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Penniman's Pak-a-Sak chain was sold in 1971 to Southland Corporation,. It had offered shoppers the first self-service gasoline, popular barbeque sandwiches, and the first Icee frozen drinks. He was a board member of the Council of Profit Sharing Industries and worked to provide profit-sharing for Pak-a-Sak employees. After the merger, Penniman was a liaison and regional manager for Southland Corporation throughout the southeastern United States. In 1982, he founded the Penniman Company to advise his business clients​​ of the fine points of acquiring, managing, and selling companies. He was a mentor and  counselor to many young business people.<ref name=obit/>  

Penniman's Pak-a-Sak chain was sold in 1971 to Southland Corporation,. It had offered shoppers the first self-service gasoline, popular barbeque sandwiches, and the first Icee frozen drinks. He was a board member of the Council of Profit Sharing Industries and worked to provide profit-sharing for Pak-a-Sak employees. After the merger, Penniman was a liaison and regional manager for Southland Corporation throughout the southeastern United States. In 1982, he founded the Penniman Company to advise his business clients​​ of the fine points of acquiring, managing, and selling companies. He was a mentor and  counselor to many young business people.<ref name=obit/>  

In civic matters, he was a president of the [[United Fund]] and sat on the boards of the Baton Rouge Chamber of Commerce, the National Association of Convenience Stores, and St. Luke's and St. James Episcopal churches, of which he was a vestryman and served on the school boards operated by his church. He was a board member of Community Coffee, the Capital Savings and Loan Association, City National Bank,  Miller Penniman Equipment, and Vermillion, Inc. In 1961, he was named "Young Businessman of the Year." He worked to raise funds for the Episcopal School of Baton Rouge, of which he was a founder and the last surviving member of the original school board.<ref name=obit/>

In civic matters, he was a president of the [[United Way]] and sat on the boards of the Baton Rouge Chamber of Commerce, the National Association of Convenience Stores, and St. Luke's and St. James Episcopal churches, of which he was a vestryman and served on the school boards operated by his church. He was a board member of Community Coffee, the Capital Savings and Loan Association, City National Bank,  Miller Penniman Equipment, and Vermillion, Inc. In 1961, he was named "Young Businessman of the Year." He worked to raise funds for the Episcopal School of Baton Rouge, of which he was a founder and the last surviving member of the original school board.<ref name=obit/>

He was a member of the LSU Foundation and raised funds for the School of Arts and Music and the E.J. Ourso School of Business. He was a particular of LSU [[baseball]]. A hunter and fisherman, he purchased  property in 1975 in Clinton in East Feliciana Parish outside Baton Rouge and developed what he called Penniman Oaks.<ref name=obit/>

He was a member of the LSU Foundation and raised funds for the School of Arts and Music and the E.J. Ourso School of Business. He was a particular of LSU [[baseball]]. A hunter and fisherman, he purchased  property in 1975 in Clinton in East Feliciana Parish outside Baton Rouge and developed what he called Penniman Oaks.<ref name=obit/>