I-70 and I-65 meet in the northeast corner of downtown. Nearby residents were vehemently against some elements of the project and proposed a fundamentally different alternative. INDOT was able to accommodate the Rethink 65/70 Coalition’s concerns on some aspects of the project, but it proceeded largely as originally proposed. As the state now begins to plan for future upgrades to other portions of I-65 and I-70 that run through Indianapolis, it’s conducting a long-term study to get public input on the front end of the process. Piloted in part with the infrastructure firm HNTB, the ProPEL Indy study is collecting public input in a wide variety of venues to identify ideas for improvements that would impact quality of life, economic growth, mobility, and safety. In this week’s episode of the IBJ Podcast, we’re joined by Tim Miller, senior project manager for HNTB and the project manager for the ProPEL Indy study, as well as Natalie Garrett, communications director for INDOT. In addition to discussing the process so far, they share some of the ideas they’ve already received, related to signage, the location of interchanges, pedestrian right of way and the way these corridors represent—or fail to represent—the city as a whole. The IBJ Podcast is brought to you by Taft.

For 25 years, Sam Schmidt has been a beloved figure in the IndyCar Series, first as a driver, then as a team owner and a champion of innovation, persistence and the human spirit. During a practice session in Florida in 2000, he lost control of his car and smashed into a concrete barrier at around 180 miles per hour. Doctors saved his life, but he has been paralyzed from the shoulders down ever since. Within about a year, he had started a racing team, as well as a not-for-profit group dedicated to raising funds for medical research, developing innovative equipment for rehabilitation and helping people with severe mobility issues navigate their lives again. Schmidt announced this month that the group, now called Conquer Paralysis Now, would be moving its headquarters from Las Vegas to the former home of Five Seasons Family Sports Club on 96th Street, right on the border between Indianapolis and Carmel. The facility also will house CPN’s second Driven NeuroRecovery Center, offering fitness programs, adaptive sports, aquatics, physical and occupational therapy and mental health services. CPN expects to invest $22 million in the whole project, including the nearly $8 million that it already has paid to purchase the property. In this week’s edition of the podcast, Schmidt shares his story of recovery from a near fatal injury and how he uses it to help inspire others with mobility issues. He explains why he wanted to move his not-for-profit to the Indy area, as well as his vision for how the Driven Center will work with many of the big players in central Indiana’s medical community. And he discusses his plans to create Driven Centers across the country—as many as 25 within five years. The IBJ Podcast is brought to you by Taft.    

When people say Taylor Swift’s record-breaking Eras Tour could have a seismic impact on Indianapolis during its three-show gig next year, that’s not just a figure of speech. When Swift performed in July at Seattle’s Lumen Field, the show generated seismic activity similar to that of a magnitude 2.3 earthquake, thanks to a combination of the sound system and the dancing and cheering of fans. When the Indy shows take place in November 2024, Swift’s local fan base will have waited more than a year and a half to see the music event of the decade, since Indianapolis wasn’t on the list of cities for the tour’s first pass through America. There’s no question whether the three shows will break the attendance record for concerts at Lucas Oil Stadium, which Swift herself set during her previous tour. Everything about this show is huge, starting with the complex stage and set pieces that require 90 semis to transport. In this week’s edition of the podcast, Eric Neuburger, the director of Lucas Oil Stadium, fills us in on the negotiations that led to landing the tour in Indianapolis. To fully appreciate the relationship that brought Taylor to town, you’d have to go all the way back to 2008 and the first concert ever staged in the stadium. Looking ahead, Neuburger discusses the advance work required to prepare for the shows, the questions that still need answers and the staff of more than 2,000 people that will be required to stage and host each concert.

In 2018, a raft of Purdue University researchers published a report on the impact of climate change on Indiana agriculture. It looked at the ways increasing temperatures and rainfall could affect the growing season for crops, the types of crops that could be planted, the health of farm animals, and the prevalence of weeds, pests, and disease. Even for Hoosiers who spend most of their time in air-conditioned environments, the future of agriculture is a very big deal. About 15 million acres of land in Indiana are devoted to farm operations, which is about two-thirds of the entire state. There are 55,000 farms throughout Indiana and agriculture contributes about $35 billion to Indiana’s economy every year. For this week’s edition of the IBJ Podcast, host Mason King wants to get a sense of how climate change is playing out on the ground in Indiana farm fields. For guests, he has invited three members of Purdue’s agronomy faculty, including an expert in soybeans and an expert in corn. They’re quick to note how much more difficult it is for the tens of thousands of farmers in Indiana to make the right decisions at the right times, but the future is still bright for farmers who have the tools and willingness to adapt to quickening change. The IBJ Podcast is brought to you by Taft.      

IBJ personal finance columnist Pete the Planner has a teen and a tween at home. Pete has been helping people with family finances for decades, and even he admits now to being humbled in this new season of his financial life by numerous large or unusual obligations. As he puts it in an upcoming column for IBJ, Pete is bracing for many years of “financial chaos.” He also finds himself in the uncomfortable position of using the advice he has given older families over the years and realizing that it’s tougher to follow than he thought. In this week’s edition of the IBJ Podcast, Pete and host Mason King take an in-depth look at three of the most expensive seasons of parenting—roughly the infant and toddler years, the teen years, and the young-adult years. The latter period often coincides with the years parents are required to help support their own parents. You often hear that referred to as the “sandwich generation.” Pete runs through some of the biggest and most surprising expenses over these three seasons and ways to avoid or soften the blows. He also suggests a quick exercise to help you figure out the timing of these rough patches relative to your age, your kids’ ages, and the ages of your parents. The IBJ Podcast is brought to you by Taft.

