HOW WE DID IT
Determining how much a person is worth is not an easy job.
It means combing through publicly available documents, including news reports and
In some cases, net worth numbers were reported in reputable publications; where possible, we verified those values with our own research.
When an individual's wealth was tied to public companies, we dug into
To determine the net worth of privately-held businesses, we first had to find a publicly-held company that was in die same line of business.
Then we dug up whatever information we could on the private company - gross sales, number of employees, production or sales volume and other metrics - and compared them to the public business's number.
We then developed a ratio (generally, the private firm's size as a percentage of the public company) and applied it to the market capitalization of the publicly-held firm to determine the valuation of the private company. If we were reasonably certain that the private firm is owned by more than one person, we allocated the valuation accordingly.
In some cases, the individual previously sold his or her company for a considerable sum. When that happened, we used the reported sales price as a guide to the person's valuation.
We recognized that our numbers are estimates, so we backstopped our calculations twice.
First, we ran them by independent industry insiders wiio told us if they thought we were just about right, too low or too high.
Then, we reached out to the Wealthy 50 (directly, when we could get a phone number or email, or through representatives when we couldn't), ran the numbers by them and asked for their thoughts.
The responses - directly or through their legal or other representatives - varied.
Some people disagreed with our estimate and provided reasonable proof of alternative numbers. In those cases, we adjusted our valuation. Others said we were wTong, but declined to provide us with a different number.
Some simply asked to be deleted from the list, without offering their own number. In those cases, we told them, we had no choice but to use our estimate.
When people think about megawealth, places such as Silicon Valley come to mind. But
1
AGE: 86
RESIDENCE:
SOURCE OF WEALTH: Media companies
GETTING TO KNOW HIM
Mention the phrase "The Donald," and many people will think of the billionaire builder who's now aiming to be the next president. But that Donald is worth only about half of
The newspaper industry' has suffered in recent y'ears, but that hasn't stopped Newhouse from presiding over an empire that also includes cable television and other entertainment outlets.
HIS STRATEGY
Newhouse and his brother,
2
AGE: 69
RESIDENCE:
SOURCE OF WEALTH: Inheritance, investments
GETTING TO KNOW HIM
Robert Wood "Woody" Johnson IV got his nickname from his greatgrandfather and namesake
HIS STRATEGY
Besides inheriting his name, Johnson also came into a "substantial" amount of
In the early 1970s, Johnson bought
In 2015, Johnson further expanded his coffers with the sale of his co-op apartment on
3
AGE: 73
RESIDENCE:
SOURCE OF WEALTH: Investments
GETTING TO KNOW HIM
More recently, through the
Today, Kellogg doesn't get ruffled very easily. A few days before Christmas 2014, a car reportedly crashed into his
HIS STRATEGY
Kellogg attended
4
AGE: 72
RESIDENCE:
SOURCE OF WEALTH: Hedge funds
GETTING TO KNOW HIM
Longtime Short Hills resident
Cooperman and his wife, Toby, signed
HIS STRATEGY
The concept of long-term value investing appeals to Cooperman, according to published reports, and he believes in holding long positions in companies with stocks that are mispriced. Although Cooperman looks up to legendary investor
Cooperman launched Omega after he retired from Goldman Sachs in 1991. The hedge fund turned in annual gains of 25 percent in 2012, and 30 percent in 2013, before stumbling during the first half of 2014, when it returned just 2 percent, according to Forbes. Cooperman went on to suffer "his second straight losing year, ending 2015 down roughly 10 percent across his various funds," Forbes adds. "Omega Advisers closed the year with
5
AGE: 46
RESIDENCE:
SOURCE OF WEALTH: Investing
GETTING TO KNOW HIM
He received a bachelor's degree in mathematics with distinction and a master's degree in statistics from
Before co-launching Two Sigma in 2001, he was a managing director at the global investment and technology development firm
HIS STRATEGY
Two Sigma is part of a "new frontier" in computerized investing, where scientists and engineers with little formal financial training use massive computing power to string clues together from disparate sources ranging from Twitter to weather reports, using them to predict securities prices, according to a
The firm is reportedly flexible enough to hold investments from days to months, depending on specific circumstances.
