Dan Gilbert (businessman)
Dan Gilbert in 2014
January 17, 1962 |
Detroit, Michigan, U.S.
|Alma mater||Michigan State University;
Wayne State University Law School
|Known for||Founder of Quicken Loans|
|Net worth||US$5.0 billion (June 2016)|
Daniel "Dan" Gilbert (born 17 January 1962) is the chairman and founder of Rock Ventures and Quicken Loans Inc., the majority owner of the National Basketball Association's Cleveland Cavaliers, the American Hockey League's Cleveland Monsters, the Arena Football League's Cleveland Gladiators and the NBA Developmental League's Canton Charge. He is also the operator of the Quicken Loans Arena in Cleveland, Ohio and chairman of JACK Entertainment (formerly Rock Gaming), which opened its first Horseshoe Casino (now JACK Cleveland Casino) in downtown Cleveland in May 2012.
- 1 Early life and education
- 2 Quicken Loans
- 3 Sports franchise ownership
- 4 Other businesses and investments
- 5 Detroit initiatives
- 6 Philanthropy and political donations
- 7 Personal life
- 8 Awards and honors
- 9 References
- 10 External links
Early life and education
Gilbert was born to a Jewish family in Detroit, Michigan and grew up in Southfield, Michigan where he attended Southfield-Lathrup High School. He earned his bachelor's degree from Michigan State University, a Juris Doctor from Wayne State University Law School and is a member of the State Bar of Michigan. While in college he earned a real estate agent’s license and while in law school, he worked part-time at his parents' Century 21 Real Estate agency.
Gilbert, recognizing that the real potential was in originating mortgages and not in selling homes, founded Rock Financial in 1985, along with his younger brother, Gary Gilbert and his friend Lindsay Gross. The company grew into one of the largest independent mortgage lenders in the country and in the late 1990s, launched its Internet strategy and quickly positioned itself as the fastest growing direct mortgage lender on the Internet.
In 2000, software maker Intuit Inc. purchased Rock Financial. It renamed the national web operation Quicken Loans and grew substantially as the leading provider of direct-to-consumer home loans on the Internet, offering mortgages in all 50 states. Gilbert remained at the company as CEO. In 2002, he led a small group of private investors that purchased Quicken Loans and its affiliated national title company, Title Source, Inc., from Intuit and continues to serve as the chairman of Quicken Loans, Inc.
In 2010, Quicken Loans moved its headquarters and 1,700 of its employees to downtown Detroit. After moving all 3,600 Michigan-based team members into Detroit’s urban core by the end of 2010, the company has since created thousands of new jobs and now has approximately 14,200 team members in downtown Detroit and a total of 24,000 nationwide.
Sports franchise ownership
Gilbert became majority owner of the Cleveland Cavaliers in March 2005 and undertook a complete overhaul of the front office, coaching staff, player personnel and game presentation. Under his tenure, the Cavs won four Central Division championships (2009, 2010, 2015, and 2016), three Eastern Conference championships (2007, 2015, 2016), and one NBA championship (2016) which ended the 52-year Cleveland sports curse. Also in 2016, Gilbert's Lake Erie (now Cleveland) Monsters won the Calder Cup, giving Gilbert two championships within eight days.
In 2011, Gilbert purchased the NBADL's New Mexico Thunderbirds, and moved them to Canton, Ohio (about an hour drive south of Cleveland) renaming them the Canton Charge, and making them the Cavaliers' new D-League affiliate.
Gilbert received national attention 8 July 2010, when NBA basketball superstar and northeast Ohio native LeBron James announced that he was leaving the Cavaliers for the Miami Heat on a highly criticized ESPN television special dubbed The Decision. Following the special, Gilbert published an open letter in Comic Sans font (dubbed nationally as "The Letter" as a counterpoint to The Decision) to Cleveland Cavaliers fans in which he strongly criticized how James made his announcement. July 12, 2010, NBA Commissioner David Stern fined Gilbert $100,000 for his remarks in the letter. Gilbert has since regretted the open letter, which he wrote in 45 minutes when emotions were running high, and it was taken down from the team website after a few weeks but remained widely available on the Internet. Though some members of the media criticized Gilbert for this letter, many Cleveland Cavaliers fans embraced him for it and even offered to pay the fine. Gilbert instead insisted on donating the money to charity.
