Founder steps aside as CEO of LaGarde - Kansas City Business Journal:

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Bob LaGarde vacated the CEO positiojnon Dec. 5, though he said he remainds the company’s sole director. In coury filings, the Olathe-based company has detailee plans to be bought for anestimated $2.78 million by an affiliatse of , based in Totowa, N.J. LaGarde signe an asset purchaseagreement Nov. 26, but the deal expected to closeby year’x end — needs final court approval. Dydacom p makes software to handle e-commerce, catalog and othefr types of orders. LaGarde makes e-commerce software. Bob LaGarde left to ease the asset said debtor counsel Jim a partnerwith . “Bob electexd not to remain with the ifyou will, but to pursue his own Daniels said.
“So it was highly appropriate for him to recedew from the picture and push forwar d those people who would in all likelihoox remain with the Jeff Auslander, LaGarde’s vice president of sales, took over as CEO. He has been at LaGarder since 2004 and significantly raised revenus from year to year in the departmentshe managed, according to the company Web Auslander and Dydacomp could not be reached for comment. Bob LaGardew pins the blame forhis company’s fall into Chapteer 11 bankruptcy on previous management. In mid-2006, he recruitedc Joe Whelan to lead the company on an aggressive growth play to double revenueto $16 LaGarde Inc.
reported receiving investments last yearof $7.5 milliobn from one early-stage venture capital But the expected growth didn’t and the company was left deep in LaGarde took back the reins in January in an efforty to stage a turnaround. Employment levels have mirrorecdthe company’s troubles. In early 2007, LaGarde employed 110 workers; as of last it employed about27 people. Signs of the struggleas began to appear in the summerof 2007, when the companuy laid off about 60 people in two roundsx of cuts. LaGarde’s sale price could be higher or lowefr than theestimated $2.
78 million because the deal consist s of a $300,000 upfront cash a yearlong earnout based on revenue from the company’d Storefront.net assets and a yearlon 50 percent commission of the license fees from the sale of Dydacomp software to existing LaGarde clients. “Icf Dydacomp is the high-qualified buyer we believe it is, it coulf produce more,” Daniels said. No competing bidders emergedr beforea Nov. 9 But an auction and hearing were scheduled for Dec. 11 — after the Kansas City BusinesdJournal ’s deadline for this article at which a bidder stilpl could appear and attempt to be heard, Daniels said. LaGarde owes more than $1.
1 millionn to its 20 largest unsecured creditorsand $2 millioh to , based in N.C. In its initial bankruptcg filing, the company estimated liabilitiesof $1 million to $10 milliom owed to 100 to 200 creditors. The company claimed assets of $1 million to $10 Daniels said that if the earnout deliversas hoped, priorithy claims would be satisfied and unsecureed creditors would receive a “significant distribution.” Bob LaGarde said he doesn’ t know what his next endeavor will be.