In the world of entrepreneurship and finance, few names carry as much weight as David Adelman. As a renowned investor and businessman, Adleman has made an impact as a Philadelphia-based entrepreneur.
David is the CEO of Philadelphia-based Campus Apartments, chairman of 76 DevCo, co-founder and vice chairman of FS Investments, a leading alternative asset manager with $75 billion of assets under management, founder of Darco Capital (his family office investment vehicle), founder of Darco Spirits (a spirits holding company that includes portfolio brands American Harvest Vodka, Beach Whiskey and Beach Whiskey Canned Cocktails)and partner in Harris Blitzer Sports & Entertainment (which owns the 76ers, the NJ Devils and the Prudential Center). Some of his notable investments include Neutral Foods (w/ LeBron James, Maverick Carter, John Legend, Questlove & Kevin Love), Lobos Tequila (LeBron James), Underdog Fantasy and Art of Sport (Mark Cuban), among many others. We sat down with David at Rosevale Kitchen The CIVILIAN Hotel and chatted about food, Philly life, entrepreneurship and more.
PURSUITIST: You are from Philadelphia- tell us about it.
DAVID ADELMAN: I live in Philadelphia; I’ve always lived in Philly. I’m a Philly guy and a Philly sports guy (I own the 76er’s). We have a great sports scene, and a great food scene too. I think the food scene for the size of the city we are punches above its weight.
PURSUITIST: We are fans of Stephen Starr’s restaurants- they are pretty amazing.
DAVID ADELMAN: Amazing. We also have Scott Shulman. He has about 10 restaurants in the city. He’s terrific.
PURSUITIST: How did you get started on your career path?
DAVID ADELMAN: Started in the real estate business. I have a mentor that taught me the business as a kid. Then I got into asset management and private equity, then I started doing a lot of venture investing, things like that. I’m just inquisitive. I have a unique blend of ADD and OCD, so I’m really good at things for a short period of time. I’m great at building a brand, I can’t be the CEO- I’m a good founder. I’m more of a starter and visionary. I’m a great idea person, I’m a good connector, and I’m a really hard worker.
PURSUITIST: You recently invested in American Harvest Vodka, a small batch, handcrafted vodka from Idaho. Why this brand, and why vodka?
DAVID ADELMAN: In any other business, there is always #1, #2, #3…I don’t care if it is golf clubs, cars, you name it. In vodka, you have one brand in the U.S. So this is organic, I know the farmers whose wheat we are buying in Idaho, I know exactly where the water comes from. There is no stuff mixed in, it’s clean. No additives. The winter wheat gives it the sweetness. The red winter wheat looks like other wheat, but the soil is different- rockier. The farm uses solar polar, and there is a whole sustainability component to this which makes it unique. Compared to the other guys, there is a big difference. I don’t know an American vodka that tastes this smooth.
PURSUITIST: You are part of the whole process then?
DA: I am.
PURSUITIST: Do you think in the future you would launch other flavors?
DA: So, we have talked about line extensions, and I don’t think I would do flavored. Again, I might be wrong, but I’m trying to show you can have a clean vodka to drink on its own. We have another brand called Beach Whiskey, which is two flavored whiskeys, and that’s doing really well as an up and comer. Flavored whiskey is really new, and we also created the cans for ready to drink. They mix great with any juice. I’m the worst bartender you’ve ever met, but I am a good consumer of them.
PURSUITIST: What’s the most exciting thing about being in spirits now?
DAVID ADELMAN: For me, it’s a great intersection between sports and alcohol, and the lifestyle that’s created with it, and I kind of enjoy that. I feel like it’s in the same swim lane.
PURSUITIST: Do you plan to do any crossover marketing between American Harvest Vodka and sports?
DAVID ADELMAN: It’s a little complicated, but it is served at all our venues- the New Jersey Devils at The Prudential Center which we own, at all the bars. What I’m finding I think, and maybe I am wrong, but maybe the time has come and gone for celebrity brands. Like, The Rock has done a great job, and Kevin Hart, who is a friend of mine is doing a nice job, and everyone is understanding that no matter how big you are as a celebrity, you still must put in the work. I personally think that the celebrity brand or athlete is not authentic, and I’m trying to show how authentic American Harvest is.
PURSUITIST: Any plans of acquiring other brands?
DAVID ADELMAN: One thing at a time. That’s the other thing I have learned, is I don’t need to be in a rush. So, that’s the goal.
PURSUITIST: What is the hardest lesson you have learned as an entrepreneur?
DAVID ADELMAN: Learn how to fail fast. Don’t be stubborn. If something is not working, move on. I am really good at making mistakes, acknowledging mistakes, swaying what I can’t do, and I have this motto to make a lot of mistakes, just don’t make the same mistake twice. I teach that to all our people.
