| Comment Number: | 522418-11805 |
| Received: | 7/17/2006 3:29:51 PM |
| Organization: | World Information Network |
| Commenter: | Tymber Lee |
| State: | KS |
| Subject: | Business Opportunity Rule |
| Title: | Notice of Proposed Rulemaking |
| CFR Citation: | 16 CFR Part 437 |
| No Attachments |
Comments:
To Whom It May Concern. I have been an independent business owner (IBO) powered by Quixtar for about the last 4 years. I also have been a commercial real estate broker for the same amount of time. My experiences through my IBOship have been nothing but positive. The mentorship and teamwork is unmatched in the business world. I work with multi million dollar businesses everyday through real estate and have never found a system such as this for helping people. My involvement has also very much changed my lifestyle. The income I have generated through this plan has allowed me to bring my wife home from work. In my opinion though, the mentorship that I have received far outweighs the monetary benefits. It has helped me in every other part of my life. The information and presentation I was given when I started my business was very similar to the one I was given when I started real estate. They showed a reason for needing to create a passive income, they showed the need for becoming an IBO, they showed where trends in business were heading, they showed the compensation structure and then made it very known to me that it would require effort to accomplish this, that it was no "get rich quick" deal. Basically it was like every other business plan I have ever seen. The issues you are proposing: (1) 7 day waiting period. This would seriously hinder the momentum factor that is so important to our business. On the other hand this period might be good for other businesses that don't offer the prospect their money back like we do. Solution: Eliminate for those that don't offer refund. (2) List of References to potential prospects. First of all, I am a very busy man. I don't have the time nor do I want to take the time to answer the phone 24 / 7 and talk to people whom I don't know and that frankly I might not want to have my number anyway. So infringement of privacy comes to mind along with competition. What businessman in his / her right mind would provide his competition with his prospects. That absolutely makes no sense. Solution: Eliminate this rule. (3) Provide Litigation List. You can sue anyone for anything for no reason. Why would I subject a prospect to false accusations that have no merit? IBO means Independent Business Owner. I run my company. That has nothing to do with the IBO next to me. Why would I have to show my prospects what he is up to? You are not clear where the line is drawn on whom we have to show history on. Solution: Eliminate rule. (4) Specific earnings disclosure. Having this would not help my business at all. I didn't get into business here because of that others had done, I saw the potential and knew I could make it work. Yes, I believe maybe a simple disclosure like we have that shows an average active IBO income might be warranted, but it really has no purpose. They don’t determine my income anyway. Solution: If you need something, what we already have (SA 4400) is great. (5) Provide Personal Financial Statements. I didn't get into business because the guy that showed me had what I wanted (money). I set up my business because I saw the potential. What he made had no bearing on my business. If you really understand what we do, you would understand that one of the main reasons people set up businesses is because they want the control back. They want to determine their own destiny, not someone else. Solution: We should possess substantiation for any claim but should not be required to show unless under investigation by FTC and other government agencies. Thank you for your time in taking care of this matter. I agree that some businesses need to be regulated, but that shouldn't hinder businesses that do business the right way. Tymber Lee