by Mark W. Secchia

Peter F. Secchia decided to start a small real estate management company in the 1980's as a vehicle to teach his four children business principles, with the risk and responsibility that comes with investment. While they were attending college, they would manage this rental property, pay the bills, negotiate the maintenance, supervise the cleaning staff, and help find weekly tenants for the 12 summer weeks, and one monthly winter tenant.

They would each receive $200 per month for this management work. That became their spending money while at college. It was to teach them responsibility. It began as a single property.

The last Secchia student graduated from undergraduate school in 1995... and as this LLC had become larger than intended, it needed family leadership... So PFS became its managing partner without salary.

A list of properties that were owned, rented, and/or developed by SIBSCO are as follows.

Description Date Aquired Date Sold Notes
Fort Wenger Aug. 1986 Lake Front Rental Home
Englewood Apartments Nov. 1990 Aug. 1996 Section 8 Apartments in Kentwood
Hagerstown MD - RCFC June 1992 Apr. 1998 Restaurant
Cedar St. Finleys Oct. 1992 Restaurant
201 Monroe NW GR Feb. 1994 Nov. 2000 RCFC Office
Northland - Pietro's Apr. 1995 Restaurant & Miniature Golf
525 Ottawa NW Oct. 1996 Office Building
82 Ionia NW Nov. 1997 Office Building
Peck Building Jan. 1998 Mar. 2002 Renovated Apartments & Retail
Cherry St. Landing Jan. 1998 Sept. 2003 A Multi-Unit Development
Train Station Jan. 1998 Jan. 1999 Design Plus Corp. Office
Sierra Room Lot Jan. 1998 Vacant Land
Cafe/Youngs Buildings Jan. 1998 Mar. 2002 Vacand Land
Western Michigan University Sept. 1998 Classroom Building & Law School
Steketee Building Dec. 1998 Jun. 2000 Office
City Center Building Nov. 1999 Mar. 2001 Office / Police Station
Lot - Scenic Dr. - Muskegon Nov. 1999 Aug. 2000 Lakeshore Property
Lake Eastbrooke Aug. 2000 Office
Olds Manor Oct. 2001 Jan. 2003 Future Hotel
20A Parcel - Nunica, MI Sept. 2002 Farmland
3065 Henry St. Muskegon Dec. 2002 Restaurant
140 Columbia Ave. BC Dec. 2002 Restaurant
6301 Westnedge Kal Dec. 2002 Restaurant
175 E. 8th Holland, MI Dec. 2002 Restaurant

It had been a successful and enjoyable period in their lives, and the mission statement never changed. It was always: "To take old and tired buildings, clean them up, make the buildings proud members of our community, and try to fill them with tenants who would add to the vitality of our renovated downtown district."

When the politics on the City Commission changed, and all of the Sibs4 had determined they would not be coming home to take over this family partnership, the 65th birthday of its managing partner made this decision. "Why invest in 4 or 5 year projects if there is not going to be anybody here from the family to manage them?"

In the year 2002, a decision was made to reduce activity in downtown Grand Rapids for several reasons.

So, in 2003 SIBSCO changed its game plan and went into more passive investments that would yield income for the family without requiring any management other than our loyal and dedicated family CPA, Mark Schut.

SIBSAIR was formed — to lease airplanes with Northern Jet Management as the managing lessee. Mark Schut is the supervisor.

SIBSFARM was formed in January 2003 — to invest in agricultural properties with former Lt. Governor Dick Posthumus as our managing partner. Agricultural property was escalating rapidly in price. This was tabled in June of 2003.

When this was written, the company has just moved its offices downtown (to the Exhibitors Building).