SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4 )*
Grow Biz International, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
399817 10 5
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(CUSIP Number)
Sheldon T. Fleck
5720 Smetana Drive, Suite 330
900 Second Avenue South
Minnetonka, Minnesota 55343
(612) 939-3945
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
August 28, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 6 Pages
<PAGE>
SCHEDULE 13D
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CUSIP No. 399817 10 5 Page 2 of 6 Pages
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1 NAMES OF REPORTING PERSONS/ I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY)
Sheldon T. Fleck
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER
SHARES 300,000
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
300,000
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
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14 TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
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CUSIP No. 399817 10 5 Page 3 of 6 Pages
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY)
Terry K. Fleck
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
0
--------- --------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [X]
Excludes 300,000 shares held by reporting person's spouse as to
which reporting person disclaims beneficial ownership.
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
Item 1. Security and Issuer.
This filing relates to Common Stock of Grow Biz
International, Inc. (the "Issuer"),
4200 Dahlberg Drive, Minneapolis, Minnesota 55422-4837.
Item 2. Identity and Background.
(a-1) No change.
(a-2) Business Address: 5720 Smetana Drive
Minnetonka, Minnesota 55343
(a-3) No change.
(a-4) No change.
(a-5) No change.
(b-1) No change.
(b-2) Business Address: 5720 Smetana Drive
Minnetonka, Minnesota 55343
(b-3) No change.
(b-4) No change.
(b-5) No change.
Item 3. Source and Amount of Funds or Other Consideration.
Not applicable.
Item 4. Purpose of the Transaction.
No change.
Item 5. Interest in Securities of the Issuer.
Sheldon T. Fleck beneficially owns 300,000 shares of Grow Biz
International, Inc. Common Stock representing 4.9% of the shares
of Common Stock outstanding based on representations by the
Issuer as to the total number of shares of Common Stock
outstanding. Mr. Fleck has sole voting and investment power over
such shares. Mr. Fleck ceased to be the beneficial owner of more
than 5% of the outstanding Common Stock of Grow Biz
International, Inc. on August 31, 1998.
Terry K. Fleck no longer beneficially owns shares of Grow Biz
International, Inc. Common Stock. Ms. Fleck disclaims any
beneficial ownership of all shares held by Sheldon T. Fleck.
The investors are filing this joint Schedule 13D because they may
be deemed to be a group within the meaning of Section 13(d)(3) of
the Securities Exchange Act of
<PAGE>
1934 (the "Exchange Act") or each may be deemed to beneficially
own the shares held by the other. However, neither the filing of
this Schedule nor any of its contents shall be deemed to
constitute an admission that Sheldon T. Fleck and Terry K. Fleck
are a group for the purpose of Section 13(d) of the Exchange Act
or for any other purpose or that either is the beneficial owner
of any of the shares held by the other.
Sheldon T. Fleck effected the following transactions in the
Issuer's Common Stock since the most recent filing of Schedule
13D.
Number of Price Per
Transaction Trade Date Shares Share
Open market sale 08/28/98 207,000 $15
Open market sale 08/31/98 120,000 $15
Terry K. Fleck effected the following transactions in the
Issuer's Common Stock since the most recent filing of Schedule
13D.
Number of Price Per
Transaction Trade Date Shares Share
Open market sale 08/31/98 80,000 $15
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
1. Agreement to File Jointly--incorporated by
reference to Exhibit 1 to Schedule 13D
dated September 3, 1996.
SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Date: September 4, 1998.
By: /s/ Sheldon T. Fleck
Sheldon T. Fleck
By: /s/ Terry K. Fleck
Terry K. Fleck
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EXHIBIT INDEX TO SCHEDULE 13D
EXHIBIT NUMBER DESCRIPTION
1 Agreement to File Jointly--incorporated
by reference to Exhibit 1 to
Schedule 13D dated September 3, 1996.
