Ira Jaffe pulls his golf club cart around the country club near his winter condo in Naples, Fla., a few days a week. It's an exercise in boredom, but exercise nonetheless. The 81-year-old attorney retired from Southfield-based Jaffe Raitt Heuer & Weiss, the law firm he founded in 1968, at the end of last year. A year earlier, he stepped down as the president and CEO of The Fisher Group, which handles the financial affairs of the Max Fisher family.
But retirement doesn't agree with Jaffe.
"Since I started working 60 years ago, work always equaled fun," Jaffe said. "It doesn't have the connotation of negative for me, even now. I want to be busy using my energy in productive ways."
Jaffe's restlessness led to the founding of his own consulting firm, Ira Jaffe Consulting LLC, last month. The octogenarian said the consulting work is a carryover from the kind of work he was performing at his law firm as he aged.
"At my stage of the game, what I had been doing for years would be called consulting," Jaffe said. "Almost 20 years ago, I was running everything at the firm. We had a consultant come in to talk about strategic planning and he sat me down and said 'Ira, do you love this firm? Then you must stop being the managing partner and set up a true board of directors and have a plan for client succession.' So that's what I did. This is the culmination of that plan. Now it's my time to share what I've learned."
Under his consulting firm, Jaffe will consult high-net worth clients on succession planning, business planning, estate planning, advice on family and trust disputes, family foundations and board membership.
Jaffe's board membership has been prolific throughout his career, with stints on nearly a dozen family foundation and nonprofit boards, including: The Fred A. & Barbara M. Erb Family Foundation; Cranbrook Educational Community; Cranbrook Institute of Science; McGregor Fund; Beyond Basics; The Parade Company; Detroit Zoological Society; eLab Ventures; and Michigan Capital Advisors.
He's also the current chairman of the board for commercial real estate development firm Redico.
Jaffe said several clients of the law firm are using his new consulting services as he's maintained several relationships for many years.
"Most of my clients don't want to change counsel, but want a set of new eyes ... ," Jaffe said. "They usually know the answers. They just need someone with the gray hair and the experience to say to them, 'Don't make these mistakes.'"
He already has a small business office in Naples and plans to establish one in metro Detroit in the coming months.
Jaffe plans to work from 7 a.m. to noon most days or as clients demand his assistance.
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January 31, 2021 at 12:05PM
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Ira Jaffe retires from law firm he founded, starts business - Crain's Detroit Business
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