“You won’t work for me”: The billionaire refuses to hand over his $60 billion Biz’s ins rope to his son, and that’s why
Jorge Pérez, often referred to as one of the most influential real estate developers in the United States, has built his own fortune through the Realsed Group, a real estate giant with an estimated $60 billion in assets.
Over the years, the company has become synonymous with luxury real estate developments in Miami and beyond. But Jorge’s approach to family inheritance is not traditional after sleek skyscrapers and rich properties.
“You won’t work for me’
When his son, Jon Paul Pérez (just graduated from the University of Miami) took positions in related groups for his father, he expected typical family support.
However, Jorge has a different answer.
“You won’t work for me,” Jorge Bluntly told his son, who tells CNBC’s inner wealth. This is true – despite the undeniable connection, Jorge did not want to hand over the keys of his empire to his empire, as Jon Paul was his son. The response shocked Jon Paul, but Jorge’s reasoning was clear: he had no intention of risking the reputation of a $60 billion business just because of his blood relationship. He worked so hard that he couldn’t get to where he was and his children needed to prove that they could do the same.
An unconventional way to prepare for heirs
Jorge’s solution is as unconventional as it works. Instead of giving his son a home business, Jorge sent Jon Paul to work for billionaire Stephen Ross, a close friend and business partner of a New York City affiliate. This will bring Jon Paul the experience needed to thrive on his strengths, not just because of his last name.
But that’s not all. Jorge has put in a stricter policy for all his children: in order to one day join the relevant group, they will have to work in the competitive New York real estate market for at least five years. Additionally, they must earn a master’s degree from a top business school.
“I’m just because I’ve been successful in real estate, don’t choose things you don’t have passion,” Jorge explained to CNBC. “Because life is very hard, and if you wake up every day and do something for money or something you don’t like, it won’t work.” His philosophy? Family businesses are not only about wealth, but about passion, hard work and real ability.
Jon Paul was initially surprised but accepted the challenge. He moved to New York, working in an affiliate company, and later went on to earn an MBA from the Kellogg School of Management in the prestigious Kellogg. It wasn’t an easy road, but it paid off in the end.
After ten years of proving himself – first as an analyst at the relevant company and then leading the leasing department of the relevant groups – Jon Paul is finally ready for the next step. In 2012, he joined the family business, but it was not a high-profile, easy role. He began to be modest, manage the leasing business unit and work hard among all ranks.
What did Perez’s strong love produce?
Now, after years of hard work, Jon Paul is ready to take the lead of an affiliated group with his brother Nick, who will also hold important leadership positions within the company. Their father, Jorge, will step into the position of executive chairman, proudly following his sons finally assumed the responsibilities he once assumed.
Jorge said in a statement to the South Florida Business Journal: [Jon Paul and Nick] Having worked in responsible positions within and within the company for more than a decade, has won positions in the company. ”
The decision to make his sons work hard was not without challenges. Jon Paul, now preparing for his new leadership role, admits that following his father’s toughness is not easy. But his views developed.
Jon Paul said in 2022: “I just want to make it – I don’t care who gets the praise.
For Jorge Pérez, the decision not to prove that he was not to maintain control, not to hand over the company to his son, but to make sure they won the success like he did. His approach creates a blueprint for family businesses around the world, emphasizing the importance of experience, education and enthusiasm to pedigree.
As Jorge prepares to transition to a more consultative role, it is clear that Pérez’s legacy will continue to exist through his son. But it’s certain: the billionaire won’t hand over his $60 billion empire to the silver medal. Jon Paul and Nick have to prove that they can handle the weight of their family’s wealth – after years of hard work and perseverance, they have won their place at the top.
It’s a tough lesson, but it shows there is no shortcut in the billion-dollar business world. It’s a tough world, and ultimately, only those who are truly prepared for the challenge can master it.
