How Steve Mihaylo Made His Millions
Steven Mihaylo has been an integral member of SGM Big Bear High School Education Foundation as a board member and major donor, as well as being its founder. In 2007, Inter-Tel, which he co-founded and sold off for $750 Million was sold as well.
Mihaylo offered the university over $4 million to create a business school and promised another $30 million later, but despite repeated efforts it has yet to fulfill that obligation.
Early Life and Education
Steve Mihaylo graduated with a degree in accounting and finance from California State University Fullerton. Following graduation, he used his training to form Inter-Tel Communications which later sold for an estimated total of $750 Million.
Mihaylo donated $4 million toward building the University’s business school building and pledged $30 million towards its operation; upon making payments totalling $8 million between 2004 and 2016, when payments stopped, he suggested instead purchasing equipment from his telecommunications company. The school is named in his honor with a statue commemorating him outside.
Fram Virjee, president of CSUF, has made strides toward rebuilding relationships between his school and Mihaylo since taking office in 2018. However, Mihaylo claimed that CSUF refused to support conservative views like his while restricting free speech on campus.
Steve Mihaylo founded Inter-Tel Communications, an international telephone and telecommunications provider he sold for $750 million in 2007. He credits hard work and determination as the keys to his success; saying “success is earned, not given”.
The Steve and Lois Mihaylo Foundation has contributed millions in investment income to programs and initiatives that help children in our community, including after school programs and scholarships, career enhancement programs for kids, teachers, military members and their spouses, and career enhancement services for teachers.
The foundation also supports the Karl Eller College of Management at the University of Arizona and serves on its advisory board; additionally, millions have been donated toward Cal State Fullerton’s Steven G. Mihaylo Business School construction and operation by this foundation.
Achievement and Honors
Steve Mihaylo’s family foundation focuses on education, after-school programs, scholarships and career development for children, teachers and military men and women. Additionally, millions have been donated towards community enhancement programs to assist people and businesses get back on their feet.
Mihaylo quickly understood that education was key to starting his own successful business and founded the Steve and Lois Mihaylo Foundation as a result.
Mihaylo serves on several boards in addition to his work with the Karl Eller College of Management, such as Junior Achievement of Central Arizona and SGM Big Bear High School Education Foundation. In addition, he sits on Cal State Fullerton’s Dean Advisory Board as an appointed member.
Steve Mihaylo prioritizes family first in his life, and gives back to the community through programs that benefit children. Together with Lois, they established a foundation that has granted millions to after school programs, scholarships and career development for kids, teachers and military men and women.
He has also been active with Junior Achievement of Arizona and serves on the Advisory Board for Arizona State University’s Karl Eller College of Management Advisory Board as well as many other boards including Big Bear High School Education Foundation.
Mihaylo is currently fighting to regain control of Inter-Tel Communications, having recently hired law firm Skadden, Arps, Slate, Meagher & Flom to assist him with exploring all available options – which may include buyout or tender offer proposals.
Steve Mihaylo rose from humble origins to become one of the leading entrepreneurs. Thanks to hard work and smart decision-making, he reached the pinnacle of his profession – amassing millions over the course of his career.
After graduating with a degree in accounting and finance from Cal State Fullerton, Mihaylo founded Inter-Tel, selling business telephone systems until 2007. By 2007 alone, annual sales had exceeded $500 million at Inter-Tel until its sale to Francisco Partners.
As Director and 10% Owner of Crexendo Inc, Steven G Mihaylo makes over $19 Million per year as Director/10% Owner. Since 18 months ago he has conducted 85 insider trade transactions in CXDO stock; GuruFocus tracks these trades to compare with market benchmark returns when buying and selling stocks within specific time frames.