Mike Hagan is a founder, operator and wildly successful investor in a variety of companies. He has repeatedly proven his ability to create or invest in a company, scale it and successfully exit. His venture was the B2B procurement WebHost VerticalNet, which hit a market capital peak of $11 billion. Unfortunately, Vertical Net ended in flames like many other dot.com companies at the turn of the millennium. Following that experience, Mike used his personal profits and lessons learned along the way to buy and build NutriSystem, with an eventual big exit to diet nutrition conglomerate Trivity for $1.4 billion. Mike's next venture was a similar controlling interest investment in the DIY home security company LifeShield which he and his team scaled rapidly, sold, eventually bought back, and sold again for a substantial profit. In 2014, Michael launched HawkCapital, his current passion project. A founder, operator and investor, Michael is a man who has taken on multiple roles and worn many hats. Tune in to find out what he has learned from his experiences.

Key Takeaways:

[1:18] Kevin introduces his guest for this episode — Mike Hagan.

[3:00] Kevin asks Mike five speed questions.

[5:37] What was WaterOnline and how did it start? Mike shares the story of how he got started with what eventually became VerticalNet.

[8:38] Mike shares more about how the expansion of the internet led to establishing multiple VerticalNet communities.

[15:25] How difficult was it to navigate the early stages of VerticalNet in an uncertain environment?

[18:17] What was the business model like for VerticalNet?

[20:16] VerticalNet eventually went public. Mikes shares more about that experience.

[25:08] Beyond just the advertising component, what were some other pockets of revenue that Mike was able to grab?

[28:29] VerticalNet's stock took a sudden plunge in 2000.

[28:59] Mike talks about some of his experiences with the leaders of Microsoft.

[30:06] What were some of the tough decisions that Mike had to make in the aftermath of the dot.com bubble bursting?

[35:40] Mike learned a useful skill during his early days at VerticalNet — seeing opportunities. How did that play into his experience at Nutrisystem?

[39:06] Mike regrets not taking Nutrisystem private. He explains why.

[42:47] How did Mike raise capital? Mike shares the trajectory of Nutrisystem from 2005 to 2008, and briefly after he re-joined the company.

[48:04] Mike talks about some of the numbers behind the business. 

[51:19] Who were some of the celebrities that got behind Nutrisystem?

[54:08] How did Mike get involved with LifeShield?

[59:52] What is the business model for LifeShield?

[1:02:11] As a consumer, ADT is the category killer, and LifeShield is considerably smaller. How does LifeShield compete?

[1:04:21] What kind of technology was LifeShield holding on to at the time?

[1:06:08] LifeShield was sold to DirectTV, and then eventually bought it back from them. Mike shares the process.

[1:15:28] Who did Mike bring in as investors?

[1:16:26] Hawk Capital lists a lot of requirements for potential investments. Mike explains some of the reasoning behind that.

[1:20:00] Mike is competing with a lot of capital to get good investments. How does he manage that?

[1:23:19] How important was the Philadelphia region to Mike's journey? What is Mike's hope for his alma mater?

Links:

Mike Hagan

VerticalNet

Nutrisystem

Trivity

LifeShield

DirectTV

SJU

AT&T

Netscape

Safeguard Scientifics

Ira Lubert

eBay

Yahoo

Lycos

AltaVista

AskJeeves

Mark Walsh

AOL

Microsoft

SoftBank

British Telecom

Satya Nadella

WebMD

NewSpring Capital

Blackstone

Lehman Brothers

Dawn Zier, CEO of Nutrisystem

Louis A. Stilp

Steve Jobs

Apple

ADT

Comcast

Verizon

Amazon Ring

Bob Moore is a serial entrepreneur with over 15 years of experience, who started his first business venture when he was at Princeton. In the early 2000s, as online poker was becoming popular, Bob jumped on an observation he made to create the Mooraculator to computerize what his peers were calculating in their heads to level the playing field for others who wanted to make money playing poker. After graduation, he joined Insight Venture Partners as an analyst and learned the importance of data when doing due diligence. Eventually, he left to start RJ Metrics with his friend and colleague, Jake Stein. RJ Metrics focused on providing software  that helps online businesses make smarter decisions using data, particularly in the e-commerce space. That venture quickly scaled and attracted $23 mil in venture capital, and was later sold to Magento. From RJ Metrics, Bob spun out to launch Stitch, a simple, powerful ETL (extract, transform and load) service built for developers which he then also sold. In 2018, Bob started his current commercial business — Crossbeam, with a focus on data. It acts as an escrow service for data, allowing companies to find overlapping customers and prospects for their partners while keeping the rest of the data private and secure. Bob recently took Crossbeam through $10mil venture round and has a lot of insight to share about his business journey thus far. Tune in to find out more.

