Best wishes to the founders of Spectora, our corporate neighbor out here in Colorado. We had some great times and you did a great job for our industry.
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Nick did you even watch the video?
No where does it state or imply Kevin and Mike are going anywhere.
You can’t say farewell to someone who isn’t leaving.
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This is reminiscent of the PORCH buyout of HIP with Dominic staying on behind the scenes.
Or is this another facet of the Reporthost Settlement?
Lots of questions with NO answers!
“Mike and I are still involved with the company”. Translation: “We don’t work here any longer.”
“Investment involvement” phrase used 3 times in the video. Translation: “We’re still owed money.”
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It’s a great way to learn how to post a “video” that says almost nothing and with no stated purpose.
That’s like saying Nick Grominko no longer has anything to do with InterNACHI because some guy named Chris is listed as the CEO
They hired someone to run the day to day mundane stuff.
No big deal.
If InterNACHI can have a CEO without removing Nick and Ben and numerous family members from InterNACHI, then Mike and Kevin can have a CEO without moving on from the Company.
Just like Gary Keller isn’t the CEO of Keller Williams because he doesn’t want to be; Gary would rather focus his time on education and strategic development, and hires someone else to run the day to day of the organization.
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Nope. I met with the new owners and their people for a couple hours. They paid $44 million for Spectora and they now own it and are now running it. The Wagstaff’s did a great job and it couldn’t have happened to nicer guys… but Elvis has left the building.
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@ruecker What’s your thoughts? 
I just watched the video. Seems like exactly as @imayer stated. They hired a CEO. The CEO is going to run the business day-to-day. The Wagstaff’s and the investor make up the board and will provide direction to the CEO. I don’t know, seems like just the evolution of a growing company.
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If I was a Spectora user I would be asking 3 questions.
- Who now owns the company?
- Will there be any changes to the privacy statement? Translation - Will you be selling my clients information?
- When will we be seeing price increases and by how much?
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Nope. The new owners hired their CEO.
A private equity firm bought them.
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You must have more info then. In the video they (Kevin and Mike) say it was their decision and they interviewed about 150 potential candidates. Of course, the investor also had input I’m sure.
As far as I know, they invested, but did not purchase, meaning the investor doesn’t have ownership control. The website still lists Mike and Kevin as owners, and it has been probably a year (?) since the investor came on. But maybe you have insider info the rest of us don’t have.
Some bullet points from an email I received today from Spectora…
- Mike and Kevin are not going anywhere, they are simply shifting their energy to focus on company strategy and less on day-to-day operations. It’s a very exciting moment for both them and Spectora!!
- Peter is an experienced CEO who will help improve our process and product.
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And now owns all of the data in the reports to do with as they wish.
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Ya think so? ;).
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They didn’t pay $44 million to make it back and more selling reporting software to inspectors. They had about 6,000 users. I don’t know what $44,000,000 million divided by 6,000 is but that’s the profit they’d have to generate per software package just to break even.
$7,300 per user.
That’s not even the gross sales they need, that’s the profit margin they need per user just to break even.
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