Q&A WITH BROADCASTER JOHN MICHAEL CAVS TV announcer traded a profession for a passion. PAGE 2
FOCUS: Companies link ESG goals, executive pay. PAGE 10
CRAINSCLEVELAND.COM I DECEMBER 12, 2022
GUS CHAN FOR CRAIN’S CLEVELAND BUSINESS
Low wages, staffing shortages hinder growing need for home health services. PAGE 38
Storied Richfield home rescued Home builder Sam Petros bought Farnam Manor in 2019 BY STAN BULLARD
Sam Petros, after surviving and thriving for 40 years in Northeast Ohio’s home building and development market, knew in 2021 he was about to break one of the key rules of real estate: Never fall in love with the property. “You never know when love will catch you,” the founder of Petros
Homes said of getting enthralled by the dilapidated Farnam Manor, 4223 Brecksville Road. He bought it in 2019 despite knowing better than most that he was embracing a money pit. The money burn is not over. So Petros will not say how much he has spent transforming the rundown place. He paid $285,000 for the two-story building on 5 acres in Richfield. Other costs easily exceeded $1
NEWSPAPER
VOL. 43, NO. 45 l COPYRIGHT 2022 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
P001_CL_20221212.indd 1
million. The village gave Petros Homes a tax increment financing deal that fronted $375,000 in expenses. Summit County records say an addition to the back cost an estimated $600,000. Recent history of the property has been checkered but its roots are deep. See PETROS on Page 44
THE
LAND SCAPE
Canon to establish health care unit in Cleveland area Tech giant to invest $300M BY SCOTT SUTTELL
Tech giant Canon Inc. is gearing up to make Cleveland the home of a U.S.-based medical imaging unit that would significantly expand the company's research and development efforts in the country. Canon plans a big investment —
on the order of $300 million over the next few years — to establish what will be known as Canon Healthcare USA Inc. The unit will launch in January with about 20 employees but is projected to grow to 200 or more over the next four to five years, according to the man tapped as chairman of Canon See CANON on Page 45
A CRAIN’S CLEVELAND PODCAST
12/9/2022 12:45:52 PM