Key Takeaways:

[1:17] Kevin introduces his guest for this episode — Bob Moore.

[3:46] Kevin does a speed round with Bob.

[11:31] Bob has founded four companies so far and is involved in several others in other capacities.

[12:19] How did Moore commercialize his first business, the Mooraculator? What was the business model?

[20:14] What was Bob's exit strategy?

[21:07] How was Bob's experience at Inside Venture Partners?

[23:49] Why was Bob chosen for his job?

[26:30] Who did Bob meet at Inside Venture Partners?

[27:10] Bob shares the journey of how he and Jake Stein got together to solve the same problem with RJ Metrics.

[31:19] What was the business journey of RJ Metrics?

[36:40] Whose insights gave rise to RJ Metrics?

[38:45] Who were RJ Metrics' top customers?

[41:23] How did RJ Metrics raise $23 million in VC funds

[47:03] RJ Metrics was eventually sold to Magento.

[48:45] Why was Stitch a distinct standalone from RJ Metrics?

[51:10] Bob explains how Stitch fit into RJ Metrics, why clients were interested in it and how it came to be a spin off from RJ Metrics.

[54:44] What was the investment in Stitch like?

[55:37] Why did Talent want to buy Stitch?

[58:38] What was the genesis of Crossbeam?

[1:05:25] Bob and Kevin discuss the relevance of blockchain to Crossbeam.

[1:07:05] Bob recently raised $12 million in venture capital. How and why did Bob decide to raise capital?

[1:09:50] Bob explains the business model behind Crossbeam.

[1:11:07] What has Bob learned in his years of experience that he is applying to Crossbeam in terms of culture.

[1:17:53] Bob talks more about equity and fun and why they are important to his company culture.

Links:

Bob Moore on LinkedIn

Mooraculator

Insight Ventures Partners

RJ Metrics 

Elon Musk

PayPal

Tesla

Philadelphia Alliance for Capital & Technologies (PACT)

Philly Startup Leaders

Dean Miller 

Chris Cera

The Awesome Foundation

Rounders Movie

AOL

Comcast

Party Poker

Poker Stars 

Dollar Shave Club

Threadless

Warby Parker

Rent The Runway

Fab.com

Trinity ventures

Magento

Adobe

Hubspot

Salesforce

Amazon Redshift

MailChimp

Trello

GitHub

Crossbeam

Pinkwashing

Dean Miller has been a venture capitalist for over 20 years, with particular interest in the healthcare technology and innovations space. Brought up in upstate New York, his early experiences shaped him for independence and entrepreneurship. Dean served as Managing Director at Novitas Capital, where he focused on venture capital investments across healthcare and technology. He went on to become Managing Director of the PCOM Primary Care Innovation Fund, a role he describes as not just making money for the institution but to really broaden the institution's mind around healthcare and innovation. Dean’s passion project is ultimately running Philadelphia Alliance for Capital & Technologies (PACT) as President and CEO. He shares some of his experiences with PACT, as well as the new Philadelphia Global Identity Project. Tune in to find out more.

Key Takeaways:

[3:20] Kevin does a speed round with his guest — Dean Miller.

[7:18] What was Dean's upbringing like in upstate New York?

[11:25] What was Dean's time like at Novitas?

[13:03] Dean shares his experience working with Buck Buckley.

[14:45] Dean led investments into a variety of companies. He reveals some of the highlights of the time.

[16:50] When did Dean get involved in Renal Solutions and why did he get out of it?

[18:34] What is PCOM and the Primary Care Innovation Fund?

[21:38] Why was there an inherent or potential conflict between PCOM and other research institutions?

[23:17] Dean has made eight investments in the last three years. What kind of companies does he choose to focus on?

[27:04] What is the benefit of seeking investment from PCOM?

[33:33] What is PACT and why does it exist? Dean shares some details about its creation and development.

