Daniel Milstein

Daniel Milstein

Daniel Milstein at the INC. 500 awards in 2009
Born (1975-11-08) November 8, 1975
Kiev, Ukraine
Residence Northville, Michigan
Nationality American
Education Cleary University
Occupation Entrepreneur, author, founder & CEO of Gold Star Financial Group
Employer Gold Star Financial Group
Website DanMilstein.com

Daniel Milstein (born November 8, 1975), is a Ukrainian American entrepreneur and writer.[1][2] In 2000, he founded Gold Star Financial Group, a financial services company that specializes in prime mortgages.[3][4] Milstein's books include the bestseller 17 Cents and a Dream about his family's escape from Ukraine, which was then part of the Soviet Union, to the United States.[5]

Early life and education

Daniel Milstein was born in Kiev, Ukraine, which was then known as the Ukrainian Soviet Socialist Republic, part of the Soviet Union. He and his family suffered government oppression and anti-Semitism.[1] After the death of his grandparents as a result of the 1986 Chernobyl nuclear disaster, the family made the decision to emigrate. Following years of planning, Milstein's family landed in the United States in December 1991 just as Ukraine was affirming independence from the USSR.[6] Granted political asylum, they settled with distant relatives in Michigan where Milstein attended high school at Huron High School while working part-time at a local McDonalds to help support the family.[7] He attended Eastern Michigan University and received a BBA with honors in business management and finance from Cleary University. In 2012, Cleary awarded Milstein an honorary Doctor of Business Administration and he later served on the school's Board of Trustees.[8] Milstein and his brother, Alex Milshteyn, both went into different areas of the housing business. Milshteyn (a different spelling of the family name) became a real estate agent, then started his own real estate company.[1]

Career

After college graduation, Milstein worked for various financial institutions starting with TCF Bank. He later worked for Comerica Bank, where he failed twice at becoming a loan officer because of inexperience. Milstein learned the mortgage business while working at ABN AMRO Mortgage Group, starting as an underwriter.[9]

Gold Star Financial Group

In 1999, Milstein started a branch of Golden Rule mortgage, which he later changed to Gold Star Financial in 2000.[9] The company's model is high-volume discount mortgages with low risk, using relationship marketing.[10] By 2002, Milstein agreed with industry experts that a market correction would happen eventually in the housing industry.[11] He expanded Gold Star nationally and diversified but did not enter the subprime market. The expected United States housing market correction began in 2005 which fed into the subprime mortgage crisis in 2007.[11]

Between 2005-2011, Milstein led a major expansion of Gold Star into the vacuum where companies involved in the subprime market had shut down. This grew the company over 700%, moving into an additional 11 states.[10][12] When regulations around the mortgage industry changed in 2009, loan officers needed to pass through more rigorous testing in each state; "the landscape of (the) industry changed completely."[11] Milstein invested in training and hired experienced staff from shuttered companies, pushing a collaborative workplace model based on the open door policy.[3] The Detroit Free Press named Gold Star to its Top Workplaces" list four times from 2011-2014.[11][13] Gold Star was named to Inc. Magazine's 500 list of fastest-growing companies in the United States in 2009 and 2010.[14] In 2011, Gold Star was named one of Michigan's "Economic Bright Spots".[12]

In 2009 and 2010, Scotsman Guide named Milstein as their Top Originator in their annual rankings and in 2013 and 2015, Gold Star was named to the Ellie Mae Hall of Fame for "Outstanding Loan Origination Process".[15] In 2009, Crain's Detroit Business recognized Milstein as one of their "40 Under 40" - people who have made their marks in business before age 40.[4] The following year, DBusiness named Milstein as one of their "30 in their 30s".[16]

Books

In 2011, Milstein started his writing career by publishing his first book through his own publishing company, The ABC of Sales.[17] A non-fiction primer for aspiring salespeople, he spelled out the basic tools he used to make himself a success. Milstein discussed the impact Ray Kroc’s philosophies had on him when he was a teenager working at McDonalds and how he grew to love sales. The bestselling book was generally well received.[18] Kirkus Reviews stated that the book's enthusiasm was infectious; “Milstein’s ideas are easy to grasp (and) his message is clear: love the product, love the customer and do whatever it takes to close the sale.”[19] The book received several awards for sales and content, including honorable mentions at the San Francisco and New England literary festivals.[9]

Milstein's second book was a memoir, 17 Cents and a Dream: My Incredible Journey from the USSR to Living the American Dream, published in 2013.[6] The book related his family's escape from Ukraine in the wake of the Chernobyl disaster, living in subsidized housing and learning English, to his pursuit of the American Dream and forming Gold Star. Labelled part memoir and part "motivational manual", the title refers to the seventeen cents Milstein had in his pocket when he arrived in the United States, which had been given to him by a friend to cover the expense of a postage stamp so that Daniel could send him a letter. The book was well received; it was awarded an ‘Honorable Mention’ by the Paris Book Festival in May 2013 and ranked No. 1 on Amazon’s list of Kindle eBooks in its category.[5] Milstein found it difficult writing about the violent anti-Semitism his family suffered living in the Ukrainian Soviet Socialist Republic, one of the driving factors of their emigration.[20] Reviews called it a "candid, gripping account."[5]

