Inside Deal

Sam Schneider and Ben Schneider explore the pivotal decisions that shaped Ben's journey from options trader to successful private equity entrepreneur. Ben shares how he turned down a $400,000 salary at Goldman Sachs to take a $100,000 role at IMAX, a choice that ultimately set the foundation for launching his own firm. The conversation traces his path from Harvard Business School through deal-making challenges, creative financing strategies, and the deliberate choices he made about work-life balance at age 40.

They discuss:

- How a final conversation with IMAX CEO Rich Gelfond convinced Ben to follow passion over guaranteed money

- The creative financing structure that allowed Ben to buy a $20 million company with just $200,000 of personal capital

- Why taking every meeting matters, including the Father's Day weekend meeting that became their first major deal

- The decision to turn down raising a private equity fund in order to prioritize family during critical years with young children

- Why thinking in five-year increments produces better career decisions than rigid long-term planning

This episode from Inside Deal offers practical lessons on structuring lower middle market deals, building a proprietary network, and defining success beyond financial outcomes for anyone navigating entrepreneurship or career transitions.

Topics:

(00:00:00) - Intro(00:02:43) - Graduating HBS without a job(00:05:02) - The $400K Goldman offer vs. IMAX assistant role(00:08:50) - Rich Gelfond's pitch changes everything(00:13:33) - Susquehanna's unconventional interview process(00:15:34) - Five years in Chicago trading options(00:18:17) - Realizing the need for business school(00:20:18) - Why your network is everything at HBS(00:24:50) - Three years at IMAX: a crash course in business(00:26:51) - The SkyCam deal(00:38:55) - The Father's Day lead that changed everything(00:41:38) - Structuring the first deal with almost no equity(00:45:28) - The power of LinkedIn and shooting your shot(00:51:07) - First deal closed: biggest takeaways(00:53:02) - Buying a bathing suit company(01:00:53) - How to become an expert in any industry(01:03:59) - Turning 40: choosing family over empire(01:09:38) - Career advice for the next generation

Links:

Ben Schneider on LinkedIn - https://www.linkedin.com/in/benschneider/

BASE Equity Partners - https://baseequitypartners.com/

Sam Schneider on LinkedIn — https://www.linkedin.com/in/sam-schneider-11234826/

Imperium Capital — https://www.imperiumcap.com

Joey Lansing and Sam Schneider explore the evolution of alternative real estate investing on Inside Deal, tracing Joey's path from real estate attorney to managing over $110 billion in assets at Harrison Street. Joey shares how his firm identified emerging opportunities in data centers, starting with an unexpected hospital transaction in 2017 that opened the door to digital infrastructure. The conversation examines Harrison Street's disciplined approach to evaluating new asset classes and why they focus on sectors less correlated to traditional economic cycles.

They discuss:

- How powered shell data centers generate development returns while mitigating power procurement risk

- Why owning dark fiber networks through Summit iG created an informational advantage for site selection

- The missing middle opportunity in 10-30 megawatt data centers that larger developers overlook

- How carrier hotels function as monopolistic infrastructure assets controlling internet interconnection

- The minder-finder-grinder framework for career success and why relationship cultivation cannot be replaced by AI

This episode offers a master class in contrarian positioning and active career management for anyone pursuing opportunities in institutional real estate.

(00:00:00) - Intro
(00:02:27) - Entering the data center business accidentally
(00:05:12) - Learning what made data centers mission-critical
(00:06:43) - Moving into powered shell development
(00:10:10) - Investing in dark fiber networks
(00:14:58) - Owning carrier hotels and the data ecosystem
(00:18:11) - How the data center business changed with AI
(00:19:42) - Power access as the gating issue
(00:21:53) - Focusing on the missing middle segment
(00:27:17) - Evaluating new asset classes
(00:32:50) - Joey's path from law school to real estate
(00:34:34) - Lessons from the savings and loan crisis
(00:37:24) - Premium seating and the stadium business
(00:40:44) - Betting on yourself and changing careers
(00:41:59) - Overcoming fear of sales and rejection
(00:43:44) - The minder, grinder, and finder framework
(00:47:54) - Joining Harrison Street and staying connected
(00:51:35) - Relationships and AI in the future
(00:55:32) - The power of networks and owning your career

