CBRE

Each new generation brings opportunities and challenges to the workplace. Recorded live at ICSC Detroit, leaders from two Michigan-based real estate families, the Schostaks and the Friedmans, discuss the hard but necessary conversations and choices required to maintain a multi-generational enterprise. Share these insights on succession planning in family-owned businesses:&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Succession Planning: Establish clear governance and involve family members in decision-making to ensure smooth leadership 			 transitions.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leadership Transition: Transferring leadership to the next generation requires structured processes and clear roles.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Family and Business Balance: Balance family dynamics with business operations, making necessary sacrifices for success.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptability: Evolve business models and diversify services to stay competitive.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Resilience: Maintain liquidity and seize opportunities during economic downturns.

David W. Schostak is the CEO of Schostak Brothers, with over 40 years of experience in real estate development and finance. He has overseen more than $1 billion in projects and manages a diverse portfolio including shopping centers, office buildings, and mixed-use developments across 25 states. Additionally, he leads Team Schostak Family Restaurants, which operates 152 restaurants in Michigan.


David Schostak

CEO, Schostak Brothers

David B. Friedman is the founder and Co-CEO of Friedman Real Estate, a leading commercial real estate firm established in 1987. Headquartered in Farmington Hills, Michigan, the company operates in the Midwest and Southeast, managing over 18,000 multi-family units and 20 million square feet of commercial property. Known for his innovation and entrepreneurial vision, David expanded the firm's services to include property management, distressed asset advisory, commercial lending, construction, and HVAC services. With a strong leadership team and strategic growth plan, Friedman Real Estate continues to thrive.


David Friedman

Co-CEO, Friedman Real Estate

Jeffrey Schostak, President of Schostak Development, began his career at Urban Retail Properties in Chicago, focusing on retail leasing and acquisitions. In 2010, he joined his family's 100-year-old real estate company, Schostak Brothers & Company Inc. Jeffrey has led significant projects, including headquarters for MASCO Corporation and Cooper Standard Automotive, and the acquisition of the 100 acre former Palace of Auburn Hills property; which 70 acres are under construction for a 715,000 square foot Value Added Assembly Electric Vehicle facility for GM.  He also expanded the company's industrial property portfolio, acquiring 5 million square feet of distribution centers across the Midwest. 


Jeffrey Schostak

President, Schostak Development

Jared Friedman is the Co-CEO of Friedman Real Estate, a leading commercial real estate firm. Since joining in 2017, he has played a key role in transforming the company into a fully integrated platform, overseeing divisions such as brokerage, property management, construction, mortgage banking, and advisory services. Jared's leadership has expanded the firm's clientele to include private owners, REITs, private equity firms, banks, servicers, and Fortune 1000 companies. Before Friedman Real Estate, he gained experience at Origin Investments, Equity Office Properties, and BMO Capital Markets.


Jared Friedman

Who's Next: Leading family-run firms through change, succession

What matters most right now in Commercial Real Estate. Business leaders join economic, industry and subject matter experts to share their distinct views and latest thinking. The Weekly Take is hosted by Spencer Levy, CBRE’s Senior Economic Advisor and Global Client Strategist. More at cbre.com/TheWeeklyTake