Commercial Real Estate Father-Son Duos

Einstein had his theory of relativity, and so do we: The commercial real estate biz is full of people who are related. So, in honor of Father's Day (It's this Sunday; you still have time to run out and get a tie) we recently chatted with some of the industry's dads and sons.

Don Zech and son Nick work together at CDC Commercial, which Don founded in 1996. Don, the firm's president, has been in commercial real estate since 1985, having launched his career at the old John Burnham & Co. Nick estimates he's been in the biz in one way, shape or form for seven years now. As a college sophomore in Denver, he began internships with various firms, and by his senior year of college, he was working full-time for Dad. (Our senior year we working full-time for Budweiser... unofficially.) While Don says Nick was never pushed into the business, Nick says he knew from an early age that he wanted to be a broker. As a kid, he played on basketball, baseball and soccer teams and most of his peers' dads barely made it to any games. "Conversely, my Dad was the coach and was there at every game and practice." He decided he wanted a job with that kind of flexibility and be able to support a family.

Here's where you say "Awwwww." (We asked Don if Nick would mind us running this pic. His response: He'll get over it.) According to Don, commercial brokerage is the closest thing to a contact sport that you can find in the business world. Kids of pro sports stars often become athletes; that's partly due to genetics, but also, having a parent already there helps to clear the path a little bit. That said, brokerage is a commission business, so they sink or swim on their own. Nick adds that brokerage is a small community and it's hard to get your foot in the door. "You'll know real quick if you're going to make it." Having family or friends in the business gives you a chance to get in and prove yourself. A few years ago, Don hosted a get-together at his house for fathers and sons in commercial real estate. For the guests, it was an opportunity to learn who else has a kid in the biz, and to "let everybody know that the next generation has arrived."

When Colliers SVP Ty Moffatt (second from left) says, "It seems like our entire family is in commercial real estate" is an understatement. Youngest son Sean has interned with Ty during summer breaks, and oldest son Scott worked with their Dad before leaving to get his MBA and masters of real estate development at USC. Now Ty is teamed up with Kyle (right) on office, industrial and R&D deals. (They can almost field a whole office basketball team by themselves.) Dad initially didn't want to go into the business, even though his own father was a commercial broker. But after working a summer research job at CBRE, Ty got hired as a salesman and then married his boss' daughter. (His brother-in-law still works at CBRE, he says.)

When Scott went back to school, Kyle (with his Dad and a cousin, fishing in Cabo San Lucas) saw the an opportunity to step in, even though he was living in a different state at the time. Having his Dad as a business partner has grown the relationship in a different area, he says. What's nice about working with your dad is that you both have a common goal, but often a different way to get there. "It's a matter of putting the two styles together." Ty notes that seeing his kids in the business world, interacting with their peers and clients, has given him a whole new way of looking at them. He says that right now, a lot of brokers have their sons and daughters working for them. Brokerage is a high-barrier-to-entry business. "It takes a lot of work and many years to achieve a certain level of success. By bringing in your son or daughter, it's easier to make the introductions and accelerate their growth and success."

Stay tuned for part two of our series next week!