Last July, IBJ Media unveiled the inaugural issue of the Indiana 250—a compendium of the state’s 250 most influential and impactful business and community leaders. The definitions of “influence” and “impact” were intentionally broad, and the list included C-suite executives, not-for-profit leaders, civic bigwigs, lawyers, bankers, board chairs, artists, promoters, judges, philanthropists, and serial entrepreneurs. The biggest caveat was that the list didn’t include elected officials because their influence was already so obvious. The beauty of the Indiana 250 concept is that the list is a living document that’s updated every year. On July 20, IBJ Media unveiled the 2023 edition of the Indiana 250, and there has been significant turnover with dozens of new honorees knocking others off the list. For this week’s edition of the IBJ Podcast, Nate Feltman, co-owner and CEO of IBJ Media, joins host Mason King to shed more light on the process of choosing honorees this year. They also shine a spotlight on 10 of the Hoosier leaders making their first appearances on the list.   The IBJ Podcast is brought to you by Taft.

It’s not hard to find the Indianapolis Motor Speedway Museum if you’re a fan of the track: It’s tucked on the inside of the short chute between turns 1 and 2. The ironic thing is that while the Speedway was originally built as a testing ground for new technology and the IndyCar Series has always made a habit of adopting racing innovations, the museum has seemed increasingly mired in the past. Its exhibits have been mostly static, including a gallery of Indy 500-winning cars that some say resembles the lot at a car auction. Until very recently, the museum only featured one or two new exhibits per year. On July 11, museum officials announced plans for an $89 million transformation, ushering in a totally redesigned experience for visitors, a robust educational program for school-aged children and a beefier endowment that would help pay for more and better exhibits. Race fans might be tempted to think that this change is being driven by Roger Penske, who bought the Speedway and the IndyCar Series in 2020, but the museum actually is owned and run by an independent not-for-profit which leases the museum facility from the track owner. In this week’s edition of the IBJ Podcast, Joe Hale, the museum’s executive director, explains how the planned renovation will be much more than a tuneup—more like a rebuild, with a sleeker design and all the latest technology to give visitors a greater sense of being in the driver’s seat.

Two years ago, Sajjad Shah entered the Indianapolis coffee shop market with his eyes wide open and a hook that could help differentiate his locations from the herd of java joints. His coffee shops would have a built-in audience through a very popular Instagram account that he founded in 2014, and they would be tied to the account’s overarching mission: promoting the Muslim community and raising millions of dollars for Muslims in crisis around the world. Indeed, the name of the Instagram account is Muslims Of The World, and it currently has about 680,000 followers. The coffee shops are called MOTW Coffee and Pastries. In just two years, Shah has gone from one shop to four, located in Carmel, Fishers, Castleton and on West 38th Street in the International Marketplace District in Indianapolis. In this week’s edition of the IBJ Podcast, Shah reveals that he’s planning an aggressive expansion outside of central Indiana, starting with a 3,000-square-foot shop expected to open within a few months in the Chicagoland area. He also tells host Mason King that within five years he hopes to have 40 to 50 MOTW shops in the U.S.—a mix of company-owned and franchised locations. Shah didn’t have a lot of experience with coffee when he got started, but he did have many years in corporate accounting and consulting, and he thinks he’s landed on a formula for lean and mean coffee shops that’s easily repeatable. The IBJ Podcast is brought to you by Taft.

The health care industry in America is on the precipice of its biggest change at least since the passage of Obamacare 13 years ago. Passed last summer, the Inflation Reduction Act has given Medicare the green light to negotiate the prices of some drugs for its 60 million-some recipients. The program is expected to save patients many billions of dollars while significantly shrinking revenue for some pharmaceutical firms. Indianapolis-based Eli Lilly and Co. is intensely concerned about this development. Two of its most popular medicines are expected to be among the first 40 drugs subject to negotiations. Lilly CEO David Ricks has gone on the record in public forums criticizing the new law for what he anticipates will be a chilling effect on the development of certain types of drugs. Meanwhile, other big players in the pharmaceutical industry are trying to squash the negotiations altogether. Two have sued the Biden administration, asking a federal judge to declare the program unconstitutional. IBJ reporter John Russell has been studying the program for a story that’s on the front page of the latest issue of IBJ. In this week’s edition of the IBJ Podcast, Russell discusses the program’s potential effects on patients, drug makers and the rest the health care industry, as well as the objections from Eli Lilly and Co.   The IBJ Podcast is brought to you by Taft.

On June 30, Brian Payne will finish a 23-year run as CEO and president of the Central Indiana Community Foundation and president of the Indianapolis Foundation. You can think of CICF as an umbrella organization that includes the Indianapolis Foundation and many other foundations and charitable funds that make nearly $100 million in grants every year to help not-for-profit groups in central Indiana. Over 23 years of Payne’s leadership, the total assets of the CICF collective organization have grown from $338 million to more than $1 billion. For that alone, Payne is widely considered one of the most influential not-for-profit leaders in the city. But he also is the founder and primary creative force behind the $63 million Indianapolis Cultural Trail that loops downtown, links its six cultural districts and has become a major driver of economic development along its path. He further cemented his reputation for taking on big challenges when, in 2018, CICF formally changed its mission to support racial equity and inclusion and to dismantle institutional racism in central Indiana. At CICF, the new focus on fighting racism and creating opportunity for people of color led to changes big and small—from anti-racist training for its staff and cultivating new vendors to structural shifts that affected which programs and initiatives it decides to fund. The new focus was received positively by many and was criticized by others. In this week’s edition of the IBJ Podcast, Payne explains why he has decided to retire from full-time work, what he plans to do next, and how CICF will change once he leaves. We also discuss the impact of the Cultural Trail, why CICF decided to change its mission in 2018 and the challenge of measuring its progress on a goal as large as dismantling institutional racism. The IBJ Podcast is brought to you by Taft.