FAU News Release
FAU's College of Business Receives $5 Million Gift from Phil and Susan Smith
Gift to create Center for Free Enterprise and name college's main tower
BOCA RATON, Fla. – A leading Broward County businessman who developed a chain of successful car dealerships has given his alma mater a generous multimillion-dollar gift to further its College of Business.
Florida Atlantic University officially announced a $5 million gift from Phil and Susan Smith to establish The Phil Smith Center for Free Enterprise at FAU’s College of Business. The main tower at the College will be named Phil Smith Hall in honor of the FAU alumnus.
The Phil Smith Center for Free Enterprise will support the vision and strategic plan of the College of Business, adding chaired professorships and supporting research and educational programs for faculty members and students. The Center will also support distinguished visiting faculty along with a lecture series and other educational programs focused on the principles of free enterprise and how those principles affect growth and prosperity. Faculty will conduct research and develop programs based on the business philosophy and principles that have guided Smith over his career.
“I feel strongly that education is the great equalizer, and my experiences at FAU helped build the foundation I needed to become an entrepreneur,” Smith said. “Education encompasses the formal fundamentals taught in the classroom, the social interaction learned from classmates and professors, while learning the ability to reason and analyze. Having been exposed to all of these areas during my time at FAU helped me refine the same skills during my long business career.”
A native South Floridian, Smith graduated with a Bachelor of Science degree in finance in 1969 from FAU’s College of Business. He is president and CEO of Phil Smith Management, Inc., operating 11automobile dealership locations representing 25 franchises in Florida and North Carolina; as well as the Coral Ridge Country Club. He has more than 30 years of experience managing auto dealerships and built his organization from the ground up, starting from his first equity venture in a Toyota dealership in Homestead in 1980.
“As a young married man in the 1960s, Phil Smith commuted to FAU while successfully managing the demands of work and school to become a member of one of our earliest graduating classes. In later years, Phil was prominent in helping to establish FAU as Broward’s university,” said FAU President John Kelly. “Through Phil and Susan’s generosity, future generations of working professionals will carry on that legacy at FAU.”
A member of the FAU Foundation Board, Smith was named a distinguished alumnus of the College of Business in 2015. The Smiths also continuously give back to the community through their active involvement with the Humane Society of Broward County; Cystic Fibrosis Foundation; American Cancer Society; Holy Cross Hospital; Northwood University; Nova Southeastern University; Orange Bowl Committee and Junior Achievement.
“Phil Smith’s career demonstrates the success that is possible in the American free enterprise system – what entrepreneurs can build when they do the right things, and do them well.” said Daniel Gropper, Ph.D., dean of FAU’s College of Business. “Through this generous gift, generations of students at FAU will have the opportunity to learn the value of these fundamental principles. We are proud to have Phil Smith Hall as part of the College of Business.”
For more about FAU's College of Business, click here.
About Florida Atlantic University
Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, the University, with an annual economic impact of $6.3 billion, serves more than 30,000 undergraduate and graduate students at sites throughout its six-county service region in southeast Florida. FAU’s world-class teaching and research faculty serves students through 10 colleges: the Dorothy F. Schmidt College of Arts and Letters, the College of Business, the College for Design and Social Inquiry, the College of Education, the College of Engineering and Computer Science, the Graduate College, the Harriet L. Wilkes Honors College, the Charles E. Schmidt College of Medicine, the Christine E. Lynn College of Nursing and the Charles E. Schmidt College of Science. FAU is ranked as a High Research Activity institution by the Carnegie Foundation for the Advancement of Teaching. The University is placing special focus on the rapid development of critical areas that form the basis of its strategic plan: Healthy aging, biotech, coastal and marine issues, neuroscience, regenerative medicine, informatics, lifespan and the environment. These areas provide opportunities for faculty and students to build upon FAU’s existing strengths in research and scholarship. For more information, visit www.fau.edu.