6,7 S. DILLARD AND
AGE: Dillard, 56; Jefferson, 54
RESIDENCE: Dillard,
SOURCE OF WEALTH: Inherited and investing
GETTING TO KNOW THEM
Kirby holds an undergraduate degree from
THEIR STRATEGY
Alleghany's objective is to create value through owning and managing operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. "We shun investment fads and fashions in favor of acquiring relatively few interests in basic financial and industrial enterprises that offer the potential to deliver long-term value to the investor," according to the company.
The Kirby family's connection to Alleghany is a deep one: part of the fortune developed by patriarch
8
AGE: 46
RESIDENCE: Alpine
SOURCE OF WEALTH: Hedge funds
GETTING TO KNOW HIM
Larry' Robbins is the kind of guy who wants to be up close and personal with y'ou; after all, he's called his investing style "suggestivist" - working closely with corporate management. He also is thoughtful, as evidenced by' his investing style, which is said to focus on companies in industries that are stable, predictable and steady, with recurring revenue streams or entrenched market positions.
Robbins holds a B.S. in economics and engineering with majors in accounting, finance, marketing and systems engineering, graduating with honors from the
HIS STRATEGY
The founder of
9
AGE: 55
RESIDENCE:
SOURCE OF WEALTH: Private equity
GETTING TO KNOW HIM
The founder and senior partner of
"
HIS STRATEGY
Before launching
10,11 ZYGMUNT AND
AGE: Zygmunt, 65; Mark, 53
RESIDENCE: Zygmunt,
SOURCE OF WEALTH: Rea! estate
GETTING TO KNOW THEM
The Wilf brothers are best known as part-owners of the
But football is never far from their thoughts.
THEIR STRATEGY
Even during the recession, the family continued to develop single-family homes, condominium towrers, rental apartment complexes, retail centers, office buildings and hotels. Today,
With offices in
12,13 ROBERT AND
AGE: Robert, 62; Peter, 50
RESIDENCE: Robert,
SOURCE OF WEALTH: Retail
GETTING TO KNOW THEM
Brother
THEIR STRATEGY
In an interview,
The company no longer limits itself to the Hispanic community and has added lines that appeal to health-conscious customers -
"We're adapting to the health needs of people - adding organic, low-sodium and gluten-free products to our line," he told latino.foxnews.com. "We've gotten aggressive about this. We've hired nutritionists, and we're committed to getting the message out about the great health of our products."
14
AGE: 54
RESIDENCE:
SOURCE OF WEALTH: Real estate
GETTING TO KNOW HIM
He's comfortable with risk, and die occasional setback - when the market peaked in 2007, Lightstone bought the
Lichtenstein is generous, too. In
HIS STRATEGY
Being a contrarian has paid off for Lichtenstein and the
For example, after the collapse of the housing market, many real estate investors hunted for foreclosures at bargain prices, planning to rent them at a slight profit and then sell them when die market recovered.
But Lichtenstein went after the land, convinced it would yield better returns, according to a
15
NET WORTHS:
AGE: 76
RESIDENCE: Alpine
SOURCE OF WEALTH: Rea! estate
GETTING TO KNOW HIM
The founder of
"We'll sell them; I'm not concerned at all," Kurtz told The Record. "When we bought the property, it was a great purchase. Then the world fell in financially, and it wasn't such a good purchase. But I felt eventually the economy would straighten out."
HIS STRATEGY
Kurtz isn't afraid to tty new ways of boosting business. Back in 2007, for example,
"Like the hospitality and airline industries, the property management industry recognizes that the web has evolv ed well beyond a mere 'vanity play' to become a strategic business tool," a
16,17 BASIL AND
AGE: Basil, 64; Brian, 69
RESIDENCE: Basil,
SOURCE OF WEALTH: Shipping
GETTING TO KNOW THEM
The Malier brothers made their money in shipping, taking over
Since then, the Mahers have given back to
THEIR STRATEGY
The Mahers were visionaries when it came to shipping, as early adopters of intermodal shipping containers, standardized reusable steel boxes that can hold materials and products on ships, rail transport and trucks without having to unpack and pack them.
