Storage Bros: John & Alan Lindsey, Lindsey Self-Storage Group

A lot of kids grow up watching their father go off to work in the morning, not to be seen again until he’d come home in the evening. And they often wouldn’t have an inkling of what he did during those eight to 10 hours during the day. For the Lindsey brothers, John and Alan, founders of Lindsey Self Storage Group, the experience was completely different. 

“Our dad started developing properties in 1969,” says John. “By the time we came along in the early 1990s, he’d built properties throughout Texas and the Carolinas. And from a young age, we were working alongside him on weekends, during school breaks … whenever we were needed.” 

Their days were spent on desk duty, sweeping out units, and conducting slump tests (measuring the consistency of fresh concrete before it would set). “It was every middle school and high school kid’s dream,” John laughs. 

Despite the long hours, Alan says he and his brother had a blast with their father. “We used to rollerblade around the sites after the asphalt was paved; you could really get some speed! And then dad would pull us around by the golf cart. It was a lot of fun.” 

Forging Their Own Path 

By the time the brothers had graduated college, their father was in his 70s and his development days were behind him. He asked his sons if they were interested in becoming self-storage developers themselves. 

“That was a big no,” laughs John. “Maybe it was because of all those years we spent on development sites, but we were both done with it.” 

However, the brothers weren’t done with self-storage completely. “We didn’t want to be developers, but we also didn’t want to squander all that knowledge we’d acquired over the years working with our dad,” explains John. “But at first, we didn’t know how to apply it.” 

The duo settled on starting up a self-storage brokerage firm. “It was pretty low-hanging fruit, because it doesn’t cost much to start up a brokerage,” says John. “Plus, dad knew plenty of people. He told us he’d make introductions, but outside of that, we were on our own.” 

To further grow their knowledge and connections, John and Alan became heavily involved with state associations. “It was a great way to sink our teeth into the industry and meet people,” John says, adding that it wasn’t long before he and his brother had fallen in love with the process. “We started running state associations, joining boards, and working with South Carolina’s then-Governor Nikki Haley to get legislation passed. In 2015, we became founding investors in Storelocal, the industry’s largest self-storage cooperative. We just dove headfirst into everything that came our way.” 

Evolution Of The Brokerage 

Through John and Alan’s tireless efforts within the industry, Lindsey Self Storage Group began to evolve organically. As the team grew throughout the United States, so did the size of the deals. “We went from brokering a deal in Weatherford, Texas, to one in Marseille, France,” says John. “That’s when we knew there were a lot of opportunities overseas.” 

“In 2014, with international expansion on our minds, we met with FEDESSA, SSA UK, and various owners in Europe,” says Alan. “That trip re-energized us—just seeing first-hand how others approach the industry. There are similarities to the U.S., of course, but they also have a lot of unique ideas that we thought we could bring back to the states.” 

“Europe is advancing rapidly; it reminds me of how the U.S. was in the early 2000s,” adds John. “It’s the same with Japan and Australia. On the other hand, Asia is still in its infancy, with a few markets like Vietnam, Taiwan, and Cambodia really coming into their own.” 

He further elaborates, using Ho Chi Minh City as an example. “There, you have around 10 million people, and maybe a half dozen facilities. Now, the economy is rapidly advancing, and there’s been a huge explosion in the middle class. That means they want to buy things, but their living spaces are tiny. So, what comes next? Self-storage!” 

“It’s wild to think how far the industry has come, both here and abroad,” concludes Alan. “We often wonder what our dad would say if he could see what it’s become since he struck his first deal in Dallas in the 60s.” 

Culture Clash 

When overseas, it’s not all work and no play. It’s something the brothers learned the hard way, but they had fun doing it. “Alan and I both speak a couple of languages in order to bridge the communication gap a bit when we’re overseas,” says John. “But speaking the language and knowing the culture are two completely different things!” 

Alan nods, knowing what story is on the top of his brother’s mind. “So, we’re in Hong Kong, out for a drink with clients,” he begins. “One drink led to another, and another, and another … they just kept refilling our drinks. Before long, I look at John and I’m like, ‘I’m getting kind of drunk!’ and he signals, ‘me too.’ But we didn’t want to be rude and not drink what they were serving us.” 

In Asian culture, Alan explains, finishing your drink is a signal that you want more. “One of our clients finally recognized what was happening and clued us in. He says, ‘If you want to quit drinking, leave some in your glass and they’ll stop refilling it.’” 

Alan laughs as he relates another anecdote about cultural differences, once again in Hong Kong. “When you’re a guest in their country, your host will not end the evening until you do. We didn’t know this, and [we] didn’t want to be the ones to call it quits and possibly offend them. So, we all wind up singing karaoke in some club until 5 a.m., when, in reality, all of us probably wanted to be back at our hotels and in our beds hours ago!” 

A Deal To Remember 

Together, John and Alan have closed hundreds of trophy deals all over the world; they’ve transacted with all the top 10 operators in the industry, and they’ve built a network of thousands. But there’s always that one deal that stands out. It may not be the most lucrative, but it’s rewarding in other ways. 