Links:

Joey on LinkedIn - https://www.linkedin.com/in/joey-lansing-80531aa9/

Harrison Street Asset Management - https://harrisonst.com/

Sam Schneider on LinkedIn — https://www.linkedin.com/in/sam-schneider-11234826/

Imperium Capital — https://www.imperiumcap.com

Sam Schneider and Dana Lowey explore the path from television journalism to real estate development on Inside Deal. Lowey shares how she transitioned from a 20-year career in broadcasting to becoming a New York City developer, starting with a leveraged spec house in 2010 and building a portfolio that spans luxury condos, townhouses, and multifamily properties. The conversation examines her unconventional entry into the industry, the calculated risks she took with her first projects, and how skills from journalism—curiosity, communication, and problem-solving, translated directly into navigating complex development deals.

They discuss:

- Why buying cheap bricks in great locations creates durable value and downside protection

- How controlling your first property by living in it reduces risk while building experience

- The importance of hiring the right architect and general contractor to maintain project control

- Why New York's multifamily market presents opportunity amid regulatory complexity and cap rate compression

- How young professionals can create value by sourcing deals rather than seeking traditional entry-level roles

This episode offers practical insights for anyone interested in real estate development, entrepreneurship, or career pivots that leverage transferable skills.

(00:00:00) - Intro

(00:02:24) - Dana's first professional development project

(00:04:01) - Risking it all with a recourse loan

(00:06:51) - Why buying right matters more than timing

(00:08:09) - Upper West Side townhouse arbitrage

(00:10:32) - Growing up in Queens and early journalism career

(00:12:02) - Lessons from El Paso: communication and humility

(00:15:48) - Driving solo through Europe

(00:17:54) - Trusting your gut and learning from mistakes

(00:18:47) - First deal lessons: front versus back of house

(00:20:19) - Creating mommy products and returning to TV

(00:22:51) - Why failure builds valuable skills

(00:24:24) - Selling the first project and moving forward

(00:26:54) - Spotting opportunity in New York multifamily

(00:29:54) - New York market energy and optimism

(00:31:00) - Shifting strategy from rentals to luxury condos

(00:34:33) - First ground-up development on West 15th Street

(00:35:48) - Building through COVID chaos

(00:37:41) - Time kills deals and promotes

(00:39:16) - Meeting a future partner through a lost deal

(00:43:24) - How Dana evaluates properties step by step

(00:47:20) - Importance of architects and general contractors

(00:51:53) - The biggest opportunity for generational wealth

(00:54:32) - Starting young: provide value first

(00:56:08) - Creating opportunity by sourcing deals

(00:59:18) - Dana's secret: creativity conquers fear

Dana on LinkedIn - https://www.linkedin.com/in/dana-lowey-17660272/?isSelfProfile=false

Holliswood Developement - https://www.holliswoodnyc.com/

Sam Schneider on LinkedIn — https://www.linkedin.com/in/sam-schneider-11234826/

Imperium Capital — https://www.imperiumcap.com

Scott Sherman and Sam Schneider sit down on Inside Deal to explore Sherman's career in real estate, from his early days at Ernst & Young through building and rebuilding investment firms in one of the most competitive markets in the country. Sherman shares how he navigated major inflection points, including the 2008 financial crisis, the COVID-19 shutdown that threatened his retail-heavy portfolio, and the decision to leave a successful partnership to start over. His approach to crisis management, contrarian investing, and relationship-driven deal sourcing offers a grounded perspective on what it takes to operate in high-stakes environments.

They discuss:

- How Sherman gave all retail tenants a one-month rent reprieve in March 2020 and used the pause to separate proactive operators from those in denial

- Why he signed personal recourse on a vacant office building in Miami during the summer of 2020, then leased and sold it within 18 months for more than double the basis

- The mechanics of buying distressed debt on a Coconut Grove office building, foreclosing through a UCC process, and exiting in just over a year at a 45% gross return

- Why he restructured his second company to stay lean, outsource property management, and focus exclusively on deals rather than operations

- His insistence that students leverage advisory boards and build networks early, citing street smarts as equally important as financial modeling in real estate

This episode is for anyone interested in opportunistic real estate investing, crisis decision-making, or the trade-offs involved in building and scaling a deal-driven business.

