Carrie Rengers

Like father, like son: Doug and Michael Malone go into business with ICT Capital

Doug Malone, left, and his son, Michael, have started ICT Capital to do development and investment deals.
Doug Malone, left, and his son, Michael, have started ICT Capital to do development and investment deals. Courtesy photo

From the time Michael Malone was a toddler, he was intrigued by the real estate business thanks to his father, longtime J.P. Weigand & Sons broker Doug Malone.

"Dad would always take me site riding when I was a kid," Michael Malone says of scouting sites for deals.

Now, the two are doing deals together through their new ICT Capital, a property development and investment company.

"The brokerage career was a great career," says Doug Malone, who was with Weigand for 32 years.

Michael Malone worked there as a broker for almost five years.

"Development is really our passion," Doug Malone says.

He did his first development deal in 1994 with a three-tenant strip center at West and Taft.

Since then, he's done another deal every 12 to 18 months.

"So it's not like I just started doing it," he says. "I've been doing it more and more."

Malone says he and his son wanted to develop on a full-time basis and under their own umbrella, so they left Weigand a few months ago and have been so busy since then they're just now announcing the company.

"It just felt like a good time in our lives to start something new," Doug Malone says.

He says he realized it was a now-or-never situation for him.

Doug Malone says he's "wanted to do it for a long, long time" and realized his son made a great partner.

"He's got so much energy," Malone says. He says his son has "twice the vision that I've got and just a whole different perspective."

He says some people raise their eyebrows when they hear he's working with his son.

"Well, how's that working for you?" Malone says they say.

"A lot of guys can't do that."

For Malone, working with his son is "one of those things you kind of dream about."

Michael Malone agrees.

"It's probably one of the greatest feelings ever working with your dad and building a company together," he says.

There has been one issue, though.

"I tried for a while calling him Doug," Michael Malone says. "It just didn't work out."

Though he calls him dad at work, Michael Malone says his father is "more of a mentor" at the office than a father figure.

ICT Capital, which has four employees, is located on the 14th floor of the Epic Center downtown.

"It's really a lot of fun," Doug Malone says.

The two are working on several deals, including one for a possible fast food restaurant just north of Red Lobster across the street from Doug Malone's first development deal.

"We're working on a site at West and Taft back where it all started."

Reach Carrie Rengers at 316-268-6340 or