[38:27] Dean speaks to the vision and mission of PACT.

[39:36] What are the three pillars of PACT and why are they important?

[45:59] Why is it important that the mentors get to choose their mentees?

[49:30] Philadelphia was one of the top 10 most active regions in the US for venture capital in 2018.

[56:59] On the innovation front, where are Philadelphia's bright spots?

[1:02:51] What is the Philadelphia Global Identity Project?

Links:

Dean Miller

Novitas Capital

PCOM

PCOM Primary Care Innovation Fund

Philadelphia Alliance for Capital & Technologies (PACT)

Global Identity Project

Penn Center for Innovation

Safeguard Scientifics 

VerticalNet

Matt Hagen CEO of Vertical Net

Agile Therapeutics

Cernostics, Inc.

Renal Solutions

Incurrent Solutions

VIPDesk Tango Belt

Venture Connect

MIT

Visit Philly

Chris Gali and Chris Doggett are serial entrepreneurs who have partnered on a variety of ventures. After getting to know each other during their time in AIG, and encountering problems that did not have solutions, they struck out together to start their first venture, Admin Server, an insurance industry software firm. Over almost ten years, they grew the firm from a start up to a multi-million dollar company that was eventually sold to Oracle. Chris and Chris then decided to move into the spirits business, and launched Franklin Mortgage and Investment Company, a speakeasy style establishment that serves top-notch cocktails, which has enjoyed considerable success with their clientele. In 2012, Chris and Chris established their third venture together, Graphite GTC, a No-Code platform for financial services and large institutions. In this interview, Chris and Chris share their experiences, challenges, and lessons learned from their ventures. Tune in to find out more.

Key Takeaways:

[3:24] Kevin does a speed round with Chris and Chris.

[9:56] Where did Chris and Chris meet?

[10:46] What prompted Chris and Chris to leave AIG and start Admin Server?

[14:47] How long did it take Chris and Chris to develop a viable product? They share their process and how they generated income along the way.

[18:55] Who was the first investor in AdminServer?

[21:05] In 2008, the company was sold to Oracle for $125 million. How did the company grow from a start up in a basement to a multi-million dollar company?

[27:43] Chris and Chris share more about the "Mystery and Intrigue Weekend" that they hosted for their employees.

[30:12] What problem was AdminServer solving?

[36:25] Chris and Chris reveal the details of the sale of AdminServer to Oracle.

[40:41] How did the idea for Franklin Mortgage and Investment come about?

[44:10] What is Chris and Chris' vision for Franklin Mortgage?

[46:08] Why did Chris and Chris decide to go with a speakeasy for this venture?

[46:53] What does the name Graphite GTC mean?

[49:35] How does Graphite GTC solve the problems of its industry?

[52:38] Chris and Chris share some real life examples of how they serve their clients at Graphite.

[55:46] Who are Chris and Chris' audience?

[1:01:04] What is Visual Studio in comparison to Graphite?

[1:04:33] Chris Doggett has been working in a separate but related company serving the Department of Energy in D.C. He shares his experiences there.

[1:08:06] What would be the natural progression for VG IT?

[1:15:13] What are Chris and Chris' biggest hopes and fears for Graphite and the larger space they operate in?

[1:17:39] What do Chris and Chris love about Philadelphia?

[1:19:03] What would Chris and Chris change if they were mayors for a day?

Links:

Chris Gali

Chris Doggett

Franklin Mortgage and Investment Company

Graphite GTC

Milton Friedman

AIG

Oracle

Larry Ellison

Visual Studio

Elon Musk

VG IT Services

Walter “Buck” Buckley is the Managing Partner of Seminal Capital Partners, an investment company that focuses on cloud-based software and service businesses, and the Chairman and CEO Of Actua Corp, formerly Internet Capital Group (ICG). Buck has a passion for people and the unique ability to dream an idea and help a team to execute it. On this interview, Buck recounts his experiences starting with his nine-year tenure at Safeguard Scientifics, a venture capital firm founded by Pete Musser. He tells of his experiences during the recession of 1991, how he was inspired to strike out on his own to start the ICG after observing an emerging market with the help of Pete Musser. Eventually, after seeing significant success and surviving the stock market crash, ICG transitioned to Actua Corp. Buck shares some of his key takeaways from his experiences, and some of the investments they made then. Today, as Buck’s focus has shifted slightly with Seminal Capital Partners, and he shares more about what excites him about his company, Philadelphia as a market, and the future. Tune in to find out more.

