When preserving spreadsheets, in certain cases it is decided to convert the spreadsheet file format to an image-based file format such as TIF. However, during this conversion, a loss of information can occur. Certain functionalities cannot be translated to the new file format and therefore lose their meaning. An example of this are formulas. When converting towards an image-based file format, the outcome of the formula will still be displayed, but the calculation that is behind it is lost. It is therefore imperative to find out which properties in spreadsheets are significant, such that these can be preserved. The Open Preservation Foundation’s Archives Interest Group (OPF AIG) decided to research this using the InSPECT methodology, which consists of both an Object Analysis and a Stakeholder Analysis. These two types of analysis eventually led to a longer report which was published, in which not only our results were shared, but also a reusable and practice-tested method to apply the InSPECT methodology. In this paper, we present the main findings of our research.