Street Smart Selling: How to Be a Sales Superstar, Milstein's third book, was published in 2014.[21] The book uses examples from Milstein's company for advice on how to succeed in sales. Reviews called the book authentic and uplifting.[22] The book became a bestseller and won its category at the Great Northwest Book Festival, as well as being recognized at several others.[23]

Miscellaneous

Milstein is also the agent for hockey player Pavel Datsyuk, Pavel Datsyuk, who recently announced his intention to retire from the NHL in April 2016.[24]

Bibliography

References

  1. 1 2 3 Freed, Ben (February 24, 2013). "Milstein and Milshteyn: Ann Arbor brothers with different names share the same drive". Ann Arbor News. Retrieved 20 May 2015.
  2. ↑ "Gold Star Mortgage Financial Group Company Profile". Inc. Magazine. Retrieved 2012-07-09.
  3. 1 2 Kelly, Peter Shankman ; with Karen (2013). Nice companies finish first : why cutthroat management is over--and collaboration is in (1st. ed.). New York: Palgrave Macmillan. pp. 82–85. ISBN 0230341896.
  4. 1 2 Henderson, Tom (October 4, 2009). "C rain's 40 under 40: DANIEL MILSTEIN, 33". Crain's (Detroit Business). Crain Communications. Retrieved 20 May 2015.
  5. 1 2 3 McKee, Jenn (May 16, 2013). "Ann Arbor author's book, '17 Cents and a Dream,' wins an award". Ann Arbor News. Retrieved 20 May 2015.
  6. 1 2 Milstein, Daniel (2013). 17 cents and a dream. Ann Arbor, Mich.: Gold Star Publishing. ISBN 0983552746.
  7. ↑ Michel, Christopher (June 23, 2013). "Bittersweet: OHS grads look back". Olean Times Herald. Retrieved 21 May 2015.
  8. ↑ "BOARD OF TRUSTEES". Cleary University. Retrieved 21 May 2015.
  9. 1 2 3 Blodgett, Laura (June 14, 2012). "Ann Arbor businessman Dan Milstein enjoys success with his book 'The ABC of Sales'". Ann Arbor News. Retrieved 21 May 2015.
  10. 1 2 Staff (with Bloomberg) (November 2, 2008). "Biopure lays off most of few remaining employees". Boston.com. Globe Newspaper Company. Retrieved 21 May 2015.
  11. 1 2 3 4 Marr, Joe (February 3, 2011). "Interview: Daniel Milstein of Gold Star Financial defies mortgage market trends". Ann Arbor News. Retrieved 21 May 2015.
  12. 1 2 Cabadas, Joseph. "Michigan Businesses Build Success at Home". Corp! Magazine (May/June 2011). Retrieved 22 May 2015.
  13. ↑ Staff (November 15, 2014). "Detroit Free Press 2014 Top Workplaces, midsize companies". Detroit Free Press. Retrieved 22 May 2015.
  14. ↑ Staff. "INC. Magazine 5000: Gold Star Financial". INC. Magazine. Retrieved 21 May 2015.
  15. ↑ Meneken, Derek. "Q&A: Daniel Milstein, Gold Star Mortgage Financial Group". Scotsman Guide. Retrieved 5 June 2015.
  16. ↑ King, RJ (August 23, 2010). "30 In Their Thirties — 2010 Business Leaders of Tomorrow ... Today". DBusiness, Detroit Business Journal. Retrieved 6 June 2015.
  17. ↑ Milstein, Daniel (2011). The ABC of sales : lessons from a superstar : how a Russian immigrant with 17 cents in his pocket became one of the top mortgage bankers of all time (1st American ed.). Ann Arbor, Mich.: Gold Star Publishing. ISBN 098355272X.
  18. ↑ Smith, Paul W. (12 Feb 2013). "Dan Milstein Interview". WJR News Radio 760 AM. Retrieved 2013-03-09.
  19. ↑ Staff (2011-02-09). "ABC OF SALES; Lessons From a Superstar". Kirkus Reviews. Retrieved 4 June 2015.
  20. ↑ Review Staff. "Daniel Milstein - 17 Cents and a Dream - Author Interview". Tribute Books. Retrieved 4 June 2015.
  21. ↑ Milstein, Daniel (July 2014). Street Smart Selling: How to Be a Sales Superstar. Gold Star Publishing. ISBN 978-0983552772.
  22. ↑ Review Staff (1 October 2014). "STREET SMART SELLING How to Be a Sales Superstar". Kirkus Reviews. Retrieved 4 June 2015.
  23. ↑ Goldman, Norm (August 19, 2014). "A Conversation With Daniel Milstein Best-Selling Author of The ABC of Sales, 17 cents and a Dream and His Most Recent Book, Street Smart Selling". Book PLeasures. Retrieved 4 June 2015.
  24. ↑ Custance, Craig (April 10, 2016). "Red Wings star Pavel Datsyuk plans to retire from NHL after playoffs". ESPN GO. Retrieved 28 May 2016.

Daniel Milstein in libraries (WorldCat catalog)

External links

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