Four years later when James opted out of his contract with Miami, Gilbert and James met privately. Gilbert apologized to LeBron for the open letter, stating "LeBron, we had five good years together and one bad night, Like a marriage that's good and then one bad thing happens and you never talk to each other again." James also expressed his regret to Gilbert about The Decision. The two embraced, and James subsequently returned to Cleveland in free agency days later. James explained his homecoming to Cleveland in his Sports Illustrated announcement writing “I’ve met with Dan, face-to-face, man-to-man. We’ve talked it out. Everybody makes mistakes. I’ve made mistakes as well. Who am I to hold a grudge?”
Other businesses and investments
Gilbert is a founding partner in private equity group Rockbridge Growth Equity LLC (RBE). The partnership invests in growing businesses in the financial services, Internet technology, consumer-direct marketing, and the sports and entertainment industries. RBE has significant investments in Gas Station TV, Robb Report, RapidAdvance, Northcentral University, Protect America, AccountNow, Purchasing Power, Triad Retail Media, One on One Marketing, and Connect America.
Gilbert is a principal of Detroit Venture Partners, a venture capital firm that funds start-up and early-stage technology companies in Detroit.Gilbert is an investor in Courtside Ventures, a venture capital fund investing across early stage technology and media companies with a focus on sports and a founding partner of Detroit Venture Partners (DVP), a venture capital firm that funds start-up and early-stage technology companies based primarily in Detroit. Some of the companies DVP has invested in includes, LevelEleven, iRule and Marxent Labs.
In addition, Gilbert recently cofounded StockX, a stock market of things for high-demand, limited edition products such as sneakers. Gilbert is also invested and involved in the operation of several consumer-based technology-centered businesses, including Fathead, Veritix, Xenith, StyleCaster and Quizzle.
Gilbert launched Bizdom in 2007. Today, this non-profit promotes both tech and brick-and-mortar entrepreneurship in Detroit and Cleveland by supporting on-the-ground service providers, as well as leveraging its connections with Quicken Loans and the Rock Ventures Family of Companies to accelerate the growth and development of small businesses.
In November 2009, Gilbert and a group of partners successfully backed a statewide referendum to bring casino gaming to Ohio’s four largest cities. Through a joint venture with Caesars Entertainment Corporation, the groups operate urban-based casinos in both Cleveland and Cincinnati. The first of the casinos, Horseshoe Cleveland, opened in May 2012. In 2013, Rock Ventures, the umbrella entity for Gilbert's investments and real estate holdings, announced it had formed Athens Acquisition LLC, an affiliate of Rock Gaming, and acquired the majority interest in Greektown Superholdings Inc., owner of the Greektown Casino-Hotel located in downtown Detroit.
Quicken Loans moved its headquarters and 1,700 of its team members to downtown Detroit in August 2010, where Gilbert and the company are helping lead a revitalization of Detroit’s urban core. Today, Gilbert-owned businesses employ more than 14,000 people in the city.
In 2011, Gilbert's Rock Ventures group purchased several buildings in downtown Detroit, including the historic Madison Theatre Building, Chase Tower and Two Detroit Center (parking garage), Dime Building (renamed Chrysler House), First National Building and three smaller buildings on Woodward Avenue. In 2012, Rock Ventures (the umbrella entity formed to provide operational coordination, guidance and integration of Gilbert’s portfolio of companies, investments and real estate) purchased the former Federal Reserve Bank of Chicago Detroit Branch Building, One Woodward Avenue, 1201 Woodward (Kresge Building), and five smaller buildings on Woodward Avenue and Broadway Street, totaling 630,000 square feet of commercial space in downtown Detroit. In 2013, Rock Ventures purchased the 1001 Woodward office tower, several smaller buildings in the downtown area and announced, along with The Downtown Detroit Partnership and the Detroit Economic Growth Group, a placemaking plan for revitalizing Detroit's urban core.
Rock Ventures' downtown Detroit real estate investments include more than 60 properties (buildings and/or store fronts) totaling 9 million square feet. Four million square feet is commercial space; another 3.6 million square feet is parking (10,096 parking spaces).
In September 2013, Gilbert was named co-chair of the Blight Removal Task Force. The group, appointed by the Obama Administration, published a detailed plan in May 2014 to remove all blighted structures and lots in the City of Detroit.
Philanthropy and political donations
In September 2012, Gilbert and his wife Jennifer joined The Giving Pledge, committing to give half of their wealth to philanthropy. Initiated by Warren Buffett and Bill Gates in 2010, the Giving Pledge is a campaign to encourage the wealthiest people in the world to make a commitment to give most of their wealth to philanthropic causes.