Key Takeaways:

[2:01] Kevin starts off the interview with a speed round with Buck.

[6:41] Kevin gives a brief history of Safeguard Scientific.

[8:58] What was Safeguard like when Buck first joined, and how did his role change in the 9 years he worked at Safeguard?

[12:59] Buck shares his experience with the 1991 recession and how that spawned Safeguard.

[16:38] Who were part of the "Safeguard Mafia"? This impressive team was attributed to Pete's ability to attract talent.

[18:19] How did Buck and Ken start ICG?

[23:07] What was Pete's sense for the potential of the Internet?

[23:47] Buck talks about the early stages of the ICG journey.

[25:58] Buck elaborates on the seed, build, sell model that ICG adopted in its investments.

[27:20] What was the environment like to raise capital in that time?

[28:31] What was the focus of the investments that Buck and his team made at that time?

[29:49] The company went public in 1999. When did the team make that decision? Buck reveals the events leading up to the rise to $60 million.

[35:16] How did Buck deal with the meltdown that came after they hit the peak?

[38:51] What are Buck's thoughts on whether there are parallels in the crypto and cannabis markets to Tulipmania?

[40:08] 2001-2002 were the darkest years of Buck's life. He explains why.

[44:42] What is Buck's position on debt?

[48:40] What was Pete's role during the difficult times?

[50:46] When did Buck make the switch to Actua? He shares some of the investments they made.

[54:59] What is Instamed?

[56:42] The regulatory environment changed drastically post-2010. Buck eventually threw in the towel and delisted the company.

[59:23] What excites Buck about Seminal and what is his current focus?

[1:01:54] How competitive is the space that Seminal is in, and why is Seminal more appealing than its competitors?

[1:05:03] What is Buck's advice to his younger self?

[1:07:00] What's Buck's opinion on whether entrepreneurs are born or made?

[1:08:33] How important was the Philadelphia region to Buck's success, and what does he think of its potential?

[1:11:48] If Buck were mayor or governor, what are some things he would change immediately?

Links:

Walter Buckley

Episcopal Academy

FC Barcelona

Arsenal

Safeguard Scientifics 

Pete Musser

Actua Corporation, formerly ICG

Seminal Capital Partners

Novell

Silicon Graphics

Intel

Michael DiPiano

Ratuken LinkShare

GovDelivery

InstaMed

Salesforce

Trello

NetSuite

PayPal

Sashi Reddi was born in Madras, today known as Chennai, India. He graduated with a Bachelors in Computer Science and Engineering from the Indian Institute of Technology (Delhi), a Masters of Computer Science from NYU and a PhD in Operations and Information Management from UPenn (Wharton). Over 30 years ago, Sashi seized the opportunity to move to the US and began putting down roots there. He shares his journey of entrepreneurship from the web content management space with EZPower Systems, to the software testing space with AppLabs, to the investment sphere with SRI Capital. Sashi provides insights into what India was like when he was growing up in terms of technology, economy, and opportunity, as well as how things have changed over the years. Tune in to find out more about Sashi’s current investment projects, and his thoughts about the lessons he has learned over the years.

Key Takeaways:

