Brothers Fred and Greg Geis, who as partners “transformed a suburban industrial real estate business into a major player in the city of Cleveland,” have “quietly restructured” Geis Cos.,
Cleveland.com reported.
Their parents founded the business in the 1960s.
Fred Geis, 57, has sold his stake in the family's construction property-management and architecture companies to Greg Geis, 48.
Greg relinquished his position in Hemingway Development, which is no longer part of Geis, the article said.
Fred will focus on Hemingway projects with two partners, the report said.
“They described the decision as a good-natured and mutual one, driven by diverging interests and different philosophies about bringing their children into the real estate industry,” the article said.
The report noted that the brothers remain as partners in more than 50 properties and plan to continue making investments together. Fred expects to continue hiring Greg's companies for services such as construction, architecture and financial analysis, the article said.
Greg told Cleveland.com he hopes his children will join him in the business; Fred said he felt forced into working at the family firm.
While “Greg appears focused on launching companies and building empires,” Fred told Cleveland.com he's never been “a large corporation kind of guy,” the article said. (Source: Cleveland.com, Oct. 9, 2016.)
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