Editor's note: Cendant Corp., and predecessor HFS, have changed the face of the real estate industry by ushering in an era of large-scale consolidation. The Coldwell Banker brand, which was acquired by Cendant predecessor HFS 10 years ago, has also been a driving force for industry consolidation and is the top real estate franchisor in the nation. (See Part 1, "Cendant buys its way to the top.") In the weeks following the devastating 1906 earthquake and fires in San Francisco, Colbert Coldwell, 23, established a commercial real estate business that would aid the city's rise from the rubble. That company – Tucker, Lynch & Coldwell – would later become Coldwell, Cornwall & Banker and then Coldwell, Banker & Co. Coldwell met Benjamin Arthur Banker in a real estate tran...
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