But they weren't quite as good when it came to stock market timing. After selling their company, the brothers parked some of their gains with
The Mahers struck out a second time when a trustee in charge of handling Lehman's windup ruled they couldn't blame the bankrupt
18
AGE: 72
RESIDENCE:
SOURCE OF WEALTH: Serial entrepreneur
GETTING TO KNOW HIM
Santulli holds bachelor's and master's degrees in applied mathematics from
In addition to launching and selling a number of air travel-related companies, Santulli has found success in horse racing. A thoroughbred owner since 2007, he owns
HIS STRATEGY
Santulli reportedly walked away from a partnership at Goldman Sachs in favor of starting his own business. In 1984, he bought Executive Jet, a struggling charter service company, and relaunched it as Netjets, introducing the airline industry to the popular "time-share" concept long used by resorts.
He stayed on as chairman and CEO until a dispute drove him to resign in
A year later, Santulli launched
19
AGE: 86
RESIDENCE:
SOURCE OF WEALTH: Pharmaceuticals, biotech
GETTING TO KNOW HIM
Three years later, Vagelos committed the giant pharmaceutical company to distributing, free of charge, a drug to treat onchocerciasis, better known as river blindness, an eyesight-robbing disease that ravaged an estimated 18 million people in West and
HIS STRATEGY
In 1994, when Vagelos was forced to retire from
Regeneran stock option grants and other compensation helped propel Vagelos' net worth to
"Every once in a long while, you find a scientist who has deep understanding of the scientific basis of disease, but who also is a great manager. Vagelos is one of that rare breed," said
20
AGE: 63
RESIDENCE:
SOURCE OF WEALTH: Investing
GETTING TO KNOW HIM
Some people just have a knack for doing the right thing. In 1974,
It's pretty obvious that, when Price decides on a business or personal plan, he doesn't waste much time putting it into motion. Some years back, after decades of collecting coins, Price decided to sell his entire hoard of ancient gold and silver Greek and Roman coins, estimated to be worth about
"I pretty much accomplished what I wanted to," he told the New York Times. "I want to find some other thing to do now - just like with my business - and I have no idea what." It's safe to assume that he found something new pretty quickly.
HIS STRATEGY
Price reportedly said he never wants to be buying what the "smart people" are selling. Instead, Price is a so-called value investor, who considers how much a company would be valued and bought by another investor. He reportedly considers basics, like a company's stock price in relation to book value and cash flow, tiren researches the buying patterns or interest of other investors and buys similar but undervalued stocks.
21
AGE: 68
RESIDENCE:
SOURCE OF WEALTH: Health care
GETTING TO KNOW HIM
Some people seem to be born with an entrepreneurial flair.
As a youngster, he delivered newspapers, shoveled snow and even went door to door selling cards, according to a the
HIS STRATEGY
When Baiada first graduated, he didn't know just what his venture would be. But Baiada, who at one time planned to study for the priesthood, knew he wanted to help people. He also wanted to be in an industry that had low barriers to entry, with a business model that could be easily reproduced on a national scale. And he also wanted to be in a segment that showed long-term growth.
Home-based care for children, adults and seniors met those conditions.
"Low cost of entry," he told the Inquirer. "It's a people business. I did the research: the growing number of elderly, the number of elderly wanting to stay home, women going back to work and the dispersion of the extended family. Who's going to take care of Mom?"
Baiada and his 24,000 employees who care for children, adults and seniors across 22 states,
22
AGE: 61
RESIDENCE:
SOURCE OF WEALTH: Real estate development
GETTING TO KNOW HIM
HIS STRATEGY
Build it and they will come.
The family-owned company continues to expand by buying multifamily properties around
Could the
23,24 DANIEL E. AND
AGE: Daniel, 59; Moshael, 64
RESIDENCE:
SOURCE OF WEALTH: Senior citizen homes; investing
GETTING TO KNOW THEM
The Straus brothers, Daniel and Moshael, have been able to switch industries without blinking an eye.
In 1984, the two lawyers took over four nursing homes they inherited from their father,
Daniel has gone on to launch companies such as
He has endured a couple of stumbles along the way. One was when he served as a managing member of closeout store
THEIR STRATEGY
The Straus brothers succeeded with Multicare by providing high-quality longterm care and specialty medical services. The company also got the bulk of its payments, 42 percent, from patients who pay out of pocket, which usually beats the low-margin
25
AGE: 55
RESIDENCE:
SOURCE OF WEALTH: Hedge funds
GETTING TO KNOW HIM
Before he launched
HIS STRATEGY
Eng takes a long-term investment view, with a focus on capital preservation. "We believe that a fundamentalbased and credit-derived approach to investment analysis is best suited to evaluating investment opportunities in the markets," according to the Columbus Hill website.
