Retired Mercury President Returns As Open Options President

Published Mar 18, 2019 15:36 PM

Open Options experienced major changes in 2018, including being acquired by ACRE and losing its President and General Manager, John Berman [link no longer available] who passed away unexpectedly at the same time.

Now, Open Options has recruited formerly retired industry veteran (Checkpoint Systems, HID, Mercury) to run Open Options.

[link no longer available]

In this note, based on our talk with new Open Options President Steve Wagner [link no longer available], we look at the following points:

  • Two big changes in two weeks
  • Challenge: Getting current
  • Objective: Double the business in 5 years
  • Staying focused
  • Leveraging ACRE brands
  • ACRE Ownership Will Offer Purchasing Power
  • Outlook

****** **** ******* ************* ****** ************ ****** ******** ****, ******* *** ******* challenged ** ** ******** ** ***** on ******* ** ******* ******* ****.

**** ******* *********** ******* ** **** **** ***** Wagner ***** ******* ****** ** *********.

Two *** ******* ** *** *****

**** ******* ********* ****** *** **** ushering *** ******* ******* *** ***** stages ** *********** ** ******* ******* ACRE **** ** ************ ****, ******* the ******* ** *****, ********* ** Wagner:

**** ******** ****** ** *** * very *** ***** ** *** ********. And **** *** ******** *** ***** sold *** ** *** *** *** events ** * *** **** ******.

****** **** **** *******, **** ****** someone ** *** *** ******* *** him ******* *** **** **** ***** to **** *******, **** **** ********* Joe ****** [**** ** ****** *********] reached *** ** ***:

**** ****** ******* ** *** **. I *** ***** *** **** ******* guys *** * *****. * **** everybody ***** .... *** ****: '****, ***’** an ******** ** ****, **** ** a ****** *** *** ** **** after ** *** ** **** **** us ***.'

Challenge: ******* *******

****** ** ******* ** ******* ****** going ** * ******** ********* *** helping *** ******* ** ****:

***** *** ** *********** *** ** to **** *** *** *** ******** on ****** ** **** *** *** the ******** ** *** *** ******. And ****’* **** *’* *****.

*******, ** *** *** *********, ****** has **** ******** ** ** ** since ** *** **** ****** *** decades ***** ** *** **** ** the ******** **** ** *** ****** world:

**’* **** ** ***** ***** *’** been ** *** ****** ******* ********* business. *** ********* *** ** ** to *** **** ** *******. ******* for *** **** ** ***** *’** been * ********* ********. ******** *** always **** ** *** ****, *** it ****’* ****.

Objective: ****** *** ******** ** * *****

****** **** *** **** ** ** double *** ******** ** * *****. Open ******* ****** ******* *** $** million ** ****, ********* ** * presentation ** ********. **** **** *** target ** $** ******* *** * CAGR ** ~**%. ***** **** ** above ****** ******* ******** *******, **** is ********* ******** ** *******, ********** with ****'* *********, ***********, *** ********* of *** ****** ******* ******, ***** with **** ******* ************ ******* ********** reach.

****** **** *** ***** ** ******* this **** ******** "*** ******** **" what **** ******* *** ******* *******:

* **** * *** ** **** in ** ***** **** **** ******* having **** *** ********** ** *** last * *****. **’* *** ******** from *******. **’* * **** ****** ship. ** *** ** ** **** the ***** ** *** **** ******** that ****** **** *******. ****’** **** a ****** **** *** ** ******** their ******** **** *** **** *** years *******. ** ********* ** ** not ***** ** **.

Staying *******

**** ******* ********* ********* *** **** long *******, ****** ****. *** *****, he ****, *** ** ***** **** to **** ***** **** **** *** done ******* ** *** ***** **** are:

* ***’* *** * *** ** changes. ** *** ****-***, *** ** was ****-******* *** *****’* * *** of ******* ***** **** *** ****** who **** **** **** **. * would ******* **** *** ******* ****** of ** **** ******* ******** ** 12-14 ***** *** *** *******’* **** 20 ***** ***.

Leveraging **** ******

**** ** * ******* ******* **** has ************ * *** ** ***** ** the **** *** ***** ** ******** its ******** ** *** ****** ******* ******. **** Options ***** ******** ****  ************ ******* Security, **********, ***, *** ******. ******'* former ******* ******* *** ******** ****** *** **** ** *** ** 2017 *** * ***** ******.

****** **** ** *** ******* ** leverage ***** ****** *********' ********* *** efficiencies ** ******* "*********** *****":

** *** **** ** *** **** portfolio, * *** ** **** *** the **** **** **** ******* **. And ******* **** *** ***** **** for * *****, ****’** *********** **** practices ******* ********** **** ** *** use. ** ** *** *** *** those ****-****** *******—*******, ***, ***—** *** leverage *** ********** **** *** ******* made. **** ***** ** * *** of *********** ***** **** ** ***’* have ** ****** ** *** ***.

** * ******, *** *** ******* now ********* **** *** ********* **** be **** *********** *** *************, ****** claimed.

ACRE ********* **** ***** ********** *****

*******, ****** **** **** ***** ****'* ownership ***** *** ***** *** **** "lift" *****-****, *** ***** *** **** the ******* ** * ******* ********** and *** ***** ** ******** **********:

****’* ********* **** ******* **** ******* operationally. **** ** *** ****** **** does *********-**** ** **** **** ** the ****** ** ****** ******* *** make ** ** ******** ******. ****'* brand *** * *** ** ***** that ** *** **** ******. **** you ******* * ** * ********* that *** **** ******** ** ***** us * *** ** ****** *****.

*******

*** **** **** **** ******* *** purchased ** ****, ***** *** **** rolling ** *** ********** ****** ******* industry ** ****** ***** **** ***************** ******** ~ $*** ************ **** *** *** *******.

*******, **** *** **** ******* *************** ******* ****** ****** **. **** **** ******* *** ** used ** ********** *** ***** *** expand ************* **** *** ******* *** customers. *********** **** *********** **** ************** ** ******** ****** *******, *** help **** ******* ** *** *** to ******, ** ****, ** *** program ****** *** **** ******** ** existing *** *** *******, ***** ******* to ** ****.

**** *******, *** ***** ** ****, is *** ****** ** '*******' *** 'revolutionize' *** ******** *** *** * good ****** ** ******* ** *** relatively ****** *********.

Comments (2)
Avatar
Brian Rhodes
Mar 18, 2019
IPVMU Certified

This is an interesting 'story' to read, Dan. Instead of generic press-releases that are the norm, this actually connects many 'dots' behind the move, kudos to Steve's frankness.

Also, Joe Grillo/ACRE seems to make strong decisions.  I'm not sure how much of a push-goal 15% CAGR is, but it would not be surprising if Open Options achieves it.  Especially, since Dan notes above, the company is a modest-sized regional player at this point.

Also, it emphasizes the need for business succession planning.  In this case, losing Jon Berman was a terrible loss, and ACRE is something of a 'white knight' in getting an experienced/market savvy Wagner to take the reins.   Would other companies in our industry survive a similar loss?

(1)
Avatar
Dan Gelinas
Mar 18, 2019
IPVM

Thank you, Brian. You pose an interesting question for any business owner. How prepared are they for their business to go on after they're gone?

(1)