Jagjeet ‘Jag’ Kapoor
Managing Member, Terra Ventures
President & COO, Saison Hospitality | San Francisco Bay Area, CA (USA)
Ancestry
Multan (undivided British India)
Birthplace
New Delhi (India)
Residence
San Francisco, CA (USA)
Akk, Thak, Jhakk
From working as a local gas attendant to becoming one of Silicon Valley’s top entrepreneurs… his journey pursuing the American Dream!
I was born on 18 August 1958, the same year when Milkha Singh won his first gold medal in the Asian Games. I was the third child out of four.
Papa ji often toured north India, working for the Indian Railways. In our middle-class family, my mother focused on raising me and my siblings while Papa ji was very strict about education. At the time, I was intrigued more by sports than books. At age 16, completing high school, I knew I’d become an entrepreneur one day.
My father believed in hands-on training for everything, so he sent me to Chennai to stay with my uncles who were all businessmen. I was immediately immersed into the business. My first big lesson came when I was sent by Balli mama ji to crack a deal but I was unable to. I learned perseverance that day. The journey after that was incredible. I developed my own flair for selling, and was able to earn a profit of Rs 500–600 within a week. It boosted my confidence, and although I wanted to continue with the family business, my father insisted I return to Delhi and pursue my bachelors.
Since I excelled in Hockey, I got admission to SGTB Khalsa College, Delhi, through sports quota. Of course I adjusted my subjects from Science to Economics to accommodate my sports schedule. Papa ji was happy that I started college, but my desire to become a businessman was still intact. During holidays and vacations, I would go to South India to sell scooter parts. As long as I continued my education, he was okay with the idea of my part-time business.
My acquaintance with the USA
My aunt, Satwant Kaur Khanna, who was settled in the USA suggested that my father visit and experience it. She shared fascinating stories about the country, which filled my heart with the desire to reach that “promised land.” Papa ji took a sabbatical and decided to go to the USA for a first-hand experience. We knew that if he liked it, we all would have an opportunity to follow.
Since he hadn’t resigned from the Indian Railways, we continued to receive his regular salary, as well as the money he sent from the USA. Those were some of the most extravagant days of my life, and I felt like I had no obligations. I took advantage of the sudden freedom, roamed around the streets of Delhi on his scooter. Hockey and studies also took a backseat. I was excited to move to the USA. My single priority became visiting the embassy to get my visa to the USA. In 1977, I made my way to the land of my dreams with $7 in my pocket, half of which I spent watching Sylvester Stallone’s Hollywood blockbuster Rocky on the flight.
While my aunt’s place was as luxurious, my father was struggling. He lived in a small room, which he paid for by doing blue-collar jobs. It was hard for me see him to transit from a reputable official, especially since I had been spending his earnings carelessly. It was painful to watch, but regret is never a solution, so I immediately looked for a job to help him.
Failure and experience are my teachers
I began working as a gas station attendant in San Francisco, earning $2.50 per hour. Though my hard work and dedication soon promoted me to Manager, I did not like the cold weather there. I came to know of an opening in a chip company, Signetics in San Jose, where the weather was much more pleasant. Naively, I assumed they were referring to potato chips, but once there, we realised they were microchips on silicon wafers. I decided to join. Concurrently, I joined Foothill College to study Engineering and San Jose State University to study Business Management in the evenings.
At the same time, my younger brother, Charanjeet, worked at a 7-Eleven store, where I’d hang out after my shift. I befriended the owner, Roger Reddy, a Fijian, who quickly learned of my desire to own a business. He suggested that I apply to franchise a store with 7-Eleven, but my application was declined. He then suggested that I apply for a QuickStop franchise. It was a smaller company so the likelihood of being approved was a bit higher. I was around 20 years old when I approached the company’s Vice President, Larry Kronic, and expressed my interest to own a QuickStop. He advised that to franchise a store I would need a liquor license, and had to be 21 to do so. He liked me and told me to try again once I turned 21. As soon as I turned 21, I called him; the opportunity that he presented me with needed me to shell out $30,000. I had dreams, but no money.