"The investment strategy involves taking a directional view utilizing our deep knowledge of companies and industry sectors and leveraging our analysis performed on one investment to make other investments in the same or similar industries."
The company is heavily into health care, which accounted for about 75 percent of its holdings in early 2016, according to recent reports. Columbus Hill also has about 11 percent of its funds in energy investments.
26
AGE: 80
RESIDENCE:
SOURCE OF WEALTH: Real estate
GETTING TO KNOW HIM
The
HIS STRATEGY
Mandelbaum has an eye for a deal. In 1964, he invested
Today,
27
AGE: 79
RESIDENCE:
SOURCE OF WEALTH: Retail
GETTING TO KNOW HIM
"We've been a family business since 1929,"
The duo had worked together under their father, and the business remains a family affair: Walter's son (and general manager)
"The three of us communicate, with everything we do," Walter said. "The family stays close that way. It's a good feeling because you know there's succession in the business. You need that or you're not gonna grow."
HIS STRATEGY
First and foremost, Ricciardi is dedicated to customer service. He's also committed to growth. In 2014, for example, when Ricciardi had 20 locations across
"Ricciardi Brothers is thrilled to now be serving customers throughout
28
AGE: 98
RESIDENCE:
SOURCE OF WEALTH: International trade
GETTING TO KNOW HIM
Connell's not shy about lobbying for the family-owned company, either. In 2014, he was the third-biggest donor to Democratic candidates, contributing
HIS STRATEGY
Connell, who has been CEO since 1950, embraces change. Originally operating as
But during tire 1970s, Connell Rice & Sugar started to diversify into other businesses and changed its name to
More change came in 2011, when Connell dropped its 85-year-old rice operations to focus on other core businesses, such as supplying equipment and services to the mining international industry ( Connell Mining), leasing equipment, rolling stock, locomotives, barges, mining equipment and machinery; leasing forklift trucks and other material handling equipment; and the acquisition, development and ownership of real estate.
29
AGE: 55
RESIDENCE:
SOURCE OF WEALTH: Investments
GETTING TO KNOW HIM
Fournier later spent about six years as a partner at David Tepper's Appaloosa Management, but was reportedly "shown the door" by
HIS STRATEGY
Fournier primarily trades stocks, and always has capped his Pennant fund at
Fournier named his fund as a reminder of his sailboat racing days and the pennant flags that keep racers informed about changing winds. Only in his case, Fournier constantly scans the market winds, looking for activity that will propel a stock ahead or push it back.
30
AGE: 79
RESIDENCE:
SOURCE OF WEALTH: Trucking and logistics services
GETTING TO KNOW HIM
Shevell, whose son-in-law is rocker Sir
Shevell was previously named a Master Entrepreneur by
HIS STRATEGY
Under Shevell, NEMF regards itself as a "super-regional" carrier. But when he bought the company in 1977 from Farmland Dairies, it was a struggling Northeastern regional less-than-truckload carrier. Shevell, though, expanded it from 55 units and five terminals to more than 10,000 pieces of equipment and 40 terminals throughout the Northeast, Midwest and
A few years ago, as the market demanded new' services from LTL carriers, NEMF launched NEMF Logistics, a third-party transportation management and brokerage operation, and other new services. The moves are all part of an effort to position the company for new growth in the rough-and-tumble w'orld of transportation.
31
AGE: 85
RESIDENCE:
SOURCE OF WEALTH: Real estate
GETTING TO KNOW HIM
"They parked their first car on
Then, during the 1960s and 1970s, when New Yorkers were fleeing the Big
Today, the company specializes in parking, mini storage, small offices and flexible workspaces. In addition, it is a managing partner of a 650,000-squarefoot, Class A office building, and Edison built and manages a 243-unit, 23-story residential apartment tower in
HIS STRATEGY
Gottesman became wealthy because he's patient and he's not afraid to buck the odds. Gottesman has been quoted as saying: "Inflation is your friend if you're in the real estate business in
It often does.