Topics:

(00:00:00) - Intro(00:02:42) - March 2020: when COVID hit the retail portfolio(00:03:58) - Proactive tenant relief strategy(00:05:20) - Working with lenders through the crisis(00:07:47) - The Cube deal in Wynwood(00:09:23) - Buying a vacant office building during COVID(00:11:09) - Leasing success and exit strategy(00:13:11) - Early career: from Florida to New York(00:13:58) - Landing at Ernst & Young Real Estate(00:15:02) - Why New York was essential(00:16:02) - The move to Becker Brothers(00:19:11) - Joining Thor Equities after the GFC(00:21:22) - First deal at Thor: London's Burlington Arcade(00:24:02) - Lessons from Joe Sidoti on dealmaking(00:25:34) - Finding off-market opportunities(00:27:24) - Starting Tricera in 2017(00:29:35) - Launching with no backing(00:30:47) - The first hires(00:34:20) - Starting over: launching Toros(00:36:11) - Building a leaner company the second time(00:38:23) - The Coconut Grove debt acquisition(00:40:08) - UCC foreclosure process(00:42:17) - Going against the grain(00:43:24) - Following consensus gets consensus results(00:44:11) - AI and starting over today(00:45:14) - Advice for students: build your network(00:48:15) - Closing thoughts

Links:

Sam Schneider on LinkedIn — https://www.linkedin.com/in/sam-schneider-11234826/

Imperium Capital — https://www.imperiumcap.com

Scott on LinkedIn - https://www.linkedin.com/in/scott-sherman-6019234/

Torose Equities - https://toroseequities.com/

Tim Sloan and Sam Schneider explore the leadership lessons, deal-making instincts, and strategic thinking behind some of the most consequential transactions in modern finance and commercial real estate. Sloan spent three decades at Wells Fargo, rising from the workout group to CEO, and played a central role in the bank's acquisition of Wachovia during the 2008 financial crisis and its partnership with Blackstone on the GE Capital real estate portfolio. Now vice chairman and global head of real estate at Fortress Investment Group, he applies those lessons to a platform managing $55 billion across equity, debt, and opportunistic strategies in the U.S., Europe, Japan, and Australia.

They discuss:

- How Wells Fargo structured and won the Wachovia acquisition in 48 hours during the financial crisis

- Why the GE Capital deal with Blackstone came together in an elevator conversation after 10 years of relationship building

- The difference between taking credit risk and equity risk, and why confusing the two leads to poor outcomes

- Why Sloan believes commercial real estate offers the most attractive risk-adjusted returns of his career right now

- How to transition from being a deal person to a leader capable of managing large, complex organizations

This episode offers a rare look at the decision-making behind billion-dollar transactions and the career discipline required to lead through volatility and change.

(00:00:00) - Intro

(00:02:48) - September 2008: Crisis mindset at Wells Fargo

(00:05:21) - The Wachovia acquisition begins

(00:09:30) - Weekend due diligence and bidding decisions

(00:15:27) - Losing the bid to Citigroup

(00:16:17) - Finding the tax advantage and coming back

(00:19:22) - Closing the deal and integration sprint

(00:24:18) - Tim's path from Michigan to Wells Fargo

(00:27:30) - Being entrepreneurial inside a large organization

(00:29:00) - The GE Capital deal with Blackstone

(00:33:08) - Building relationships over transactions

(00:35:06) - Developing leadership skills across a career

(00:38:06) - Going against consensus thinking

(00:41:33) - Credit risk versus equity risk

(00:44:06) - Current role at Fortress and market opportunities

(00:53:42) - Advice for young professionals starting out

(00:57:51) - The importance of hustle

Links:

Fortress Investment Group - https://www.fortress.com/

Sam on LinkedIn - https://www.linkedin.com/in/sam-schneider-11234826/

Imperium Capital - https://www.imperiumcap.com/

University of Michigan Ross Weiser Center for Real Estate - https://studyrealestate.umich.edu/