[2:58] Kevin does a speed round with Sashi Reddi. [7:51] Sashi has an impressive educational background. He shares more about his educational trajectory from India to the US to his PhD. [12:49] What was the economic, technological, and enthronement in India like when Sashi was growing up there? [15:34] How did Sashi decide to stay "where he was planted" on the East Coast instead of heading to the site of action as the Internet was being born? [18:40] Why did Sashi decide to exit his web content management company so quickly, and why was he attracted to DocuCorp? [20:46] When did Sashi start AppLabs? [21:50] What was the problem Sashi was trying to solve with AppLabs and how did he approach it? [24:30] How was AppLabs structured? [27:28] What were some challenges AppLabs faced in convincing Sequoia? [29:16] How did Sashi grow his company from 5 employees to 2500 employees, from $10 million to $110 million in such a short time? [31:46] Sashi shares some of his insights from working in a large company. [33:11] Sashi entered the world of investments with SRI Capital. What elements does Sashi look for in his investment decisions? He shares his process of investing from his family office to starting SRI Capital. [38:05] What is a strong offline customer acquisition strategy? [40:58] Sashi explains more about Fakespot. [45:33] Kevin and Sashi discuss the potential of Foyr. [48:15] Another of Sashi's investments is SoftWear Automation Inc. [50:35] What is TiE? [53:57] What is the story behind Sashi's investment in Thinci? [59:42] What is Sashi's involvement in the consumer tech space? [1:06:11] What are LetsMD and FITSO? Sashi explains how they are business models that may not work in the US but make perfect sense in the Indian market. [1:11:58] Indian Money is a financial advisory services company in India, which clearly shows the scale of the market in India. [1:14:17] What is the story behind PhenomPeople, a local success story? [1:15:29] As Sashi looks back on the past 20 years, who was a major influencer or inspiration? [1:17:23] What is Sashi's opinion on whether entrepreneurs are born or made? [1:18:48] How does Sashi feel about investing in an entrepreneur's dreams but not being able to interfere?

Links:

Sashi Reddi

Benjamin Franklin: An American Life, by Walter Isaacson

DropBox

Sequoia

WestBridge

SRI Capital

Dollar Shave Club

DollarShaveClub.com - Our Blades Are F***ing Great, on YouTube

Fakespot

Foyr

Softwear Automation Inc.

TiE

Thinci

HealthifyMe

LetsMD

Fitso

IndianMoney Hyderabad Angels Phenom People Vinod Khosla How I Built This podcast James Dyson

Marcelo Rouco was born in Argentina and lived there through his teens ‘till his family fled the country and moved to Sydney, Australia. There, Marcelo worked for a corporate training company after graduating from college, where he learned skills essential to running a business. 17 years ago, after deciding that he wanted to make a bigger impact on the world, Marcelo started Ecosave Services, with a mission is to save the planet from pollutants caused by fossil fuels and inefficiencies in energy operations. The company expanded relatively quickly, and eventually Marcelo decided to move operations to Philadelphia to have a larger impact with his work. Today, Ecosave has 75 employees and serves clients in 5 different states by recommending solutions to reduce energy costs, consumption and carbon footprint. Tune in to find out more about this incredible company and the man behind it.

Key Takeaways:

[1:17] Kevin introduces his guest for this episode — Marcelo Rouco.

[3:59] Kevin does a speed round with Marcelo.

[7:00] Marcelo was born in Argentina but eventually moved to Australia with his family. He shares some details about his life growing up.

[8:41] What did Marcelo learn from his time at IIR?

[9:43] What made Marcelo leave IIR?

[13:06] Marcelo explains why he believes we can't rely on the government to create positive impacts on the environment.

[14:53] When did Ecosave start and what is its business model?

[18:01] The three main divisions in Ecosave are automation, efficiency and invest. Kevin and Marcelo discuss a case study that reflect these branches in the company.

[21:45] How did Marcelo decide to go to the US, and specifically to Philadelphia?

[26:13] How important are state and federal tax credits or subsidies to Marcelo's business?

[27:19] How does Ecosave fare against its competitors? What makes Ecosave unique?

[30:44] What does Ecosave look like from a business standpoint in terms of the services they offer?

[33:46] How has the leadership and structure of the company changed over the years through the move from Australia to the US, and from public to private company?

[39:28] Marcelo recently brought on a board of directors to Ecosave. He explains what the board members bring to the table.

[43:06] What are the key characteristics of the culture of Ecosave?

[46:24] Ecosave is hiring! Marcelo shares more about the positions he's looking to fill at his company.

[47:01] What are some of the obstacles Ecosave faces and how is Marcelo approaching them?

[49:49] How can we continue to make a positive impact on the environment?

Links:

Marcelo Rouco on LinkedIn

Ecosave Services

Ajay Raju Chairman of Dilworth Paxson

An Inconvenient Truth

Comcast Center

Tom Knox has been an illustrious leader and pioneer in Philadelphia for over 50 years. He grew up in public housing in Philadelphia, worked through high school, and entered the Navy at 16 where he eventually attained his GED. In the mid 1980s, he worked with Preferred Benefits, & Preferred Care under the Thomas Knox Consulting umbrella. He also served as the CEO of Fidelity Mutual, and in the early 2000s, as CEO of UnitedHealthcare in Pennsylvania. He also built up his political career over the years, serving as Deputy Mayor under Ed Rendell, in the 1990s, and again in 2008 in his bid for governor, and in 2015 for mayor. Tom’s most recent venture is Homestead Smart Health Plans, which operates on a unique model that is disrupting the industry. Tune in to find out more about Tom’s achievements, how he made it all happen, and his advice for leaders today.

