Eight Over 80: Eli Broad

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Eli Broad | 80 | Founder, Broad Foundations

After reaping billions of dollars in homebuilding and insurance, Eli Broad could have sat back and relaxed. Instead, he’s deeply involved in making a mark on Los Angeles.

“I’m busier now than I ever was running a Fortune 500 company,” Broad told the Business Journal.

He started building his fortune with his namesake company, Kaufman & Broad, which became KB Home. He then launched a firm selling financial products for retirement, SunAmerica, which he sold to AIG in 1998. That put Broad in the top echelons of L.A.’s billionaires.

He then set up his foundation office in Westwood, focusing his philanthropy on three fronts: education, biomedical sciences and art. He works about 60 hours a week.

Broad has amassed a major art collection, much of which will be housed at his namesake downtown L.A. museum, slated to open next year.

While he might be working harder than ever, he also finds it more fulfilling.

“I enjoy doing good work in philanthropy,” he said. “It’s much more rewarding than running a company. I hope more people get involved in philanthropy. There is a great need.”

He still takes some time off to travel. Earlier this year, he took a two-week trip around the world, with stops in Florence, Italy; Qatar; Hyderabad, India; and the Maldives Islands. Of course, he’s not always a typical tourist; on many stops, he met with prominent local leaders.

“I find these trips a great learning experience,” he said.

As for staying healthy in later years, he recommends getting eight hours of sleep each night. He enjoys new technology and said that he loves his iPhone because it keeps him connected wherever he goes. He acknowledged that he’s slowed down a bit and is changing his workweek as a result.

“I try to work from home a day or two each week,” he said.

But he’s not ready to stop anytime soon. After all, there are advantages to having been around for awhile.

“I know what really matters and I can work smarter,” Broad said. “I’m able to put to use everything that I’ve learned and draw on my experience. I really enjoy what I’ve done. I love creating new things or improving things that already exist. And I want to keep doing that.”

Broad’s advice to other business people preparing to retire: get involved in something outside of commerce.

“I hope what I’m doing will resonate with other people getting ready to retire,” he said. “There is so much they could be doing and so much satisfaction they could be gaining.”

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Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He has won several awards, including Best Body of Work for a single reporter from the Alliance of Area Business Publishers and Distinguished Journalist of the Year from the Society of Professional Journalists.

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