Jorge Prez Reveals Secrets to Passing Down Family Business

Billionaire Jorge Prez, the driving force behind The Related Group, a leading real estate development firm, has revealed his top three secrets for successfully passing down his business to his sons, Jon Paul and Nicholas. Prez, known for his innovative approach to real estate and his commitment to community development, stresses that more than just technical skills are needed for a smooth transition.

First, Prez emphasizes the importance of shared values. He believes that a strong foundation of common beliefs and ethical principles is essential for maintaining unity and purpose within the family business. These shared values guide decision-making and ensure that all members are working towards a common goal.

Second, open communication is key. Prez encourages his sons to express their opinions freely and to engage in constructive dialogue. He believes that honest and transparent communication fosters trust and allows for better problem-solving.

Finally, Prez highlights the need for a clearly defined succession plan. This plan outlines the roles and responsibilities of each family member, as well as the process for making important decisions. A well-defined plan minimizes confusion and ensures a smooth transition of leadership.

Prez's insights offer valuable lessons for other families facing the challenges of business succession. By prioritizing shared values, open communication, and a clear succession plan, families can increase their chances of success and ensure the long-term viability of their businesses.