Key Takeaways:

[:02] Kevin does a speed round with Tom. [2:12] What is Tom's background? [4:29] Kevin gives a brief overview of Tom's career. [5:59] How did Tom stumble into the banking and insurance industries? [8:39] Some of the work Tom did in his career was around fixing broken companies and things. How did he get into that? [10:52] Tom shares some of his experience with Preferred Benefits and Preferred Care under the Tom Knox Consulting umbrella. [16:23] Ultimately, Preferred Benefits was sold to Ocwen. [17:47] Tom explains how the healthcare arm of his business, Preferred Care, expanded and evolved over time. [23:05] What was Tom's experience with Crusader Bank? [25:02] How did Tom grow his bank from $29 million in assets to $500 million in assets over 6 years? [29:19] Royal Bank eventually bought over Crusader Bank. What caused Tom to sell at that time? [30:36] Tom served as Deputy Mayor under Ed Rendell. What was his position, and what did he do? [35:30] Tom explains how he was able to make so many changes in such a short amount of time. [36:13] Kevin and Tom discuss what happened with Fidelity Mutual. [40:35] 1999, Tom bought Maryland Fidelity, which was eventually bought by United Healthcare. [44:47] Tom eventually chose to leave United Healthcare to join the mayoral race. What attracted him about the mayoral race? [47:23] Tom announced his decision to run for governor in 2008. [48:36] How did Tom get involved in the rubber gaskets industry in China in 2011? [49:56] In 2017, Tom launched Homestead Smart Health Plans where he now serves Founder and Chairman. He explains more about the different components of the health plans. [54:49] What is stop loss? [57:28] What is the typical profile of a company or employer that uses these plans? [58:41] Who are some competitors to Tom's model? [59:40] How much effort has Tom had to put into educating the market? [1:00:42] What impact could a single payer system have on Tom's company, and is it likely to happen? [1:02:02] What are Tom's biggest fears and greatest hopes for the benefits industry? [1:03:45] What is Tom's leadership style? [1:05:57] Who were some big influences in Tom's life? [1:07:58] Who are some leaders that Tom admires today? [1:09:27] If Tom were mayor, what would he change about the city immediately? [1:11:45] What advice would Tom give his younger self?

Links:

Tom Knox on LinkedIn Preferred Benefits Group Ed Rendell Fidelity Mutual Fidelity Insurance UnitedHealthcare of Pennsylvania Homestead Smart Health Plans Ocwen Sunrise Banks Progress Bank Ron Kaplan

Steve Cloetingh is the Co-Founder of Signal Holdings LLC, a provider of wireless handset protection programs and repair services, and CEO of Military Veteran Partners (MVP). Steve shares his journey of entrepreneurship, from founding a startup with his brother to growing it to a $500 million enterprise with 2,000 employees and multiple locations across the country. He reveals more about his working relationship with his brother, what it took to scale the company and how he managed the exit and eventual sale of Signal Holdings. Today, Steve is actively involved in addressing unemployment and underemployment among Veterans through Military Veteran Partners. He explains why this is a cause he is passionate about and why Veterans are an untapped resource he hopes to introduce to society.

Key Takeaways:

