Jorge Pérez, the billionaire founder of Related Group, has developed a $40 billion portfolio and is known as the 'Condo King of Miami.' He built over 120,000 residences and transformed Florida's real estate landscape. After 46 years, he passed the CEO position to his sons, Jon Paul and Nick. To prepare them, he required them to earn an MBA, gain external experience by working for competitors for five years, and spend over a decade in various roles within the company, ensuring they were well-equipped for leadership without nepotism implications.
The real estate empire with a $40 billion development portfolio has built more than 120,000 residences during the past four decades, with over $50 billion in property sold so far.
Pérez has been instrumental in changing the Florida landscape-dubbed the 'Condo King of Miami'-by building housing projects integrated with art and culture.
To ensure his company was in good hands and to sidestep nepotism claims, the billionaire sent his kids on a quest: get an MBA, work for a competitor for five years.
Pérez was ready to pass the torch to his sons, Jon Paul and Nick-but he didn't make it easy for them.
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