I had to borrow money from everyone: family, friends and even my neighbour, Kashmir Sivia. I borrowed the remaining balance on three different credit cards. Somehow, I managed to gather up the $30,000. With the money in my hand and a burning desire to succeed, I resigned from my job, dropped out of college and began my journey with QuikStop. In the first six months of business, I was able to settle my debts with everyone. Amazingly, I had earned a profit of $30,000 by the end of that year. I couldn’t have done this without Charanjeet’s support.
Enamoured by ambition, we went ahead to make larger deals. This time we bought a supermarket in Hollister, CA, owned by the mayor of Hollister. We did this in partnership with my childhood friend, JP Sethi. Young and reckless, in 1981, we led our business into downfall. Leaving the store at the behest of our team, I busied myself in learning to fly. I did not realise what I was losing until we were on the verge of bankruptcy.
A well-meaning attorney advised us not to file for bankruptcy, pay back what we could to our creditors in return for forgiveness of our debt. We paid a partial amount of the debt and the remaining was forgiven by the vendors. We were lucky that everyone agreed to our terms – JP and I decided to go our separate ways and return to ground zero.
Strength like none other: Family
Around this time, I met my future wife, Perminder (Pammy) Walia. She was a refined young lady, accomplished sportsperson and a graduate from Hansraj College, Delhi University. We got married on 16 January 1983, and my luck changed.
We started working hard to get back to a stable position for our family. Slowly our business grew from one store to multiple stores. I reached a point where I was able to gift Papa ji his first Mercedes, and even bought an airplane in 1986.
Through it all, Pammy was a consistent and supportive partner. Her disposition is utterly balanced. She worked side-by-side with me. My parents were very religious, but I never was. Pammy always had the right balance of spirituality and a pragmatic approach to managing the family. She taught me to thank God for what we have: a life-altering habit that I’ve since adopted. She remains balanced. She can have fun and enjoy life and follow religion at the same time. She’s modest and practical.
She brought miracles with her. In 1992, we bought a restaurant called Pedro’s in Silicon Valley; by 1994, I was the owner of the third-largest chain of convenience stores in northern California. I started to diversify my portfolio and moved into the restaurant business. Over the years, I’ve acquired or started several businesses in the hospitality, real-estate and technology industries. I’m proud to share that my partners and I formed Saison Hospitality in 2016, which owns and operates some of the best modern American restaurants run by top chefs in the USA.
Along my journey, I made it a point to help the less fortunate in India and the USA. I became a trustee of Sikh Temple, Hayward, where Papa ji was a founding president. I’ve supported various foundations including AIF and TiE. We also started Bonfare Markets Charitable Foundation which raises money to help underprivileged schools and communities. We’ve sponsored events, built technology labs and provided scholarships to students in these schools or communities.
My kids, Jessica and Jason, help me out in my business. Jason is a very talented stage actor and also assists me in my business. I hope they continue to embody the same values that were instilled in me by my parents.
Akk, Thak, Jhakk is a Punjabi saying that translates to don’t give up, don’t get tired and don’t be bashful—the rules for a successful business and life. I learned it from Balli mama ji, who said this is a life lesson of what a true salesman should have.
Philosophy
Honesty and sincerity are non-negotiables for me.
I love…
flying, cruising, golfing.
I’d suggest the youth…
To work as hard as possible and yet be prepared for the worst. A plan is smart only if you are contingencies prepared for.
Success Mantra
Honest hard work and learn from your mistakes.
The world doesn’t know that…
I am a trained pilot who bought his first plane in 1986, four years after I was close to filing bankruptcy.
AKA
President & COO, Saison USA | Business leader Jagjeet Kapoor USA
Gallery
ISBN : 9788193397695