[1:17] Kevin introduces his guest for this episode - Steve Cloetingh. [3.00] Kevin does a speed round with Steve Cloetingh. [4:35] Steve shares a little about his background. [5:59] Kevin and Steve discuss some props, and dive into the history of wireless mobile communications. [9:38] What was the crazy idea that Steve and his brother, Tom, had? [12:27] What were the first five years of business like for Steve, and how did he grow the business? [16:33] How did consumers interact with Signal Holdings? [20:35] What was the competition like for Signal Holdings? [22:18] How did Steve manage the risk and filing requirements of being in the insurance business? [23:40] What are Steve's thoughts on whether entrepreneurs are born or made? [25:23] Steve's company grew from just him and his brother into a company with 2,000 employees and locations across the country. What was Steve's role in the scaling of the company? [27:42] How did Steve manage conflict and friction with his brother when it came to leading the company? [29:56] Why did Steve decide to take outside money? How did the partnership with Stone Point Capital come about? [32:54] Five years after this partnership, Signal Holdings was sold to Assurant. Steve shares more about this strategic acquisition. [34:36] Steve and Kevin discuss how the 2008 crash affected Signal Holdings. [37:12] What was Steve's experience as an employee? [39:13] What attracted Steve to Jerry Flanagan and the business opportunity he presented in 2014? [43:21] What is the focus for Military Veteran Partners (MVP)? [45:57] What are some of the underlying causes for Veteran unemployment and underemployment? [48:47] Steve shares more about the board of MVP. [53:44] What does Steve see for the future of MVP? [56:09] What is the current climate for Veterans to start and build businesses and re-enter society? [58:20] What advice would Steve give his younger self?

Links:

Steve Cloetingh on LinkedIn

Signal Holdings LLC

Martin Cooper

Motorola

Blackberry

Palm Treo

Nokia

AT&T

Asurion

Stone Point Capital

Assurant

Jerry Flanagan

JDog

I’m not a military Veteran, but getting them hired has become my life’s mission, by Steve Cloetingh on LinkedIn

Military Veterans Partner MVP Advisors Dyson

David Adelman is the CEO of Campus Apartments, and Vice Chairman of FS Investments. David’s family friend, Alan Horowitz, founded Campus Apartments in the 1960s, and when David graduated from Ohio State University, he joined Alan and quickly became the CEO at only 25. David formed the first public-private partnership in the country with the University of Pennsylvania, a model replicated by many other schools nationwide. Mr. Adelman has parlayed his success into Darco Capital, his family office that invests in early stage companies.

Key Takeaways:

[1:19] Kevin introduces his guest for this episode — David Adelman.

[4:07] Kevin does a speed round with David.

[7:05] Kevin and David discuss the inception of Campus Apartments. What did it look like when Alan first started it, and then when David took the helm?

[12:45] How did David pioneer the establishment of the country's first public-private partnership with the University of Pennsylvania in the 1990s?

[14:24] David shares more about his relationship with Alan and how that benefited him in his entrepreneurial journey.

[17:37] In 2006, things started heating up in the real estate space, yet David did not want to take his company public. What was his mindset in that decision-making process?

[19:24] Why did Singapore have an interest in student housing that led them to invest in Campus Apartments? Kevin and David discuss some of the other investors in this space.

[21:37] One of the people on David's leadership team for a long time is Dan Bernstein. What are his strengths and how do Dan and David complement one another?

[23:05] David dives into CCHP and how he raised $400 million, and how he's continuing to raise capital in this space.

[26:29] What are some of David's favorite projects that he's working on right now?

[29:17] What does David see as the greatest opportunities and challenges in the student housing industry?

[30:28] What is the culture at Campus Apartments and how has David been able to keep that culture as he's grown?

[31:42] What was the background story of how David got started with Franklin Square Investments?

[33:46] What was David's first offering, and why?

[35:51] What was growth like for FS in the past ten years?

[39:27] Michael Forman is a crucial part of David's team at FS. What does David admire about Michael, and how has he been influential in growing the business?

[42:13] What advice does David have now for his younger self?

[42:26] David's entrepreneurial journey seems very easy from the outside. He reveals some of the challenges he has encountered.

[45:24] When you deal with business in an industry that is highly regulated, you always have to see how regulation can affect your business.

[46:20] Darco Capital is the family office investment vehicle for David. What are some of the companies he is investing in? How did this come about and where does David see it going?

[51:58] How does the pre-revenue vs post-revenue status of a company factor in David's decision process to invest?

[54:49] David and Kevin discuss some of his investments different companies.

[59:00] Which of David's investments does he feel the most excited by?

[1:00:45] David's latest venture is a fintech company. He explains more about what it is.

[1:03:10] What does David love about the Philadelphia region, and what would he change if he were mayor?

Links:

David Adelman

Campus Apartments

Franklin Square Investments

Alan Horwitz

Ohio State University

University of Pennsylvania

Michael Rubin

Michael Forman

Dan Bernstein

Vanguard

Blackstone

KKR

Darco Capital

Wheels Up