32
AGE: 55
RESIDENCE:
SOURCE OF WEALTH: Discount apparel retail chain
GETTING TO KNOW HIM:
Before
"I was crawling out of my skin," he told The Inquirer. "I'm like, T have to get out of here,' because I'm in the back figuring out how many thousands of dozens of T-shirts I needed to buy for the flea market."
Forman started selling shirts at age 16, after getting an
"Everything I know, I learned in the flea markets," he said in an interview. "When you are going face-to-face with the customer, and you are seeing supply and demand right in front of your face, there's a lot of wisdom to that."
A decade after Forman expanded from flea markets to a national chain,
HIS STRATEGY
According to published reports, Forman says success comes from selling your goods in the right location ("If you had a good spot in the flea market, you could do three times the business") and from being competitive ("My whole stand was three [shirts] for
To this day, Forman can't sit still. "I'm not an office person," he told The Inquirer. "I can't focus, it's like ADD, so I drive around; I'm a little crazy."
33
AGE: 68
RESIDENCE:
SOURCE OF WEALTH: Health care venture capita
GETTING TO KNOW HIM
Domain Associates Partner
He has been a partner with Domain since its inception in 1985, and has been a director of 38 early-stage health care companies, 23 of which have become successful public companies so far.
"As a former scientist, I get tremendous fulfillment from bringing new technologies into practice," he says. "It is a great pleasure working with entrepreneurs and the management teams of young companies to help with their creative process."
HIS STRATEGY
Domain is comprised exclusively of health care specialists who have operated in a variety of roles spanning the breadth of the health care industry, giving the venture firm a diverse background that brings a comprehensive perspective to its operations.
The investment team has contributed to the development of more than 260 life sciences companies and has raised more than
"I think people enjoy working with us at Domain, because we make it feel like we are all part of the same team, working together to build substantial companies," Treu says. "We have always worked very hard to be entrepreneur-friendly and act like company builders, not just investors."
34 CHAMBERS
AGE: 74
RESIDENCE:
SOURCE OF WEALTH: Leveraged buyouts
GETTING TO KNOW HIM
By age 46, he had helped create the leveraged buyout industry with the private equity firm
Chambers also used his extensive network of contacts to create nonprofits such as America's Promise, in partnership with
HIS STRATEGY
Chambers was an early adopter of leveraged buyouts, where one company takes on hefty debt to buy another firm, often using the targeted company's assets as collateral for the debt.
Wesray's first big deal was in
35
AGE: 68
RESIDENCE:
SOURCE OF WEALTH: Media properties
GETTING TO KNOW HIM
The oldest of five children,
In 1973, he began writing a column for
In 1996 and 2000, he campaigned for the Republican nomination for the presidency. Key to his platform were a flat tax, medical savings accounts, a new
HIS STRATEGY
During Forbes' tenure,
In 1996, Forbes entered the new media arena with the launch of Forbes, com, which the company says attracts 18 million unique monthly visitors. In total, Forbes websites reach nearly 20 million business decision-makers each month.
The company's flagship publication, Forbes, has a circulation of more than 900,000. Forbes combined with Forbes Asia and the company's licensee editions together reach a worldwide audience of more than 6 million readers.
36
AGE: 66
RESIDENCE:
SOURCE OF WEALTH: Real estate development
GETTING TO KNOW HIM
David Halpem is president of
HIS STRATEGY
One of
But under Halpern, the builder and others worked with construction trade unions to develop the so-called Economic Recovery Project Labor Agreement, which committed members to reduce their profit margins, work more efficiently and take other cost-reduction measures to help make building projects more economical in the downturn.
37
AGE: 70
RESIDENCE:
SOURCE OF WEALTH: Banking
GETTING TO KNOW HIM
Vernon Hill II built
Hill also reportedly helped insurance agency owner George E. Norcross III rise to stardom as a political power broker. "He really made Norcross... he diversified him," according to an
But in 2007, following a federal investigation into his business dealings with
HIS STRATEGY
The business model of
38
AGE: 76
RESIDENCE:
SOURCE OF WEALTH: Chemicals
GETTING TO KNOW HIM
Prior to founding
Chakrabarti entered college at age 13 and, at age 24, was the youngest Doctor of Science in the history of
HIS STRATEGY
Chakrabarti sees value where others see distress. He began buying companies in late 1994, reportedly focusing on technology and creating value and a faith in employer-employee loyalty.
