A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for the high-network-worthy investor and consumer. Register to receive future editions, directly to your inbox. When Jon Paul Pérez studied, he assumed that he would work for his father. Jon Paul had finally learned the family business since he was a child, following his father to the office in a related group, worked in the summer on construction sites and developing a passion for real estate development. The father of Jon Paul, Jorge Pérez, flourished as Miami's “Condo King”, built more and more luxurious Condo towers in South Florida. During his graduation dinner, Jon Paul asked his father when he could start working at the company. His father's reaction: “You're not going to work for me.” “I was shocked,” said Jon Paul. Jon Paul would learn that his father had a plan, one that would take years before he could join the family business. Now, while he takes over the CEO from a related group, the real estate congregation -based real estate congregation with a portfolio of $ 40 billion in condos, rental and commercial space, Jon Paul said he appreciated the long journey he stood on his way to the top. It is one of which many of the contemporary Ultra-rich, because they try to transfer family businesses to the next generation. A study by Brown Brothers Harriman showed that 91% of private owners say it is important for their company to stay in the family. Yet three -quarters say that roles for the next generation are not properly defined or are not fully communicated. A survey of the family business of PWC showed that only a third is robust follow -up plans. As a growing share of the founders of the family business reaches their 70s and 80s, questions about succession have become more urgent. Is the next generation ready? Is the founder really ready to transfer the reins? Which of the children should get the best roles? Are they really interested in the company or do they just do it out of family duty? Related chairman and founder Jorge Pérez sat down with Inside Wealth together with his sons Jon Paul and Nicholas, who is president of the development of condominium at the company, to talk about how they have managed the process. Here are three most important collection restaurants about the successful preparation of the next generation: 1. I think it's great or let it when the children grew up, Jorge would bring them to the office on weekends after their football matches and sports matches. “In my mind I said,” They are going to like this or hate real estate, “Jorge said.” I told them … Only because I have been successful in real estate, don't choose something you have no passion for. Because life is very difficult as it is and if you wake up every day and do something to make money or who you don't really like, it will not work. “Jon Paul said that, together with visiting the related office and rental buildings as a child, he spent the summer and learning the company- of finance and budgets to building and contractors,” I said to be the company. associated with real estate. “For his part, Nicholas said that after his early dreams to fade a pro tennis player:” I knew that I wanted to be in real estate. “He said that his father would often come home with floor plans and they would study them:” This is the width of a bedroom. To come to work every day – the ability to create “2. So he put a rule on: to work related, his children had to obtain a master's degree from a top education and work in the New York real estate sector for five years. If they did not get a master, they first had to work in the company for seven years. After graduating, Jon Paul went to work for related companies in New York, the development company founded by Stephen Ross, who is also the former business partner of Pérez and still good friend. (Similar names, individual companies.) Despite the family relationship: “You started sinking or swimming,” said Jon Paul. “You worked for 12 hours to 14 hours and learned to ask the right questions. It was the best thing that ever happened to me because I wanted to succeed. I didn't want to fail.” In 2012, when the real estate market in Florida was picking up again and after five years in New York, Jon Paul called his father to ask a job a second time. This time Jorge agreed. But instead of starting in the controversial condo-division, Jon Paul had to start with the more prosaic rental companies. Eventually he moved to the Condo division and later became president of the company. This month he was appointed CEO. “You learn that you have to work harder to be in our shoes to prove to others that it is not given to you,” said Jon Paul. As Jorge said: “The best for a father is to see his children do it better than he did.” 3. Passing on values together with assets together with skills, training and expertise, Jorge ensured that the next generation maintained the values of related. (Jorge's daughter, Cristina, is a social worker and involved in philanthropy and his youngest son Felipe goes to university.) “You have one reputation,” said Jon Paul. “The Pérez family, and related, has the reputation to do the right thing. Whether that offers the highest quality affordable homes or something else. We have a very strong moral compass. That is something that he has passed on to us and the company thinks.” Nicholas said that his father also ignored the importance of hard work in them. “Nothing replaces hard work,” said Nicholas. “There is so much competition and everyone is going to fight you. So if you don't work, someone else will get that site or have a better idea.”
(Lr) Jon Paul, Jorge and Nicholas.
Thanks to future evidence and triangle blvd
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for the high-network-worthy investor and consumer. Register To receive future editions, directly to your inbox.
When Jon Paul Pérez studied, he assumed that he would work for his father.
Jon Paul had finally learned the family business since he was a child, following his father to the office in a related group, worked in the summer on construction sites and developing a passion for real estate development. The father of Jon Paul, Jorge Pérez, flourished as Miami's “Condo King”, built more and more luxurious Condo towers in South Florida.
During his graduation dinner, Jon Paul asked his father when he could start working at the company. His father's reaction: “You're not going to work for me.”
“I was shocked,” said Jon Paul.
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