Gilbert's eldest son was born with Neurofibromatosis. Gilbert established two Neurofibromatosis research clinics at the Children's National Medical Center (CNMC) in Washington, D.C. and at the Dana Children’s Hospital at the Sourasky Medical Center in Tel Aviv, Israel. Gilbert also serves on the boards of the Children’s Tumor Foundation, the Cleveland Clinic, and the Children’s Hospital Foundation (an affiliate of CNMC); and is the vice chairman of the not-for-profit M-1 RAIL initiative which is dedicated to promoting light-rail transportation in downtown Detroit.
Gilbert resides in Franklin, Michigan with his wife Jennifer Gilbert and their five children. His wife serves on the Gilbert Family Neurofibromatosis Institute at Children's National Medical Center in Washington, D.C. and also serves on the boards of ORT America and the Israeli and Overseas Committee of the Jewish Federation of Metropolitan Detroit.
Awards and honors
Gilbert's companies have achieved the following accolades under his watch:
- Nine-time winner: JD Power Highest Customer Satisfaction Award (Primary Mortgage Origination/Mortgage Servicing)
- 12-time Fortune 100 Best Companies to Work For (2005-2016)
- 2016 Calder Cup Champion
- "Forbes 400: Daniel Gilbert". Forbes. Retrieved 2015-04-04.
- Pinho, Kirk; Walsh, Dustin (31 March 2013). "Change quickens: Gilbert's downtown plan". Crain's Detroit Business. Retrieved 2014-12-19.
- "Quicken Loans Leadership Team: Dan Gilbert". Quicken Loans. Retrieved 2014-12-19.
- Guth, Douglas J. (3 March 2005). "It's official! Dan Gilbert is Cavaliers' new boss". Cleveland Jewish News. Retrieved 2014-12-19.
- Tracy, Marc (18 May 2011). "Introducing … The Non-Jewish Conspiracy: NBA Draft lottery produces watershed moment in American Jewish history". Tablet. Retrieved 2014-12-19.
- "Jewish Billionaires: 43 - Daniel Gilbert". Forbes Israel (in Hebrew). 4 September 2013. Retrieved 2014-12-19.
- Burns, Matt (3 December 2012). "An Interview With Dan Gilbert, Self-Made Hometown Billionaire And The Leader Of The Detroit Renaissance". Tech Crunch. Retrieved 2014-12-19.
- Davis, Dave (15 October 2011). "Dan Gilbert's Rock Gaming partners bound by friendship, desire to build upscale 'urban' casinos". The Plain Dealer. Retrieved 2014-12-19.
- Segal, David (13 April 2013). "A Missionary's Quest to Remake Motor City". The New York Times. Retrieved 2014-12-19.
- Boudway, Ira (18 November 2010). "Left Behind by LeBron". Bloomberg BusinessWeek. Retrieved 2014-12-19.
- "Crain's Cleveland Business". Crain's Cleveland Business. Retrieved 2016-08-03.
- "Rock Ventures on the Forbes America's Largest Private Companies List". Retrieved 2016-08-03.
- "Executive Bios and Directory". NBA.com/Cavaliers. Retrieved 2014-12-19.
- Bauder, David (July 10, 2010). "Was LeBron special ESPN's deal with devil?". sportingnews.com. Associated Press. Archived from the original on June 28, 2012.
- "LeBron James' decision: the transcript". ESPN. Retrieved 2011-04-22.
- Foster, D J (16 February 2014). "Cavaliers owner Dan Gilbert says he doesn't regret "The Letter"". NBC Sports. Retrieved 2014-12-19.
- Lee, Michael (9 July 2010). "Dan Gilbert letter: Cavaliers owner unloads on LeBron James". The Washington Post.
- "Cavs Owner Dan Gilbert Fined $100K for LeBron Comments". SB Nation. 12 July 2010. Retrieved 2014-12-19.
- Albom, Mitch (13 July 2014). "Dan Gilbert tells how he and LeBron James mended fences". USA Today. Retrieved 2014-12-19.
- Henderson, Tom (June 6, 2014). "Rockbridge to buy owner of Gas Station TV". Crain's Detroit Business. Crain's Communications Inc. Retrieved 10 September 2015.
- Kelly, Keith. "Cavaliers owner Gilbert seals deal for Robb Report". New York Post. New York Post. Retrieved 10 September 2015.