In
A third buy, in
In 1997, Chakrabarti's company bought
39
AGE: 63
RESIDENCE:
SOURCE OF WEALTH: Wealth management and investment consulting firm
GETTING TO KNOW HIM
Leslie Quick III likes to go his own way, even though it didn't always seem that way.
Quick started his investing career at
After
"It didn't feel right. It felt like I was going to be force-fed product," he said. So, in 2004, he and neighbor
HIS STRATEGY
40
AGE: 79
RESIDENCE:
SOURCE OF WEALTH: Real estate development
GETTING TO KNOW HIM
Imagine a real estate developer overseeing many projects who also is chairman of a high-level commission tasked by Gov.
That would be
"Love what you're doing, or don't do it," Hanson advised during a lecture at
HIS STRATEGY
Hanson has a habit of taking on tasks that "all looked impossible when I had to start the project," according to an
Patience, and the ability to find solutions, has made Hanson one of the most venerated figures in
Hanson has noted that his companies (named for a vacation house he owned in
"We found a way to resolve problems that looked insurmountable," Hanson said, noting the firm managed to recover while avoiding bankruptcy proceedings, giving way to the formation of the presentday
41
AGE: 44
RESIDENCE:
SOURCE OF WEALTH: Real estate development
GETTING TO KNOW HIM
Marc Eckö's life has been a kaleidoscope of change and rebellion.
As a teen, Eckö reportedly turned his parents' garage into a design studio and showroom, creating and marketing T-shirts with his own designs, customizing hip-hop clothing and airbrushing girls' fingernails.
Later, no doubt influenced by his pharmacist father, Eckö enrolled in
While he was at
Armed only with hustle, sweat equity and creativity, Eckö went on to leverage
HIS STRATEGY
Besides being founder of Marc Eckö Enterprises, a global fashion and lifestyle company, he also launched Complex Media, a provider of fashion, entertainment, lifestyle, and product trends to young male tastemakers. Earlier this year, Complex Media was bought by
However, Eckö's business acumen also has faced some questions.
In 2009, for example, facing rising debts to
Also in 2009, Eckö put his 275,000-square-foot West 23rd St. headquarters, which drained
42 GOV.
AGE: 81
RESIDENCE:
SOURCE OF WEALTH: Family land holdings and consulting
GETTING TO KNOW HIM
"I still follow politics very carefully, and 1 still speak out on something, whether I consider it good or bad," Kean told NJ.com. "I'm liable to express an opinion if I believe in it strongly. And when you're 80 years old, who cares, basically? You're not running for anything anymore."
HIS STRATEGY
Kean started out with a family fortune, thanks to his ancestors, which include the 17th-century governor of New Amsterdam,
Kean also is listed as an operating/ advisory partner with
Throughout his life, Kean has had a reputation for doing what he believes to be right, whether it's popular or not.
43 JON BON JOVI
AGE: 54
RESIDENCE:
SOURCE OF WEALTH: Rock star
GETTING TO KNOW HIM
Born
And Bongiovi was indeed playing in clubs by the time he was 16. In 1980, he recorded his first single, "Runaway," at his cousin's studio. A local radio station included the song on a compilation tape, and it began to get frequent airplay. The success of "Runaway" got him noticed, and during a show in
HIS STRATEGY
Besides writing songs that resonate with people, Bon Jovi knows his customer base, according to
"The band's
According to pollstar.com, Bon Jovi realizes an average ticket price of
The band also utilizes pricing segmentation, offering "everything from nose-bleed seats that cost roughly
44
AGE: 67
RESIDENCE:
SOURCE OF WEALTH: Rock star
GETTING TO KNOW HIM
"The deepest motivation comes out of the house that I grew up in and the circumstances that were set up there, which is mirrored around
But that influence helped him to craft masterpieces like "Bom to Run" (1975), which made him a star; and "Bom in the
HIS STRATEGY
Springsteen's third album, "Bom to Run," was issued more than 40 years ago, but is still legendary. "No album endures for 40 years on the might of marketing alone. And yet, marketing was no small part of the album's initial splash in 1975," according to an Inc.com article.
