What It Takes: Lessons in the Pursuit of Excellence

by Stephen A. Schwarzman

We were determined not to give up, even without Joe. A few times in every investor’s life, an immense opportunity appears. I asked Ken Whitney to find me someone else to develop our real estate business. We needed a 10 to build a great new business. As I worked through a list of names, checking references, I spoke to a man in Chicago, John Schreiber, whom Ken had identified as a reference. We talked for a while about the candidate he was supposed to be recommending. (He wasn’t enthusiastic but was too polite to say so.) And the longer we talked, the more I was intrigued. In the 1980s, John had worked for JMB, a real estate investment firm in Chicago, which had been an active and aggressive buyer. Over the previous decade, he had bought more real estate than anyone else in America. He had seen the collapse coming and told JMB to sell everything. They told him he was crazy and paid him out so he could leave. Then came “the thousand year earthquake” that proved him right. “So why don’t you come and work with us?” I said. He had worked so hard in the 1980s, he told me. He had eight kids and his family wanted to see more of him. “You built the largest real estate firm in America and had eight kids? When did you ever get to see your wife?” “Obviously I found the time,” said John. I kept pressing, and eventually he promised to give us twenty hours a week. He said he’d hire a couple of younger guys and mentor them for us, and use his connections to open some doors. We’d see how it...