WEDNESDAY, JULY 01, 2009

Sheldon Good severs all ties to Sheldon Good & Co.

by Illinois Real Estate Journal Reports
Sheldon F. Good, founding chairman and CEO of Chicago-based Sheldon Good & Company, the international real estate auction and brokerage firm which filed for Chapter 11 bankruptcy protection April 24, is no longer associated with the company he founded 44 years ago. The industry icon may instead form his own company and will explore other business opportunities.

Good served as chairman of the firm bearing his name from April 1965 until May 2001 when his late son Steven L. Good and his partners purchased the company from his father. The elder Good served as chairman emeritus of the new firm until the bankruptcy court voided his agreement Thursday (June 25). Sheldon Good has not been involved in the leadership or administrative and financial operations of the company since 2001.

"As a result of the recent bankruptcy proceedings of Sheldon Good & Company, which has been led by Alan Kravets, president, and Bruce Sayre, executive vice president, I am no longer associated with the real estate auction and brokerage firm I founded and profitably managed for more than four decades," said Sheldon F. Good. "I am relieved and now look forward to pursuing other groundbreaking ventures."

Soon after Sheldon Good founded the commercial real estate brokerage bearing his name, he recognized the potential value of auctions as an alternative technique for marketing real estate. He enrolled in an auction school in 1965 and by the mid-1960's, his firm became the first U.S. realty firm to develop and successfully apply the auction technique to selling real estate nationwide. By the early 1980's, during the Savings & Loan crisis, they were conducting hundreds of real estate auctions for community banks and S & L's throughout the country.

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