| Comment Number: | 522418-04304 |
| Received: | 6/26/2006 1:37:41 PM |
| Organization: | |
| Commenter: | C Brown |
| State: | MO |
| Subject: | Business Opportunity Rule |
| Title: | Notice of Proposed Rulemaking |
| CFR Citation: | 16 CFR Part 437 |
| No Attachments |
Comments:
If people don't follow policies, don't change the policy, enforce the policy. Fraud is fraud is fraud. I am an IBO with the Team for six months. It is a business. I am making positive cash flow that is growing. I made $114 last month. It cost me $250 to get started and that included $150 worth of products that we used in our household and replaced some of our budgeted expense items. I buy product each month because I like the product and have incorporated it into our household budget and it generates income for me and my team. My issues with the proposed rule are as follows: 1. eliminate the waiting period for businesses with a right of recission. For those businesses that refuse to offer a right of recission, then by all means impose a waiting period. But don't paint all with the same brush. 2. don't divulge my personal data to non-committed people. identify theft is a rampant and growing problem. please don't make it worse. committed or interested people that I trust have my data. non-committed people that I do not know do not. 3. don't disclose prospects to non-involved people. we put our reputation on the line with everyone we talk to. don't force us to put our business in the hands of others. I am in business for myself. I am an INDEPENDENT Business Owner (IBO). 4. list all allegations for the past 10 years? I have yet to deal with any institution that did that up front, banking or otherwise. 5. Different disclosure for every income claim. I tell my experience to anyone who asks and we are required to disclose the avg monthly income of active IBOs to anyone who signs up before they sign. Our business is a meritocracy. People with results teach those who want to learn how to make their business work better and more efficiently. We work together as a Team to encourage each other and to help each other build a business. Everyone who sees the plan is told that it is a 2 to 4 year plan. Everyone is told that if they do nothing then that will be their result as well. When you consider this industry, please remember the McDonalds experience. Please refresh yourself on Franchise fraud and the problems endemic in the field before McDonalds and how Ray Kroc brought a fresh wind of integrity and used what many maligned to build a worldwide business. When institutions or individuals violate the law, don't change the law, enforce the law. I used to work in the Mortgage industry. We ended up with at least 3 separate disclosures that individuals needed to sign/initial that they understood they were borrowing a lot of money and that they were going to have to pay that money back with interest. How the second and third disclosures helped anyone, I never understood. People need to be held accountable for their actions. If they violate the law, enforce the law, don't change the law.