- "Detroit-based Rockbridge Growth Equity Acquires RapidAdvance" (Press release). Rockbridge Growth Equity. 16 September 2013. Retrieved 2014-12-19.
- "About Us: The Nationwide Medical Alert System Company". Connect America. Retrieved 2014-12-19.
- "Portfolio". Rockbridge Growth Equity Website. Retrieved 2014-12-19.
- de la Merced, Michael (January 11, 2016). "Bruin Sports to Team Up With Others as Investor". Retrieved May 2, 2016.
- Pinho, Kirk (August 15, 2014). "Detroit startup LevelEleven raises $2M in VC funding". Retrieved May 2, 2016.
- Henderson, Tom (January 4, 2015). "IRule to reveal $2.5M in VC; electronics investor key". Retrieved May 2, 2016.
- "DVP-Backed Marxent Labs Wants to Augment Your Shopping Experience | Xconomy". Xconomy. 2011-12-12. Retrieved 2016-05-03.
- "Portfolio". Detroit Venture Partners. Retrieved 2014-12-19.
- "Why Cavs Owner Dan Gilbert Is Investing in Sneaker Resellers". Retrieved 2016-08-03.
- "Bizdom press release" (PDF). Bizdom. Bizdom. November 6, 2015. Retrieved March 16, 2016.
- Reindl, J.C. (13 January 2013). "Dan Gilbert-owned company to acquire controlling interest in Greektown Casino". Detroit Free Press. Retrieved 2014-12-19.
- "Quicken Loans Group Buys Madison Theatre Building" (Press release). QuickenLoans.com. Retrieved 2014-12-19.
- Williams, Corey. "Dan Gilbert completes purchase of Chase Tower downtown, nearby parking garage". Crain's Detroit Business. Associated Press. Retrieved 2014-12-19.
- Duggan, Daniel (21 June 2011). "Dan Gilbert to Buy Yet Another Building". Crain's Detroit Business. Retrieved 2014-12-19.
- Duggan, Daniel. "Dan Gilbert Closes on First National Building". Crain's Detroit Business. Retrieved 2014-12-19.
- "Bedrock Properties". Bedrock Real Estate Services. Retrieved 2012-02-13.
- Gallagher, John. "Dan Gilbert buys Federal Reserve building in Detroit". Detroit Free Press. Retrieved 2014-12-19.
- Gallagher, John. "Dan Gilbert buys 5 more downtown buildings as part of 'Detroit 2.0' vision". Detroit Free Press. Retrieved 2014-12-19.
- Pinho, Kirk (11 July 2014). "Gilbert buys former Globe Tobacco Co. building for $3.3 million". Crain's Detroit Business. Retrieved 2014-12-19.
- Aguilar, Lewis. "Gilbert expands west, buys Book Tower". The Detroit Free Press. The Detroit Free Press. Retrieved 10 September 2015.
- Walsh, Tom. "Quicken Loans founder Dan Gilbert leading fight against Detroit blight". The Detroit Free Press. The Detroit Free Press. Retrieved 10 September 2015.
- Carlyle, Erin. "Meet the Eight Forbes 400 Billionaires Who Just Signed the Giving Pledge". Forbes. Forbes. Retrieved 10 September 2015.
- Boyer, Mary Schmitt (30 October 2011). "Neurofibromatosis can't change Nick Gilbert's attitude: 'Look at the bright side of everything'". The Plain Dealer. Retrieved 2014-12-19.
- "Daniel B. Gilbert". Children's Tumour Foundation. Retrieved 2014-12-19.
- Gomez, Henry J. (12 August 2015). "Cleveland Cavaliers owner Dan Gilbert places a big bet on Chris Christie, but what about John Kasich? Ohio Politics Roundup". Cleveland.com. Retrieved 18 October 2015.
- Konstantin, Lynne (9 February 2012). "Jennifer Gilbert is poised to revolutionize the residential interior design industry". The Detroit Jewish News. Retrieved 2014-12-19.
- "Children's National Health System Dedicates Gilbert Family Professorships in Neurofibromatosis" (Press release). Children's National Medical Center. 15 January 2014. Retrieved 2014-12-19.
- "Quicken Loans Ranks Highest in J.D. Power Study of Mortgage Servicing Client Satisfaction in Third Consecutive Year of Eligibility | Quicken Loans Pressroom". 2016-07-28. Retrieved 2016-08-03.
- Awards and Accolades - Quicken Loans.com