SIBSCO


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, and to learn 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 $100-$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 (Fort Wenger).

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 owned, rented, and/or developed by SIBSCO has grown to today's (2017) market value of $70 Million.

It became 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, the Sibs4 determined they would not be coming home to take over this family partnership.

On the 65th birthday of its managing partner, he concurred with 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 2003 SIBSCO changed its name from Piffuskids Company and revisited its game plan, and went into more passive investments that would yield income for the future without requiring active management other than our loyal and dedicated family CPA, Mark Schut.

When this was written, the company had just moved its 220 Lyon St. offices downtown (in the Exhibitors Building), and with the PFS retirement from UFP, the ownership began to shift. Mark Secchia went to China to seek his fortune.