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Leo was a partner because he fronted the money to start it up. He wanted nothing to do with the business anymore. They dragged him into it. He had absolutely no input on what Music Man was doing. He disliked how it was run. He sold Music Man instruments produced in his CLF Research shop and sold them for a slim mark up. He lost millions of dollars in the Music Man deal. G&L was an attempt to salvage his investment. By '87 he realized he was getting too old and he would never turn a profit again. He had his accountant prepare to sell the company, but nobody wanted it. He died owning it.
And to expand on the Music Man fiasco. By '78, Tom was running the show. Leo forced Forrest to sell Tom enough of his shares to give him majority control. Leo was named "president", but it was honorary by Leo's own demand. They felt it was a good marketing tool and Leo wanted no dealings with the business side of things. It was basically a replica of the old Fender setup. But rather than Fender Sales being owned by Don Randal, Music Man was owned by Tom, Leo, and Forrest. The same setup happened later as Dale Hyatt owned G&L Sales..which was separate from the manufacturing side, owned by Leo.
And to expand on the Music Man fiasco. By '78, Tom was running the show. Leo forced Forrest to sell Tom enough of his shares to give him majority control. Leo was named "president", but it was honorary by Leo's own demand. They felt it was a good marketing tool and Leo wanted no dealings with the business side of things. It was basically a replica of the old Fender setup. But rather than Fender Sales being owned by Don Randal, Music Man was owned by Tom, Leo, and Forrest. The same setup happened later as Dale Hyatt owned G&L Sales..which was separate from the manufacturing side, owned by Leo.
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