Brookfield-based TEC Midwest was sold on Friday to San Diego, Calif.-based Vistage Worldwide, formerly known as TEC International, for an undisclosed price.
TEC-The Executive Committee is a peer-to-peer advisory, coaching and education organization for business executives which was founded by Bob Nourse in 1957 in Milwaukee. It eventually expanded to become an international organization, TEC International. All of the assets of the organization except for TEC Midwest were later sold to Vistage.
TEC Midwest was led by chairman Harry Dennis from the mid-1980s until his death in April 2014. He grew TEC Wisconsin and TEC Michigan to more than 1,000 CEO and president members. Priscilla Kemp succeeded Dennis as president and chief executive officer of TEC.
TEC Midwest, which has nine employees, was sold out of the Dennis family trust. The organization will retain its employees and office in Brookfield.
“I’ve spent much time with (Vistage’s) executive team over the past 6+ months, and I truly believe this ownership change will result in many positives for us as an organization and you as a member,” Kemp said in an email announcing the transaction to members Saturday.
TEC Midwest will retain its name, and TEC roundtable groups and chairs will remain the same. Meeting formats and fee structures will also hold steady, she said in her email.
And additional resources will be available to its membership, since Vistage has 200 employees and an international community of more than 20,000 members who can provide guidance and resources on business issues, she said.
“My concern through all of this is for our members. How will they be affected,” Kemp said in an interview with BizTimes. “I see this as being only positive. We have lots of synchronicities; we have lots to learn from each other and best practices to share. We are now truly part of a worldwide organization with 21,000 members around the world, and I don’t see our members as seeing really much difference.”
“We are excited to create new connections and build relationships with the TEC Midwest community,” said Sam Reese, CEO of Vistage Worldwide. “A wider, stronger network not only means more value for our members, but also for their employees, families and communities around the world.”