GE Capital Magazine Fall 1989 Page 1

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"Renaissance and Real Estate," by William Summers, Financial Enterprise--The Magazine of GE Capital, Fall 1989.

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by William Summers
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     Texas real estate has swallowed up many a smart businessmen, but not Alan May or Paul Zane Pilzer. Seven years ago, May and Pilzer found just what they needed to overcome that tough market. Each other.
     At a time when a sagging economy has driven many competitors out of business, Pilzer and May have shown an eclectic touch. They've consistently bought the right property in the right market at the right time. Since forming Zane May Interests in 1982, Pilzer, 35, and May, 54, have acquired office buildings, shopping centers and industrial space totaling 7.5 million square feet.
     Accomplished businessmen long before they met, Pilzer and May form a team that has all the ingredients to achieve unusual success.
     "I'm the accelerator," says Pilzer. "Alan is the brake."
     Pilzer knows how to accelerate. A whirl of energy, he travels the globe as businessman, professor, author and public policy activist.
     "My mission is to make sure I'm always on the cutting edge of the business world," Pilzer says.
     May, meanwhile, controls the reins from day to day, managing Zane May's 55 employees. A careful strategist, he looks at about five deals a day, but completes two a year.
     May's resume has plenty of sparkle before he met Pilzer in 1981. As a student in MIT's Sloan School, he wrote a thesis on predicting the stock market by computer. A few years later, while in night school studying for his MBA at New York University, he learned that NYU had reprinted his thesis.
     "I was required to read my own bachelor's thesis to get my MBA," he says.
     May was already managing $500 million of the Bankers Trust pension investment portfolio when he received his MBA. At his boss's suggestion, he stayed clear of commodity-based equities and invested entirely in blue chips. It's an approach he still appreciates today.
     "I worked for a man who wore a belt and suspenders," May says. "To this day, I still wear a belt and

suspenders."
     After a brief stint in the Army, May returned to Bankers Trust as a loan officer in the petroleum division. The youngest loan officer in the company's history at age 23, May used his background in engineering and his numerical ability to be one of the first cash-flow lenders of his time.
     May rose to assistant vice president before leaving to be vice president of finance for Elcor Corp. in Midland, Texas. He then moved to Steak & Ale Restaurants as chief financial officer, where his job was to expand the company beyond four restaurants and $3 million in annual sales. May began by buying back the company's joint ventures in franchises to prepare for a public offering. But he found that investment bankers could not be bothered with a company so small, and they refused to take the company public.
     Determined to succeed, May sent those bankers a four-color annual report in which he forecast $11 million in sales for the following year. When the company met that goal, Steak & Ale was taken public in the smallest initial public offering ever done by Goldman, Sachs & Company.
     May led an expansion that pushed sales over $100 million in 1976. What's more, Steak & Ale achieved the highest return on sales of any publicly owned food chain.
     May and his associates sold the company to Pillsbury in 1976. May did not want to move to Minneapolis, so he left to manage his own assets and consult for a number of Fortune 500 companies. Among other projects, he helped turn around the W.R. Grace restaurant group, and he advised the Hunt family on several mergers and acquisitions.
     Pilzer, meanwhile, was doing all he could to redefine the term "wunderkind." He got off slowly at Lehigh, posting a 1.8 grade-point average in his first semester. He then convinced officials that to stay focused he needed to take an unusually heavy workload. He took up to 10 courses a semester to earn his journalism degree in less than three years. After running his own business for one year, he enrolled at the Wharton School, where he got his MBA in 16 months at age 22.
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