For example, in late 1974, Springsteen's then-manager,
The album was also supported by a big budget. "In an era when albums retailed for less than
45
AGE: 70
RESIDENCE:
SOURCE OF WEALTH: Franchising
GETTING TO KNOW HIM
When
A graduate of
Doherty operates eight restaurant concepts, including
HIS STRATEGY
Doherty credits his success to an ability to "wow" people.
"We want to wow our guests every time. We want to wow our employees and our suppliers. And an OK is not a wow," he told Franchise Media Update.
As part of that commitment, the company continues to grow, remodel, offer salaries, raises and bonuses, and reinvest in training, even in a slow economy. Doherty also avoids private equity financing "because I like to be the guy who makes the financial decisions. We're too big for local banks, so we use national banks," he said.
In 1973, Doherty says he "knew (he) needed a vision, which was to be the best food service company in the tri-state area. By best, I mean a goal of zero turnover. Of course, you never achieve this, but I wanted to develop a company that, if someone is crazy enough to want to work in the restaurant business, they'd want to work for
46
AGE: 67
RESIDENCE:
SOURCE OF WEALTH: Real estate
GETTING TO KNOW HIM
HIS STRATEGY
Pantirer is not afraid to combine the old with the new. A few years back, when the then-
"The rebrand to
"Nothing about the company has changed except our focus on the future," added a company executive. "We believe this is the right time to enhance our brand with a new name that reflects our status as a significant real estate player. Our ability to do this is based on sound fundamentals and a successful track record in virtually every type of product, from low- and highrise apartments to luxury townhouses and single-family homes to mixed-use projects."
47
AGE: 54
RESIDENCE:
SOURCE OF WEALTH: Entrepreneur, horse racing
GETTING TO KNOW HIM
Triple Crown winner American Pharo all's owner,
His grandfather,
HIS STRATEGY
To finance his horse trading, Zayat sold
As his stable grew to 250 horses, Zayat reportedly hired and then fired
"
48
AGE: 57
RESIDENCE:
SOURCE OF WEALTH: Franchising
GETTING TO KNOW HIM
As a 13-year-old, he wanted to get a job at the local
"I enjoyed making money and being somewhat independent," Honigfeld told Franchise Times. "And 1 wanted to be out of the house. I just enjoyed work."
Then, in 1979, he left college at 19 to take a full-time job in catering at a Marriott hotel in
But Honigfeld wanted more, and, by 1987, took
HIS STRATEGY
But Honigfeld is also open to new concepts, and expanded the lifestyle shopping center segment with the
It's part of Honigfeld's plan to build one of America's fastest-growing restaurant and hospitality companies.
49
AGE: 61
RESIDENCE:
SOURCE OF WEALTH: Mortgage tending
GETTING TO KNOW HIM
In 1990, when
He's committed to building lasting relationships by providing personalized mortgage solutions and "unparalleled sendee," according to company documents.
The privately held, full-service residential mortgage lender is licensed in all 50 states,
HIS STRATEGY
In the last few years, international banking reform measures have opened up market share to nonbank entities, leveling the playing field for companies like Freedom Mortgage, according to Middleman.
"It's part of market share redistribution that has led to a large part of our growth," he says. "A lot of the hard work that has been going on for the last few years has really paid off, as more and more market share is available and the ability to compete with banks has improved."
The company also has seen gains from bringing its servicing in-house in
"We have grown from a regional to a national organization, and continue to pursue a variety of growth opportunities," according to Middleman, "Our status as an owner-operator company allows us to make strategic decisions very quickly."
50
AGE: 58
RESIDENCE:
SOURCE OF WEALTH: Real estate
GETTING TO KNOW HIM
"Solid, steady, successful," is a good way to describe
He's not a one-hit wonder, either. Before launching Normandy, Wentworth was a principal of the
HIS STRATEGY
Wentworth is known for acquiring distressed properties and turning them around. A few years ago, for example, Normandy was the local partner in the group that bought the 1.8 million-square-foot, 12-building former Merrill Lynch campus in
City Securities’ lesser-known sibling sells
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