Early Life and Education
Steven M. Rales was born in Bethesda, Maryland, on March 31, 1951, into a Jewish family. Growing up in a supportive environment, he developed an interest in business early on. He graduated from Walt Whitman High School and later attended DePauw University, where he was a member of the Beta Theta Pi fraternity. Rales earned a Bachelor of Arts/Science from DePauw University in 1973 and a Juris Doctor (JD) degree from American University in 1978. These academic achievements provided a solid foundation for his future career.
Rise to Success
Rales co-founded Equity Group Holdings with his brother Mitchell in 1979, marking his entry into the business world. This early venture laid the groundwork for his future success. In 1984, he co-founded Danaher Corporation, serving as Chairman of the Board since its inception. Under his leadership, Danaher transformed into a global leader in manufacturing and technology, demonstrating his strategic vision and leadership. Rales's business acumen led to significant acquisitions and the expansion of Danaher's product portfolio. He also co-founded Colfax Corporation in 1995 and engineered its successful initial public offering in 2008, further solidifying his reputation as a successful entrepreneur.
Key Business Strategies
Rales's career is distinguished by strategic acquisitions and a focus on continuous improvement. He acquired Easco Corporation, a major aluminum extrusion and hand tool manufacturer, in 1985. His leadership and focus on building strong management teams within Danaher and its subsidiary companies have been key factors in the company's success. He has emphasized a culture of continuous improvement, lean manufacturing, and customer-centricity. His approach to business includes strategic acquisitions and leveraging the Danaher Business System (DBS) to drive growth and efficiency. Rales has consistently focused on building businesses with sustainable competitive advantages.
Philanthropy
Beyond his business endeavors, Steven Rales is also involved in philanthropy. He was a major donor in the 2002 dedication of the Peeler Art Center at DePauw University. He also owns the media distribution companies Janus Films and The Criterion Collection and holds a 20% stake in the Indiana Pacers of the National Basketball Association (NBA).
