In late April, Western Video Market (WVM) announced the company was undergoing a restructuring to ensure the company’s longevity. As part of the reorganization, a group comprising 16 individuals and entities has formed a new ownership team.
“Everyone involved in this change has been a key part of the company—some from the very beginning—and some in more recent years,” said John Rodgers, WVM cofounder, in a news release. “All of the participants share the goal of providing the same personal customer service to our consignors and buyers that is the trademark of who Western Video Market always has been and will continue to be.”
Co-founder Ellington Peek has been named chairman emeritus as part of WVM’s new structure. Cattlemen’s Livestock Market (CLM) owner Jake Parnell was appointed president and chairman of the board. In his new role, Jake will lead the board through day-to-day operations and budgets, along with working closely with reps, until the company hires a general manager for long-term transition details.
WVM’s bold beginnings
Rodgers and Peek were true visionaries in livestock marketing when they established WVM in 1989. Alongside Andy Peek, Ellington Peek’s late son, the founders sought to create a platform for marketing large streams of cattle in the West.
“Cattle could be offered straight from the ranch without going through a fixed facility, giving the opportunity to market them to a very broad buyer base from around the country,” Jake told WLJ.
The company continued to grow, becoming one of the largest video auctions in the country. “Over the years, WVM has really separated itself with its ability to truly represent all of its consignors while still giving its buyers a really good experience,” he continued.
The founders realized early on that auction yards and video markets were a natural fit together. Jake said it was a perfect partnership at the company’s inception, and remains so today, now just with a different structure. He added that many of the original representatives are still connected with WVM or affiliated through auction years, and that he believes each rep is given a better opportunity to serve their customer because of their affiliation with WVM.
“It’s not 100% loyalty to the auction yard, or 100% loyalty to the video market,” he said. “It’s 100% loyalty to what fits their customers the best and their customers’ program the best.”
Jake continued that WVM’s objective has always been to maximize the value for cow-calf operators. “It’s their livelihood; it’s their day to make money,” he said. “There are very few professions where it’s like that, so you can’t afford to look down or take it easy.”
Forging ahead
Restructuring the company has been years in the making, but the timing was finally right, Jake said. “What a better time to do it than now with the phenomenal cattle market we’re experiencing?”
Jake sees the transition as an opportunity to pass the reins of the company over to the next generation while still having the hands-on expertise and guidance of Rodgers and the Peek family.
“This is still Ellington and Johnny’s company,” Jake said. “There’s nothing this new group of shareholders values more than Ellington Peek.”
Even as the company embarks on a new era, Jake emphasized the No. 1 priority is for WVM to remain who it has always been. “It’s very important to all of us involved in Western—whether we’re a director, a new shareholder, an officer or a representative that’s worked with Western for many years—to remain exactly who we are.
“And that is our ability to highlight our consignors’ cattle and bring extra value to a very broad buyer base around the country.”
Jake said those who work on the WVM team do an exceptional job, and that comes from the foundational approach that Rodgers and Peek set years ago. “It’s about people and it’s about the product, and the way you treat people and the way you market the product,” he said. “It’s not getting caught up in the size of the sales or the size of the lot or who is on the auction block at the time.”
New beginnings
“As we grow this company and make strides, those values and the foundation this company was built on are going to be our guiding principles as we go forward,” Jake said.
One of the first key changes in the transition is implementing a new central pay system, as opposed to the old structure where each rep paid for the cattle and used WVM as a broadcasting tool, Jake explained. This will keep it consistent across the board for all parties involved.
The office will remain in Cottonwood, CA, and much of the office team will remain in their roles, with the exception of Callie Peek Wood retiring as controller and Michelle Birt assuming her position.
“There’s been a lot of young, talented folks that have been extremely involved at WVM for many years,” Jake said. “And every one of them, whether they are a new shareholder or they’re on the board of directors, I think play a very key role.”
The new ownership group comprises the following individuals and entities: Peek, Rodgers, Rick Machado, Brad Peek, Donald Doverspike, Holly Foster, Justin Niesen, Matt Norene, J.C. Niesen, Todd Muller, Laurie Peek Norene, Betty Peek, CLM, Turlock Livestock Auction Yard, Ogallala Livestock Auction Market and Crawford Livestock Market.
“We look forward to continuing to do a great job for those we work for as we go out there and look to earn more customers along the way,” Jake finished. — Anna Miller, WLJ managing editor