“I’d been talking to a married couple who were interested in selling their portfolio for several years, but the timing was just never right,” recalls John. “One day, the wife calls me. She informs me that her husband had died suddenly, just eight weeks after receiving a cancer diagnosis. Of course, she’s devastated. This had been her second marriage, and it was her second chance at life. And then he was gone.” 

She wanted to sell the facility and make a clean break, or a “full reset,” as she called it. John went through the process of preparing the portfolio for sale, only to discover that, unbeknownst to her, the couple’s business partners in the deal had managed to tie up the property in another loan they’d taken out. 

“It was a mess,” John says. “Now there’s an internal battle, four attorneys on either side, threats of lawsuits and litigation. Despite all the complexities, Alan and I got it done. We got it sold for her.” 

John remains in contact with her, and they speak at least once a year. “She’s a friend now, like many of our clients,” he states. 

Why was this his most memorable deal? “Because we were able to help her get out of a bad situation,” John says. “Of course, we love the $20 million to $40 million deals. But this was a deal from the heart. This was us helping someone who really needed it.” 

Alan agrees. “A lot of times we’re working with mom and pops looking to retire. They’re going to make $3 million to $4 million and be set for the rest of their life. They’ve never seen that kind of money before; it’s so rewarding to work with them and watch as the world opens up for them. We love these kinds of deals.” 

Industry Outlook 

John, who recently discussed industry trends at the Storelocal Innovation Summit in Newport, Calif., steers the conversation toward the future of the industry. He remains characteristically positive. 

“There’s a lot of pent-up capital that didn’t get spent in the second half of 2023 because rates got high so quickly,” says John. “Now, people have mandates to put capital to work. Plus, with rate cuts, I think it’s the perfect storm of spending power. We’re going to see an increase in transactions.” 

Right now, it’s important to look at the new construction in hot growth markets such as Atlanta, Austin, Charlotte, and Tampa. “These markets have some of the highest growth but also the most product delivery,” John explains. “So, there may be some pockets of these markets where there is overbuilding. That means you may get a four-year lease-up instead of a two-year lease-up, but it’s still a great asset because these markets are on fire.” 

John acknowledges that there are some short-term supply issues in major markets causing street rates and occupancy to drop, and that operators are feeling the pressure for the first time since COVID. Still, he remains confident. “This is a short-term problem, and we see the path to the other side. Some portfolios will grow, some will shrink, but there’s good movement out there. Those that follow best practices will rise to the top.” 

An Extended Family 

The brothers know they are continuing a self-storage legacy that their father began in the 1960s, and they were reminded of this just a couple of weeks ago. “I met with the family that still owns a portfolio our dad built in the 70s and 80s,” John says proudly. “I was able to catch up with the grandson, who was coming out of college when he met our dad.” 

This is special to him and Alan because his dad had a very small team, so there are very few people who worked closely with him to talk with. “It was great to hear the grandson recall some stories about dad … to connect with the one remaining family that worked so closely with him in his heyday.” 

Along with the family legacy and having families of their own, the brothers also find strength and security in their extended self-storage family. “This is a great industry to be in, and the people I know are like a second family,” says John. “When I go to an event, I know 90 percent of the people there. I see friends who started out small and are now in CEO roles. We’re all growing together and it’s amazing. It really is a blessing to do what we do.” 

“Self-storage is a very unique space,” adds Alan. “In other industries, people keep everything tight to their chest. There’s no sharing of information; no one wants to be your friend. It’s the opposite here. Everyone is best friends. Many have been around for 20 or 30-plus years. We’ve been to each other’s weddings, birthdays, and so on. We work together, we play together. I don’t think you’ll find that anywhere else.” 

Brotherly Bonds 

Today, John and Alan are best friends and business partners. But growing up there was some friendly competition between the boys. “We wrestled all the time,” says Alan. 

“No, we beat the crap out of each other,” John laughs. “But seriously, we had a good relationship. We had a lot of fun together.” 

John attributes some of this to their age gap. “We’re four years apart, which was perfect growing up because we never overlapped in high school or got in each other’s way. We did play the same sports, we did go to the same college, and we did join the same fraternity, but there was always that four-year buffer.” 

John continues, “The age gap also gave us each some special time with our father before he passed away. Being four years apart, I had one-on-one time with him when I got out of college, and then Alan had that same time when he graduated. Had we been closer in age, I think it would’ve been a different experience, more competing for his time.” 

Today, John says that he and Alan are the perfect yin and yang. “I am a big picture, broad strokes kind of guy, while Alan is the ultimate details guy. I throw 10 things against the wall, and he picks the one that makes the most sense. There’s a fine balancing act between the two of us, but without Alan, the machine would not run.” 

Alan returns the compliment. “I’m in the background nerding out with numbers. John is the one driving the company forward and setting the vision. Ultimately, we both play to our strengths and love what we do.” 

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Brad Hadfield is a news writer for MSM; he also manages the company website.