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Steven Shepsman and the former Debra Richer met at UB and now happily boast three children and eight grandchildren. Their family is a major impetus behind their recent gift to the School of Management (SOM) to establish the Shepsman Family Professorship, which will focus on the business of climate change.

Steven transferred to UB in the mid-1970s to pursue an accounting degree and maintained close ties after graduating, returning frequently to recruit other accounting majors to Kenneth Leventhal & Company, prior to its merger with Ernst & Young, both his former firms. He has also served as executive managing director of New World Realty Advisors LLC, which specialized in real estate restructuring, investment and finance.

Debra followed her two older brothers to UB but carved her own path in the then-nascent field of audiology. After receiving her degree in speech pathology and audiology from the College of Arts and Sciences, she went on to earn master’s and doctoral degrees at other institutions, specializing in diseases of the inner ear. She spent her own highly successful career working with neurologists and neurotologists—ENTs who specialize in treating conditions related to the inner ear and nervous system—including specialized training for cochlear implants. 

The couples’ involvement with UB through both service and philanthropy is extensive. Steven currently serves on the UBF Foundation Board and has also been on the SOM Dean’s Advisory Council and the Boldly Buffalo campaign volunteer steering committee. Longtime donors to UB, Steven and Debra recently found yet another opportunity that piqued their interest through discussions with Dean Ananth Iyer: The business of climate change professorship. Why? Both Steven and Debra allude to their family.

“When we talk about climate change, what are we really talking about?” Steven asks. “We’re talking about the long-term sustainability of us, because it’s our planet. And as goes the planet, so goes its people.”

“Life is what matters,” Debra says. “We have to do something to keep perpetuating it.”

Although it’s a common belief that the business world is resistant to measures that fight climate change, such as solar power or electric vehicles, Steven feels differently. In his former role at New World Realty Advisors and as a current public board member of Howard Hughes Holdings, he sees the value of sustainability and efficiency in the real estate world.

“When you run a building efficiently with energy, it’s good for the climate and it’s good for business,” he says. “Clients can pay less in rent, so it’s good for their business. If they pay less in rent, they can charge less for their products, so it’s good for the consumer. And that’s just one example.”

“The Shepsman Family Professorship is a powerful example of how our alumni and donors can help shape a better future,” says Iyer. “Steve and Debra’s visionary gift will prepare the next generation of business leaders to navigate—and innovate within—the realities of climate change. Their generosity ensures that the School of Management will remain at the forefront of research, education and action on one of the most critical issues of our time.”

The Shepsmans’ gift will make an even greater impact, as it is eligible for the SUNY University Center Endowment Match, a fund established by New York State that will match $1 for every $2 contributed to new or existing endowed funds at UB, up to a total of $200 million. Endowed funds are especially important to UB as they provide a permanent source of funding, offering stability during uncertain economic times and perpetuating a gift’s impact.

“Hopefully with enough time and change we can rise above the political aspect of the climate change question and toward a business model consensus that it’s good for everybody regardless,” Steven says. “There’s a business case for your company, for our country, for everybody, because inaction is going to be costly. Maybe even deadly. That’s an easy business case.”