How HeavyWorth came to be
Grab a cup of something, this may take awhile
The Origin of HeavyWorth
Dusty Reynolds was still helming his tech company when he befriended Purple Wave’s founder Aaron McKee during their participation in the Pipeline Entrepreneurs class of 2015. A serial entrepreneur, Dusty had a knack for building successful companies. As Reynolds was approaching a natural transition from his prior venture, he found his interest pique as McKee told him of the challenges Purple Wave was facing.
Purple Wave had a long history of working with lending institutions. Their no-reserve auctions required lenders to release any liens before assets could be sold to the highest bidders. In order for most lenders to agree to the absolute sale of equipment, they needed to have a good idea of what the equipment was currently worth. Purple Wave quickly realized that the percentage of equipment with liens that had both recent and accurate valuations was extremely low.
Lenders are understaffed and overworked. Third-party appraisals can be slow and expensive when done by appraisers or they can be fast and cheap when done by technology. In either case, the valuations were frequently not consistent or accurate. McKee knew that the experience and data Purple Wave had amassed over the many years of selling equipment could be leveraged to provide quick and accurate valuations, but he also knew that in order for such a system to be useful outside of Purple Wave it had to be an entity that could operate independently.
One fateful evening in 2017 over drinks, as McKee continued to muse about how he believed a valuation service could make a meaningful impact on multiple industries, Reynolds had had enough. He dared McKee to actually do something or stop talking about it. McKee responded by daring Dusty to do the same. HeavyWorth was born.
Initially focusing solely on financial institutions, Reynolds went to work doing market research. Leaning on Purple Wave’s network of lenders, he set out to learn just what they would need to solve the hassles of collateral valuations. Merging what he learned about lender needs with the features Purple Wave needed to streamline their own internal valuation processes, Reynolds contracted with a Wichita-based development company to build a suite of apps for mobile devices and the web.
It wasn’t easy. Building robust apps for multiple platforms that sync seamlessly even when internet service is spotty turned out to be extremely challenging. With a new company in such a unique space, it’s easy to get distracted working on features that eventually prove fruitless. Before realizing that HeavyWorth’s strength was the presence of a human expert in the valuation process, Reynolds admits he spent too much time trying to build a completely automated valuation system. “Looking back at it, the customers thought that’s what they needed…but it wasn’t something that we needed to be spending any time on.”
HeavyWorth eventually understood that what potential customers really needed was a single, unified place to manage valuation data. Rather than fighting through a mess of spreadsheets with inventories, comparables in open browser tabs and pictures in Dropbox or computer folders, HeavyWorth users and evaluators can now work with everything in one system.
Over the last few years, Reynolds assembled a team to handle in-house software development, QA, and customer service. It paid off. Not only did HeavyWorth turn out to work well for lenders, but it’s also proven useful for estate planners, attorneys, equipment dealers, and more. Today, HeavyWorth has experience working for clients in myriad industries — and continues to be Purple Wave’s system for internal equipment valuations. The HeavyWorth platform continues to build integrations with third-parties and is poised to be the one-stop-shop for evaluation management for dealers, appraisers, and any industry facing a need to streamline valuations.