Securadyne CEO: IPVM 'Entertaining For An Ignorant Few'By John Honovich, Published on Apr 16, 2019
Securadyne's CEO Carey Boethel is unhappy with IPVM's report - Failed Integrator Rollup, Securadyne Sells to Guard Giant Allied.
Indeed, he responded to IPVM declaring:
Nice article today. Wrong on multiple accounts and totally ill-informed. But I suppose it was entertaining for an ignorant few.
In fairness, that is a clever put-down... for a 10-year-old.
His problem is we provided a thorough, well-documented, report with 20+ citations, covering his company's last 8 years, showing how Securadyne stagnated for many years, failing to achieve their plan.
To summarize our report, their plan, disclosed at the time of the investment, was to acquire various integrators and achieve a national footprint. They never achieved a national footprint and they stopped acquiring integrators 5 years ago, so they did not achieve their plan. As late as 2016 Boethel said their plan was to get to a "projected $90 million by 2017". That plan failed too and we know this because Allied, in the acquisition announcement, showed Securadyne 2018 revenue to be just $73 million, less than Securadyne's revenue in 2014.
No Counter Argument Made, Just Disparagement
Boethel did not respond with any facts nor details to contradict or disprove our reporting nor citations.
Instead of actually and factually responding to our reporting and critique, Boethel chose to disparage us.
One important lesson is to be skeptical of hype, as an integrator observed:
Wasn't Securadyne one of the security industry's rag mags golden child not that long ago? You know, #1 of the Fast100 or something like that. I know the general rule in the industry mag world is that you gotta pay to play, but the sheer amount of smoke and mirrors that is probably being pushed out ... Oh well ....
Securadyne got tens of millions of dollars from a financier to buy out integrators, used that to generate media hype while working integrators got to work in the trenches.
Dealing With Problems
Our advice to Boethel and other executives with problematic businesses is to acknowledge issues maturely and explain how the company is going to improve.
It might feel good for a few minutes to disparage a critic but you will achieve more, in the long-run, by thoughtfully assessing and properly explaining what went wrong and how those experiences will help improve future strategies.
Ignorant Few vs Open Secret
The irony of all this and Boethel's 'ignorant few' comment is that executives we spoke to, both before and after the deal, widely knew of Securadyne's and Boethel's problems. This had been an open secret.