Sometimes telling your boss to "f--- himself" ends well. Stephen Ross's remarkable story.
Laid off as a tax attorney:
Ross started as a tax attorney before moving to a real estate securities firm. The business struggled, and he was laid off—an early career setback that would later fuel his drive.
Fired from Bear Stearns:
At Bear Stearns, Ross clashed with a manager. "Let's put it this way, I told him to f--- himself," he said. Fired on the spot, he later called it "the best thing to happen to me."
Started Related:
With no money and fresh off being fired, Ross borrowed $10,000 from his mother and bootstrapped The Related Companies in 1972. “The more I did it, the more my passion grew.” Related pioneered the syndicated tax credit business and is currently the largest privately held developer.
Escaping the early ‘90s recession:
As the real estate market collapsed, Ross proactively restructured his debts, offering banks collateral in exchange for more time. His transparency and reputation kept Related afloat when others sank. "They believed in me," he said, and it saved his company.
Big projects:
Ross has developed some of the largest U.S. real estate projects, including NYC's Time Warner Center and Hudson Yards.
Non-real estate investments:
Ross is an investor in Equinox and SoulCycle, owns the Miami Dolphins, and helped bring Formula 1 to Miami.
Philanthropy:
Ross has donated over $300M to the University of Michigan and funds urban renewal, climate initiatives, and racial equity programs. His giving cements his legacy beyond real estate.
In his own words...
"I grew up in a middle-class family in Detroit, Michigan. Ever since my early childhood I had large ambitions and firmly believed in my abilities to achieve them. In short, I believed in the American Dream."
"Through hard work and unrelenting persistence I turned a ten page business plan, created after being fired from a New York financial firm, into over a $15 billion business and one of the most prominent real estate companies in the world."
"I have always believed that if our cities do well, we all do well."
PS - Stephen Ross’s influence on real estate is undeniable, but his real legacy may lie in education and investing in people. Why would someone with nothing to gain give so much to students? The answer likely traces back to his greatest influence—one that deserves a separate post. Stay tuned.
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