Michael I. Lebovitz, who in June became president of CBL Properties — where his father, Charles, is chairman; his brother Stephen is CEO; and his brother Alan is executive vice president of management — has spent much of his three-decade career heading up the firm’s development division. Recently, he sat down and spoke with SCT about his leadership philosophy, the realities of working with family, and the interview question he will typically ask a job applicant.
What was your first job?
I worked on a construction crew at one of our malls between my junior and senior years in high school, in College Station, Texas. My job was pumping water out of the mud. Then I got promoted to putting roof curbs above the food court. I learned a few things that summer. One: that it’s really, really hot in College Station in the summer; and two: I didn’t want to go to Texas A&M. Real estate is something I’ve always been interested in since I was a young kid. I still remember going with my dad when I was 6 or 7 to help reset the time clocks in our first mall, in Chattanooga. They were manual clocks that he would change by hand, and I got to help him. The job gave me a lot more appreciation for how malls are built.
Will you share about some of your early leadership lessons?
My first position with CBL started in August of 1988. I was given the project-management role for a new mall we were building in Nashville. When you’re young, you want things to move faster, and they don’t always move as fast as you want them. So you have to learn patience as well as tenacity. I remember going to the planning commission so much in Franklin, Tennessee, that [the commissioners] started inviting me in the back to have supper with them before the meetings. I was there at every single meeting during that year-and-a-half approval process. The project eventually got approved, and it opened August 7, 1991. I’m proud that today the mall — CoolSprings Galleria — is still one of the most successful malls that have been developed by our company.
How did your time as a real estate analyst at Goldman Sachs affect your career?
I learned a lot about the technical and financial valuations of real estate there. I was also lucky enough to have some great mentors, like Claude Ballard, who has since passed away. He was the co-head of the real estate department while I was there. He had this amazing instinct for real estate. He taught me that real estate isn’t all about the numbers; it’s also about the location, the market, the physical condition of the property — all lessons I still use today.
What is it like to work with family members every day?
I think there’s a lot of mutual respect between my brothers, my dad and myself. I always joke around and say we are that weird family that works together [and] hangs out on weekends and goes on vacations together. It’s because we generally enjoy being around each other. There’s no politics when you are working with your own family — or at least, that’s been our experience.
Attracting new talent being among your stated goals, what do you look for? And is there an interview question you typically ask of job candidates?
I like to know who they are as a person. Interviewing is tough — you have a really short amount of time to talk. I always ask: What do you like to do in your spare time? I think you learn a lot about a person by what they do outside of the office.
“I am still making mistakes every day. The goal — and the hard point — is trying not to repeat them”
Well, let’s turn the tables: What do you like to do outside the office?
I like to exercise; I’m a CrossFitter; I like to snowboard; I like spending time with my wife and kids — I should probably put that first! — I like to hike.
As one who serves on the boards of The Jewish Federations of North America, United Israel Appeal, the United Way of Greater Chattanooga and other organizations, why do you think such activities are important?
It comes from my family’s legacy. My grandfather and my dad have always been involved in the community. We all believe in the importance of giving back. We try to pass that value on to our employees, too. We are open and supportive of their involvement in the community. As part of our company’s 40th anniversary, we just did a service project with the United Way, helping to prepare lunches for the local YMCA. I am proud that 50 people from CBL took half of their day — which was a day off — to go out and give back. I think it says a lot about our people. We all had a lot of fun making ham sandwiches.
What advice would you give to a new college graduate interested in real estate?
You are going to have setbacks, you are going to have challenges, and you are going to make mistakes. Don’t look at those as demoralizing. Instead, look at them as opportunities to learn and to grow. I am still making mistakes every day. The goal — and the hard point — is trying not to repeat them.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center
