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Post subject: Re: Leo Fender
Posted: Fri Jun 27, 2014 1:40 am
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Joined: Fri Feb 05, 2010 4:31 am
Posts: 14049
Location: Province de Québec, Canada
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Fender Play Winter Sale 2020
Post subject: Re: Leo Fender
Posted: Fri Jun 27, 2014 8:19 pm
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Aspiring Musician
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Joined: Tue Nov 26, 2013 5:33 pm
Posts: 581
Location: South Carolina, USA
The huge success that Leo had achieved with his products during his ownership had become overwhelming as more cash was needed to fuel further expansion.

His health was also worsening from a strep infection he'd caught while on a vacation in the mid 1950's.

The more tired he became, he realized he could no longer work as hard as he'd like, so he decided to quit and asked Don Randall to look for a prospective buyer.

Negotiations began in late '64 and the company sold for $13 million, CBS took legal ownership on January 5th, 1965.

Leo agreed to not be a competitor against CBS and to stay available as a consultant for five years per contract during which time he was completely cured of his strep infection.

Feeling better than ever, he then went on to form other great musical instrument company's such as Music Man and G&L, he later became sole owner of G&L and the guitars were then branded (G&L Guitars By Leo), these are the last instruments Leo ever built and he worked up to the day he passed.

RIP Leo, and thanks for all the wonderful instruments you gave us to play and enjoy.

G


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