A version of this article appeared for the first time in Inside Wealth Newsletter of CNBC with Robert Frank, a weekly guide to the investor and consumer with high shuttle. Register to receive future editions, directly in your reception box. When Jon Paul Pérez obtained his university degree, he assumed that he would work for his father. After all, Jon Paul had learned the family business since he was a child, according to his father at the office of the related group, working on summers on construction and development sites of a passion for real estate development. Jon Paul’s father, Jorge Pérez, was booming as a “king condo” of Miami, building co -ownership towers ever later and more luxurious in the south of Florida. During his graduation dinner, Jon Paul asked his father when he could start working in the business. His father’s response: “You’re not going to work for me.” “I was shocked,” said Jon Paul. Jon Paul would learn that his father had a plan, which would take years to end before being able to join the family business. Now, while he takes office as CEO of the related group, the real estate conglomerate based in Miami with a portfolio of $ 40 billion in all condos, rentals and commercial space, Jon Paul said that he appreciated the long trip he was facing the summit. This is in front of many of today’s ultra-rich because they seek to transfer family businesses to the next generation. A study by Brown Brothers Harriman revealed that 91% of owners of private companies say that it is important that their business remains in the family. However, the three quarters say that the roles for the next generation are not well defined or are not entirely communicated. A family survey of PWC companies revealed that only one third had robust succession plans. As an increasing share of family founders reaching the 1970s and 80s, questions concerning the succession have become more urgent. Is the next generation ready? Is the founder really ready to hand over the reins? Which children should get the best roles? Are they really interested in the company or do they simply do it depending on the family? The president and founder related Jorge Pérez sat with Inside Wealth with his sons Jon Paul and Nicholas, who is president of the development of the co -ownership of the company, to talk about how they managed the process. Here are three main dishes to remember on the successful preparation of the next generation: 1. Love it or leave it when the children grew up, Jorge would take them to the office on weekends after their football matches and sports matches. “In my mind, I said:” They will like it or hate real estate “,” said Jorge. “I told them … Just because I succeeded in real estate, do not choose something that you have no passion. Because life is very difficult as and if you wake up every day and do something just to earn money or you don’t really like, it won’t work.” Jon Paul said that, with the visit of the related office and rental buildings as a child, he spent summers working in the company and learning the company – finances and budgets to construction and entrepreneurs. “I knew I wanted to get involved in the business,” said Jon Paul. “I have associated life with real estate.” Nicholas, for his part, said that after his first dreams of being a professional tennis player began to fade: “I knew that I wanted to be in real estate.” He said that his father often came home with floor plans and they studied them: “Dad said:” It is the width of a room, that’s why you put a door here. “It created something from anything. 2. You have to win the post” I did not want the rest of the company to feel that they were brought because of their family name, “said Jorge. He therefore imposed a rule: in order to work in Provne, his children had to obtain a master’s degree in a high -level business school and work in the New York real estate industry for five years. years in the company. Something that never happened to me because I wanted to succeed. I didn’t want to fail. ” In 2012, when the Florida real estate market resumed and after five years in New York, Jon Paul called his father to ask for a job a second time. This time, Jorge accepted. But instead of starting in the high -level condos division, Jon Paul had to start the more prosaic rental business. Finally, he moved to the condos division, later becoming president of the company. This month, he was appointed CEO. “You learn that you have to work harder for us to prove to others than you are given to you,” said Jon Paul. As Jorge said, “the greatest thing for a father is to see his children doing better than him.” 3. Transmit values as well as assets as well as skills, training and expertise, Jorge made sure that the next generation maintained the linked values. (Jorge’s daughter, Cristina, is a social worker and involved in philanthropy and her youngest son Felipe frequent the university.) “You have a reputation,” said Jon Paul. “The Pérez and Liée family have the reputation of doing the right thing. Whether it is the affordable highest quality or anything else. We have a very strong moral compass. It is something he has transmitted to us and that’s how the company thinks. ” Nicholas said his father also rooted the importance of hard work in them. “Nothing replaces hard work,” said Nicholas. “There is so much competition, and everyone will fight you. So if you don’t work, someone else will get this site or have a better idea. ”
(LR) Jon Paul, Jorge and Nicholas.
With the kind authorization of future proof and triangle BLVD
A version of this article appeared for the first time in Inside Wealth Newsletter of CNBC with Robert Frank, a weekly guide to the investor and consumer with high shuttle. Register To receive future editions, directly in your reception box.
When Jon Paul Pérez obtained his university degree, he assumed that he would work for his father.
After all, Jon Paul had learned the family business since he was a child, according to his father at the office of the related group, working on summers on construction and development sites of a passion for real estate development. Jon Paul’s father, Jorge Pérez, was booming as a “king condo” of Miami, building co -ownership towers ever later and more luxurious in the south of Florida.
During his graduation dinner, Jon Paul asked his father when he could start working in the business. His father’s response: “You’re not going to work for me.”
“I was shocked,” said Jon Paul.
