Interested in starting your own entrepreneurial journey in real estate but unsure what to expect? Then read up on our interview with Zach Cytryn, Director of Fuel & Iron Realty, located in Denver, CO, USA.

What's your business, and who are your customers?

My business partner and I own a real estate brokerage and development firm in Denver. As part of that business, I am a real estate broker specializing in working with F&B businesses. All of my clients are restaurants, bars, breweries, music venues, and coffee shops looking for new spaces. I am also an ownership partner of a bar in downtown Denver as well as a food hall being built in Pueblo.

Tell us about yourself

From the time I was young, I knew I wanted to be in real estate. Some of my father's friends were developers and brokers, so I grew up around the talk and thought it would be really cool to help grow a city with new spots. What took me longer to figure out was what specialty I wanted to pursue in the real estate world. At the beginning of my career, I worked with all types of businesses looking for new locations. When I was building a book of business, it was difficult to turn away business. I found myself working on all types of deals, including industrial, office, hotel, and retail assets. Upon doing some reflection, I came to realize my favorite deals to work on was always the F&B deals. It's the coffee shops, restaurants, and bars that give a city character. These are the spots in a community that bring people together. I have met some incredible people in this industry. Hard-working creative types that are beyond passionate in their craft. Everyone has a different story, and I love when people tell their stories through awesome food and beverage. I feel very lucky that I was able to start my own business that helps grow the city I love with places I love to go.

What's your biggest accomplishment as a business owner?

It is tough to point to one accomplishment, but I would say the piece of my brokerage business I am most proud of is helping first-time business owners. My clients are not the Chipotles of the world but rather bartenders, chefs, and baristas who have always dreamed of opening their own spots. I love being on the front end of a new concept and helping people pursue their dreams. I spend most of my day digging up second-generation opportunities where a chef can get started without the upfront costs of building out a new restaurant space. Also, the food hall that my business partner and I are building in Pueblo will be a restaurant incubator where chefs can get started for very little upfront capital. We are building out all the kitchens, and the idea is to give an opportunity to become an owner to a chef who might not have otherwise gotten the chance. The hope is once the restaurateur proves their concept and gains a following, they will have the experience needed to secure a loan and open up a brick & mortar restaurant of their own in town. And then, we can back-fill the space with another startup chef.

What's one of the hardest things that comes with being a business owner?

One of the hardest things is having to fire somebody. An important part of being a great owner is setting up all your employees for success and giving them all the resources, time, and coaching necessary to do their job at the highest level. If you provide them with what is needed and feel the effort on their side isn't there, it might be time to make a change. It is always tough to deliver someone tough news, but important to remember the conversation is coming from decisions they made.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. Your time is precious. At the beginning of my career, I was so eager to win new business. I would do thousands of cold calls, and when I got a meeting scheduled with somebody, I focused on why they should choose to work with me. A lot of my early clients were never seriously looking to open a new location. Looking back, I wish I had spent more time vetting prospects. It is hard to turn down business when you don't have much, but very important to focus your time on what's important to growing your business.
  2. Focus on doing right by your clients and building those long-lasting relationships. I think it is more important to ensure that I am helping set up my clients for success than focusing in the short term on just getting a deal done to get a commission. I truly want every one of my clients to be successful, and I am always honest about an opportunity that I don't think is best for my client's success. I believe that if you value the relationship over the short-term payoff, the business will follow.
  3. In the course of building a business, there are a million things that could go wrong. Even when it seems impossible to move forward, you need to find a way. The best owners are resilient. Find a solution to overcome any obstacles that get thrown your way, and work your hardest to get there. If you do so, your employees will have your back. As soon as the leader panics or gives up, the team will follow. Know that every hurdle is temporary, and be flexible to pivot your business model when necessary.

Where can people find you and your business?

Website: https://www.fuelandironrealty.com/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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