BY BY LISA BIANK FASIG
The Cincinnati Enquirer
The owners of Miller Bros. Paint & Decorating have signed an agreement to sell the nine-store chain, a move that would flip-flop a few roles and put the company's president in his father's former shoes.
President Mike Schmank, whose father bought the 88-year-old retailer in 1981, confirmed Wednesday that the family plans to sell the business to Vic Wells, a regional sales manager for Benjamin Moore paints. Benjamin Moore is a primary vendor of Miller Bros.
If the deal goes through, it would add another twist in a family-corporate relationship woven over many years.
Mr. Wells would leave his position at Benjamin Moore to run Miller Bros. Mr. Schmank, meanwhile, would assume a job at the paint manufacturer as area credit manager for the financial services department in St. Louis, where he attended high school.
Mr. Schmank's father, Robert, had worked as a district sales manager for Benjamin Moore in St. Louis before acquiring Miller Bros.
A selling price has not been released, but sale of the 45-employee company should not affect staffing or product mix, Mr. Schmank said. About 50 percent of the company's 1997 revenues of $5.5 million were from the sale of Benjamin Moore paints.
The younger Mr. Schmank said a lot of factors went into the decision to sell the chain.
"Succession is a tough thing nowadays," he said.
His parents, nearing retirement, wanted to sell the business, but selling it to their son would have meant leveraging the company to a point of discomfort. Instead, they signed a letter of intent with Benjamin Moore, which would buy the chain and then sell it to another buyer.
Doing so would protect Benjamin Moore's interest as a main supplier of the chain, since another retailer could pull its products from the shelves and replace them with a competitor's.
Mr. Wells stepped forward before Benjamin Moore needed to finalize its agreement. He could not be reached for comment.
Miller Bros. in August took steps to make itself more competitive and efficient by reducing the number of smaller-format stores.
It in August closed two of its smaller stores -- in Mariemont and Crescent Springs -- and opened a larger Miller Bros. Home Decorating Super Center at the Landen Square Shopping Center in Landen. It also expanded its Florence store.
