Six years later, the Glossermans have their money back — with interest. They collect dividends on their son’s Hill Country barbecue restaurant chainlet, which has locations in New York and in Washington.
And they own a piece of their son’s successful business.
“I’m a happy investor,” said Mike Glosserman, who is a managing partner at the JBG Cos., a highly successful private equity investment firm specializing in Washington real estate. JBG’s projects include the Washington Marriott Wardman Park, the Woodley apartments in Northwest and the Waterview office building in Rosslyn.
The Hill Country restaurant, named for the Glosserman family’s Texas beginnings, is booming. It has two locations in New York and one in Washington. It is expanding into Brooklyn by year-end.
Revenue reached $21 million last year and is expected to hit $24 million this year, helped by its lucrative catering, special events business, pop-ups like the one at the National Building Museum in Washington, and healthy beverage sales because of late-night live music.
“They all have double-digit profits,” said Marc, 39. “We have several revenue sources that make this model work.”
The art of business runs deep in the Glosserman family. Mike had strong male role models who led by example, instilled a tolerance for prudent risk and taught the value of building relationships. He tried to impart that to his sons, Marc and Scott.
Scott is a filmmaker and runs a successful start-up in Los Angeles called Gathr. The Glosserman family has invested in that business as well, and Dad now knows more about filmmaking and restaurants than he ever did before.
“I have two sons who are deal guys,” Mike said. “They are both transactional business guys. If they have good ideas, I’m happy to be supportive and make judgments. I serve as a counselor.”
The family business culture goes back a century to tiny Lockhart, Tex. Marc’s grandfather, Sam, and his brothers owned a variety of businesses, including oil and gas, a downtown Lockhart men’s store, and one of the state’s first General Motors dealerships.
Mike got a front-row seat to business from his earliest days watching his father and uncles.
“From a very early age, I always wanted to be a principal in a business,” Mike said.
Mike left Texas to study business at the University of Pennsylvania. He returned to get a law degree from the University of Texas because it would help him build relationships and provide job insurance.
A friend offered Mike a job at the Justice Department in Washington. He and his new wife, Marilyn, whom he met while both were studying at the University of Texas, moved to an apartment in Southwest Washington.