Eric Fahnestock has resigned as president of Fahnestock Heating & Air Conditioning, which does business as Fahnestock Plumbing, HVAC & Electric.
Fahnestock has been in that position for six years and also has a minority interest in the company.
He’s not talking about the reason for his resignation, but it appears to be related to his efforts to purchase majority shares of the company from the estate of his late father, George Fahnestock.
“It’s more complicated than that,” says Gary Austerman, the attorney for the estate’s executor, Fahnestock’s widow, DeAnne Fahnestock.
She’s Eric Fahnestock’s former stepmother.
Austerman won’t go into details about negotiations over the purchase.
“I really can’t speak to that,” he says. “It’s private business.
“We’re just trying to have a very simple transition.”
For now, Eric Fahnestock continues to work at the company on an as-needed basis.
“I want the company to succeed, and I care about all the employees, and if they need me for something, I’m more than happy to help them,” he says.
“Business is sometimes a tough game, but you have to take the high road.”
It’s not certain how long the arrangement will continue.
“We’re still discussing that,” Austerman says.
He says he understands that Eric Fahnestock “has decided to pursue other options.”
“We wish him the very best, and as of the beginning of 2012, DeAnne Fahnestock will be in charge of the company.”
Austerman says DeAnne Fahnestock will take “more of a chairman approach, I guess you would say.”
“She’s not going to sit there day in and day out and operate the company.”
He says, “There will be some new employees coming in shortly who will take up the day-to-day operations.”
Austerman says the new hires are still being finalized.
“We have a very good management group out there, and they’re perfectly capable of continuing any transition that will occur.”
Big Dog deal
Part of the former Big Dog Motorcycles space at 1520 E. Douglas is now under contract.
No one involved in the deal is talking, but it looks like there’s a contract on the 20,000-square-foot warehouse space near Douglas and Hydraulic. That’s to the east of where Big Dog’s 60,000-square-foot showroom was.
The tract under contract includes an almost 2,000-square-foot office building in front of the warehouse and the land up to the corner of Douglas and Hydraulic. The list price is $850,000. The deal has not closed yet, but it may soon.
Intrust Bank foreclosed on Big Dog in April, and founder Sheldon Coleman Jr. dissolved the corporation.
Coleman then started a new company, BDM Performance Products, to supply parts, accessories and gear for more than 25,000 Big Dog motorcycles. The operation is based in Big Dog’s former service and research and development buildings and the former Johnstone Supply building next to where the company’s headquarters was. That property is not for sale.
Jeff Walenta and Scott Salome of Grubb & Ellis/Martens Commercial Group have the listing on the former Big Dog campus, which they’ll sell or lease. That includes 101,000 square feet and is listed for $4,020,000, though it now looks like there won’t be a package deal.
You don’t say
“It’s kind of a leap of faith.”
– Fox Ridge Restaurant owner Greg Davis on how supportive customers convinced him to keep open his Newton restaurant, which he’d planned to close this week after a tough 2011
Carrie Rengers first reported these items on her blog. Be among the first to get her business scoops at blogs.kansas.com/haveyouheard.
Carrie Rengers first reported these items on her blog Tuesday. Be among the first to get her scoops at blogs.kansas.com/haveyouheard.